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More than 150 companies have received £50 million in funding since the launch of a new investment programme last year.

Midlands Engine Investment Fund (MEIF) announced the milestone at an anniversary event in Leicester this evening which welcomed 150 members of the Midlands business community alongside Communities Secretary and Midlands Engine Champion James Brokenshire.

The £250 million fund is run by the Government's British Business Bank and was launched with the aim of making debt and equity investments from £25,000 to £2 million to help SMEs secure the funding they need for growth and development.

MEIF said the most active sector to receive investment had been manufacturing followed by agri-tech, life sciences and transport technologies.

Among those to have benefited from its help recently are Birmingham-based Rent Chief which was founded by serial entrepreneurs Patrick Shuker and Jon Whitmore.

It is using £250,000 of equity finance to launch its online property management platform to the market.

Also receiving fresh capital was Leicester-based Groovy º£½ÇÊÓƵ.

The wholesale giftware firm creates and sells branded goods, with exclusive º£½ÇÊÓƵ and European distribution rights via licences for popular names such as Star Wars, Harry Potter, Marvel and Doctor Who.

It also secured £250,000 of new finance to accelerate its growth plans, investing in its product portfolio and licensing agreements.

According to figures released by the British Business Bank last week, £207 million of private equity finance was injected into West Midlands businesses during 2018.

Mr Brokenshire said: "As Midlands Engine Champion in Cabinet, I am determined the Midlands should harness its full potential and be at the heart of an economy that works for everyone.

"A community where businesses and people can thrive, through well-paid jobs, high standards of living and greater economic growth are at the very core of our ambitions for people in this area.

"An invigorated Midlands Engine is pivotal to our Modern Industrial Strategy.

"This is why it's an enormous pleasure to celebrate the contribution the Midlands Engine Investment Fund continues to make in supporting SME businesses to grow, boost the area's productivity and make the Midlands an even better place to do business."

Patrick Magee, chief commercial officer at the British Business Bank, added: "The Midlands Engine Investment Fund was set up to address a market gap in finance available to SMEs across the region.

"Investment can often be crucial in allowing firms to explore emerging opportunities and expand, without it growth stalls.

"By hitting this milestone, only months after passing the £25million mark, we are reaffirming our commitment to Midlands' businesses, providing much needed investment and helping many fulfil their growth ambitions."