A new joint venture has been launched to support early stage digital media and tech businesses.

Finance Birmingham, the city council-owned venture capital company, has teamed up with Ascension Ventures, a fund focused on providing equity investments to growing tech businesses.

Ascension will advise on deals for Finance Birmingham which manages the council's £5 million Creative Fund and the tie-up will also allow local businesses supported by the fund to access expert advice from industry leaders.

Ascension Ventures is run by Jean de Fougerolles, a tech entrepreneur and digital media pioneer, and supported by a large network of industry mentors including Howard Litton, the former managing director of Nickelodeon, and Jeff Jones, former managing director with Disney Games.

Ascension will co-locate with Finance Birmingham at its offices in Baskerville House, Broad Street.

Chief executive Sue Summers said: "Birmingham's reputation as a hub for tech businesses is growing and, through our new deal with Ascension and the support of their exceptional list of mentors, we will help to attract, fund and nurture the best tech entrepreneurs from across the UK.

"As a team, we already focus on supporting the businesses we invest in, helping them in practical ways to achieve their ambitions.

"With Ascension's expert advisers on board, we are confident of helping even more high growth business from across the UK."

John Handley, investment director at Finance Birmingham, will join Ascension as chairman.

Mr de Fougerolles added: "I have been co-investing in innovative tech start-ups with Finance Birmingham over the past few years and am excited about the prospects for our joint venture.

"I look forward to working with John and the team to help innovative tech businesses thrive."

Greater Birmingham's digital sector adds £2billion in gross added value to the local economy.

There are 6,000 digital media companies in the area with more than 40,000 people directly employed in the digital media sector.

The news builds on the city's offer for tech businesses following the success of the recent #TechBrum campaign.

Led by the city's inward investment programme, Business Birmingham, the campaign aimed to promote Birmingham as a base for expanding tech companies.

Neil Rami, head of Business Birmingham, said: "Birmingham's reputation as a hub for expanding tech businesses is growing.

"The city's offer - from the funds and expert advice available, to the supportive community of digital businesses that has emerged - is hugely attractive to those looking to start and expand their operations.

"Finance Birmingham's deal with Ascension adds yet more to the mix and opens up an incredible amount of expertise through their mentors, which can only boost local businesses."