# Mercia awarded Midlands Engine Investment Fund
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-02-24
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Mercia Fund Managers awarded £23.0m Midlands Engine
Meta Description: Mercia Fund Managers has been awarded a new £23.0million Fund to invest in early-stage and growth companies across the Midlands.
URL: https://financedigest.com/mercia-awarded-midlands-engine-investment-fundhtml

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Mercia Fund Managers is pleased to announce that it has been awarded a £23.0million Proof-of-Concept and Early Stage Equity Fund, part of the Midlands Engine Investment Fund, a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East and South East Midlands.

![Dr Mark Payton, CEO of Mercia.](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd240218-17-1736842962032-compressed.jpg)

Dr Mark Payton, CEO of Mercia.

The Fund, which is to be deployed across Mercia’s heartland of the Midlands, will be investing in rounds of up to £750,000 with additional funding potentially coming from Mercia’s EIS Funds into early-stage and growth companies.

Mercia has already invested circa £50.0million across the Midlands and has a [portfolio](https://www.financedigest.com/investment-portfolio-diversification-why-its-important-and-how-to-do-it.html "Investment Portfolio Diversification: Why It’s Important and How to Do It") of over 36 active equity investments in the region.

Mercia is an established finance provider in the Midlands, routinely [sourcing investment](https://www.financedigest.com/toshiba-in-talks-with-four-investment-firms-for-strategic-ideas-sources.html "Toshiba in talks with four investment firms for strategic ideas -sources") prospects from innovation and growth hubs, Local Enterprise Partnerships (LEPs), public bodies and the advisory community throughout the region. In addition, Mercia expects the Fund to benefit from its existing university partnerships and will [continue to strengthen its links with the wider innovation](https://www.financedigest.com/the-bone-and-joint-health-supplements-market-growth-is-to-be-defined-by-innovation-continuously.html "The Bone And Joint Health Supplements Market Growth Is To Be Defined By Innovation Continuously") and research clusters across the entire Midlands region.

This is now the third new fund management contract which the British Business [Bank has awarded Mercia in the past 12 months as it follows](https://www.financedigest.com/uk-watchdog-contacts-banks-following-huge-withdrawal-of-mortgage-deals-ft.html "UK watchdog contacts banks following huge withdrawal of mortgage deals -FT") two Northern Powerhouse Investment Fund contracts, which the Group secured in February 2017.

**Dr Mark Payton, CEO of Mercia, said:**“We are delighted that, [following a competitive](https://www.financedigest.com/tmwi-appointed-by-zupa-following-a-competitive-pitch.html "tmwi appointed by ZUPA following a competitive pitch") tender process, Mercia has been awarded this latest fund. It is perfectly aligned with our focus on the underserved regions of the UK, our headquarters in the Midlands and of course alongside nine of our 19 university partners which are also in the Midlands. Our [partnerships with some of the most forward-thinking academic establishments in the country offers](https://www.financedigest.com/u-s-says-it-has-agreed-pacific-islands-partnership-offering-big-dollar-aid.html "U.S. says it has agreed Pacific Islands partnership, offering ‘big dollar’ aid") a valuable pipeline of deal flow opportunities and will in large part be key to the success of this new fund. This latest contract will further strengthen the Group’s ability to generate attractive returns for both managed [fund investors](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") and the Group’s shareholders.”

The Midlands Engine Investment Fund project is supported financially by the [European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment](https://www.financedigest.com/amazon-com-to-invest-over-1-billion-euros-in-european-electric-van-truck-fleet.html "Amazon.com to invest over 1 billion euros in European electric van, truck fleet") Funds Growth Programme 2014-2020, the European Investment Bank and the British Business Bank

For further information on the fund, please visit the Mercia website [here](http://link.email.dynect.net/link.php?DynEngagement=true&H=%2Bdu7sJaY23OO%2BqQ6mC2QqglzHYl8onDna9bYv0z8S%2B2c1yLWI1mxfj6NljR8q1QRCl%2F16cre385GRUeqRSkLfdhV%2BZYGZWJN8Wnac0f7iH2SidKdPyeq6SPYdDEhG9AJ&G=0&R=https%3A%2F%2Fwww.merciatech.co.uk%2Four-business%2Ffunds-we-manage%2Factively-investing%2Fmeif-POC%2F&I=20180223081404.0000040bca57%40mail6-59-ussnn1&X=MHwxMDQ2NzU4OjVhOGZjOTc5MjQ4NDY4MTZmODE2MjFiMzs%3D&S=yhxbG5qSX2rpIJ8vvjo42o1wHmIET7acpbXventqpfs).


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