Utility Stream helps companies with all their energy needs, from energy procurement to meeting corporate social responsibility ambitions. The new funds will allow the firm to create a number of roles for business consultants and account managers in Warwickshire and nationally.
The firm was founded in 2018, with managing directors Naveed Qayyum and Mark Edwards sharing more than 20 years of experience in the energy sector.
Mark Edwards said: “Primarily, the investment will enable us to continue to develop our business across a range of markets and sectors. This is a very exciting partnership with Midven which has a proven track record in supporting fast-growing, high potential businesses. We’re particularly looking forward to combining its experience in business growth with our considerable energy market expertise to create a strong brand presence.”
Naveed Qayyum, Managing Director at Utility Stream, added: “This investment will propel the growth and development of Utility Stream. The funding, coupled with Midven’s support and knowledge, will support Utility Stream’s extremely ambitious growth plans. We’re looking forward to the journey that we are about to embark upon and the exciting opportunities that are in store for the company.”
Roger Wood, Midven Director and MEIF Principal, said: “Utility Stream represented an investment proposition that combined an experienced management team, high growth market and clear exit strategy due to significant sector consolidation. This made for a compelling proposition to support. We look forward to working with Mark and Nav over the coming years to make a great success of the business.”
Ken Cooper, Managing Director at the British Business Bank, added: “It’s great to see that the MEIF has been able to continue supporting high-growth businesses in the Midlands. The fund provides vital investment that enables businesses like Utility Stream to take advantage of opportunities for growth. This investment demonstrates how this funding can make a real difference for innovative businesses and I’d encourage other SMEs across the region to consider the options available to them through the MEIF.”