North East Development Capital Fund and the Finance Durham Fund have joined forces to finance the UK-based shipping container company.

Parsons Containers, a British shipping container supplier, has received investment worth £825,000 ($1.1m) in a funding round backed by North East Development Capital Fund, which is supported by the EU’s European Regional Development Fund, and the local government-backed Finance Durham Fund.

Both funds are managed by private equity firm Maven Capital Partners. Maven’s investment director Michael Vassallo said: “Parsons is an established and reputable business with a growing share of the UK shipping container market.

“The joint investment is a fantastic example of investors in the North-east of England working together to provide a local business with a substantial funding package to enable it to grow.”