Bridges Ventures, a venture capital firm with a social mission, has more than doubled its investment in Smart Storage, a business providing self-storage facilities for both domestic and commercial customers.
Bridges originally invested £2 million in Smart Storage in March 2006. The latest round of investment of £2.9 million will enable the company to purchase of freehold sites.
Royal Bank of Scotland is also backing Smart Storage with an undisclosed, but substantial debt package.
The first two sites, and the identified new sites, are all located in the regeneration areas that Bridges Ventures targets.
Carolyn Maddox from Bridges Ventures said: “We firmly believe that the purchasing of freehold sites will allow the company to build on their strong track record while also delivering a maximum return for our investors.”
The follow on investment will come in part from Bridges second fund, Bridges CDV fund II.
Investors in Bridges funds include HSBC, Barclays Business Banking, Citigroup, 3i, Doughty Hanson & Co and Lloyds TSB Scotland. Other investors include pension funds, charities and endowment funds such as All Souls College, as well as wealthy individuals and families.