Derbyshire-based fleet management software provider Chevin Fleet Solutions has secured a £1.5m loan from the D2N2’s part-funded Midlands Engine Investment Fund (MEIF) managed by Maven Capital Partners.
Based in Belper, Derbyshire, Chevin Fleet Solutions is the leading global provider of fleet management software solutions to customers in both private and public sectors, with offices in the UK, USA, Belgium, France, and Australia. Its flagship fleet management product, ‘FleetWave’, is used in more than 180 countries.
Chevin’s client list includes Bentley Motors, Carlsberg Global Business Services, Verizon, and United Nations World Food Programme (UNWFP), this year’s winner of the Nobel Peace Prize. The company also recently secured a significant new contract with the US Government.
Chevin has identified a growing demand for SaaS (Software as a Service) and plans to use the funding to support commercial opportunities and target the SME market on a global scale. The company is also planning to create 20 new jobs to aid its expansion.
Sajeeda Rose, CEO of the D2N2 LEP, said: “It’s essential we support innovative and ambitious businesses like Chevin Fleet Solutions to maximise commercial opportunities for global growth, particularly during this time of change. Through the Midlands Engine Investment Fund, we want businesses to have the opportunity to grow and innovate further so they can contribute to the economic recovery and growth of our region.”
Ashley Sowerby, Founder and Managing Director of Chevin Fleet Solutions, said: “We are delighted to have secured the MEIF funding and, in turn, the opportunity to expand our business horizons. This level of financial backing will allow us to strengthen our product range, broaden our client base, and enhance global opportunity. It will further define our footprint in fleet management.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “The MEIF is committed to improving the finance landscape for small and medium-sized businesses across the Midlands. With over 400 investments already made, this latest MEIF funding package is on the higher end of our investment scale and of significant value – demonstrating the level of the fund’s support and enabling yet another business to unlock new growth.”
The Midlands Engine Investment Fund
The Midlands Engine Investment Fund provides over £250m of investment to boost SME growth in the Midlands Engine Investment Fund area. It provides a range of affordable financial products to small and medium-sized businesses (SME) across the D2N2 region such as Small Business Loans, Debt, Equity and Proof of Concept funds to help businesses achieve their growth ambitions
The Midlands Engine Investment Fund is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East Midlands. The MEIF is supported by the European Regional Development Fund (ERDF), the European Investment Bank, Department of Business, Energy and Industrial Strategy and British Business Finance Ltd.
The D2N2 ERDF contribution to MEIF is £11.75m.