Mercia invested £17.5m in 2019/20

The firm invested a gross sum of £17.5m in 18 portfolio companies during the year, including one direct investment in One Touch Apps.

The total value of the firm's direct investment portfolio is £87.5m, against the 2019 value of £87.7m.

Notwithstanding the impact of Covid-19, commercial progress has been made by several of its portfolio companies, including nDreams, Mercia's largest direct investment, according to a statement. Meanwhile, its portfolio companies have made 11 applications to the Future Fund, the UK's funding scheme for early-stage venture-backed companies.

Since March, the firm has also seen some fundraising activity. Mercia's recently acquired NVM VCTs have raised £38.2m in new capital, while the British Business Bank (BBB) also allocated an additional £54.3m to existing Mercia-managed mandates from the Northern Powerhouse Investment Fund.

Since the beginning of the firm's 2020/21 financial year, Mercia has sold The Native Antigen Company for a return of 8.4x money and a 65% IRR, and has invested in MIP Diagnostics.

During 2019/20, the firm's assets under management increased by 58% to around £800m and its revenues increased by 19.4% to £12.7m.

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