Maven exits WaterBear at 3x return in sale to School of Arts

What's the deal? Maven Capital PartnersDealroom has a profile for this one. Try Dealroom → has sold WaterBear EducationDealroom has a profile for this one. Try Dealroom →, a specialist higher education provider for musicians and creative artists, to School of ArtsDealroom has a profile for this one. Try Dealroom →, a private higher education group focused on performing and visual arts across France and Belgium. The exit delivers a total money multiple of 3.0x for the Maven VCTsDealroom has a profile for this one. Try Dealroom → and 1.6x for the first Northern Powerhouse Investment FundDealroom has a profile for this one. Try Dealroom →, including an element of deferred consideration.

What does WaterBear do? Founded by music industry entrepreneurs Adam BushellDealroom has a profile for this one. Try Dealroom → and Bruce DickinsonDealroom has a profile for this one. Try Dealroom →, WaterBear blends academic study with real-world industry experience to help aspiring musicians build sustainable careers. It now serves more than 1,000 students across campuses in Sheffield and Brighton.

How did we get here? The Maven VCTs first invested in February 2018, backing WaterBear when it was pre-revenue. Maven supported the opening of the Brighton campus, made a follow-on investment in 2019, and in 2023 provided a loan note through NPIF — Maven Equity FinanceDealroom has a profile for this one. Try Dealroom → to establish the Sheffield campus.

What they're saying: "WaterBear is an excellent example of Maven backing an ambitious management team with a clear vision and a differentiated proposition," said Sanjay Patel, portfolio director at Maven. Bushell added: "Maven backed our vision at a very early stage and has been a supportive partner throughout WaterBear's growth journey."

What's the endgame? WaterBear will scale under School of Arts, expanding a cross-border creative education footprint that spans the UK, France, and Belgium.

The signal: The deal shows how patient, staged venture backing — from pre-revenue growth capital to regional fund loan notes — can turn a startup into an acquisition target for larger sector consolidators. It also underscores the role of publicly backed vehicles like the Northern Powerhouse Investment Fund in scaling regional businesses to a profitable exit.

Read more: Prolific North

Image credit: IICD