# Mercia awarded £27m North East Venture Fund
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-04-24
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Mercia Fund Managers Awarded £27.0m Venture Fund
Meta Description: Discover how Mercia Fund Managers is boosting innovative businesses in Durham, Northumberland and Tyne and Wear with the £27.0million North East Fund.
URL: https://financedigest.com/mercia-awarded-27m-north-east-venture-fundhtml

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Mercia Fund Managers is pleased to announce that it has been awarded the £27.0million Venture Fund to support businesses across the North East region as part of the £120.0million North East Fund, supported by The European Regional Development Fund.

[![Ian Wilson from Mercia Fund Managers, Fund Principal for the North East Venture Fund.](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/ian-450x300-1736842814389-compressed.jpg)](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/ian-1736842814414-compressed.jpg)

[Ian Wilson](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/ian-1736842814414-compressed.jpg) from Mercia Fund Managers, Fund Principal for the North East Venture Fund.

This follows a succession of contract wins for Mercia amounting to in excess of £200.0million, which includes the recent award of a £23.0million Proof-of-Concept and Early Stage Equity Fund, part of the Midlands Engine Investment Fund, £108.0million of the British Business Bank’s Northern Powerhouse Investment Fund, the first closing of EV Growth II with initial commitments totalling £45.1million and £11.8million in Enterprise Investment Scheme (EIS) capital.

Mercia will be opening a new office in Newcastle, which will be its ninth office in the UK, and the fund will be available to SMEs across Durham, Northumberland and Tyne and Wear.

The [Venture Fund](http://link.email.dynect.net/link.php?DynEngagement=true&H=oGJ1pkZyysOST8btnWeAdWfazdP60O3PLkuOZioW2RiI0IVhceklylhZ0joUuSV6Fzh2PmB9Ste2jtN%2BYCthF10zSDV3j19JkMzaawUgHy1SODCdqKD13Q%3D%3D&G=0&R=https%3A%2F%2Fwww.merciatech.co.uk%2Four-business%2Ffunds-we-manage%2Factively-investing%2Fnevf%2F&I=20180423060030.000000014410%40mail6-94-usnbn1&X=MHwxMDQ2NzU4OjVhZGEyNDhjYzdiZjIyZTQ3NTEzMjZiYjs%3D&S=1s18kUXwkvPQTSCQEx21EnGK9fgRRiBrEdv9_aWbrcE) will be investing in rounds up to £1.0million, with additional funding potentially coming from Mercia’s other funds, and will be targeted at businesses at any stage of their development with a particular focus on innovative businesses.

Mercia is already active in the North East region with recent investments including Newcastle-based digital VR specialists Luminous Group and AI software sales company Refract.

**Dr Mark Payton, CEO of Mercia, said:** “The North East has much to offer and we are thrilled to have been awarded this latest fund, which will be an invaluable source of funding for the [development of innovative businesses](https://www.financedigest.com/dan-hodgson-joins-verasity-as-director-of-business-development.html "Dan Hodgson joins Verasity as Director of Business Development"). The investment team will be led by Ian Wilson, an experienced [fund manager and existing Mercia employee who has strong links](https://www.financedigest.com/credit-suisse-to-repay-further-750-million-to-greensill-linked-fund-investors.html "Credit Suisse to repay further 0 million to Greensill-linked fund investors") within the region. Addressing the imbalance of available capital in the UK regions is a key strategic focus for Mercia and with a strong track record of supporting businesses with high [growth potential](https://www.financedigest.com/technical-textiles-market-2021-2031-potential-growth-attractive-valuation-make-it-is-a-long-term-investment.html "Technical Textiles Market (2021–2031)| Potential growth, attractive valuation make it is a long-term investment"), we look forward to sourcing and scaling the next generation of emerging stars and working with the North East Fund and other partners from the region.”

**Andrew Mitchell, Chief Executive of The North East Fund Limited, said:“Mercia is one of the [leading early-stage investors](https://www.financedigest.com/volkswagen-investors-question-plan-for-ceo-to-lead-porsche-listing.html "Volkswagen investors question plan for CEO to lead Porsche listing") in the UK. They have a breadth and depth of expertise which will make a real difference to the venture capital sector in the North East. We are delighted to welcome them to the region.”**

![L-r: Ian Wilson - Mercia Fund Managers, Michael Vassallo - Maven Capital Partners, Dawn Dunn - The North East Fund, Andrew Mitchell - The North East Fund, Yvonne Gale - NEL, Ian Richards - Northstar Ventures, Jason Hobbs - The North East Fund and Alastair Smith - The North East Fund](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/merica-awards-1736842814582-compressed.jpg)

L-r: Ian Wilson – Mercia Fund Managers, Michael Vassallo – Maven Capital Partners, Dawn Dunn – The North East Fund, Andrew Mitchell – The North East Fund, Yvonne Gale – NEL, Ian Richards – Northstar Ventures, Jason Hobbs – The North East Fund and Alastair Smith – The North East Fund


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