Mercia backs Ventive in series-A round

The new capital will be used to roll out the company's Ventive S and Ventive S+ products, as well as to further develop and eventually roll out a number of prototypes that Ventive has been working on.

The deal was sourced on a proprietary basis, as Mercia's investment manager, Andrew Oldfield, works for Ventive and planned the early business model for the company with Ventive's founder.

Oldfield said that "this approach means we are able to influence the business from the very earliest days, hopefully on the road to success."

Mercia invested in the company via its Mercia Growth I fund, which was launched in 2012 as a hybrid EIS/SEIS vehicle and closed on £2m.

Mercia typically invests £50,000-250,000 in its initial financing round of a company. The firm can also make subsequent investments, generally as part of a syndicate, up to a limit of £1m per company.

The firm invested in Ventive alongside the Angel co-fund and a number of private angel investors. The Angel co-fund invests £100,000-1m in equity or quasi-equity per company, and provides a maximum of 49% of capital in an investment round that is more than £200,000 in total.

Company
Ventive develops low-carbon, energy-efficient ventilation products that do not need electricity or plumbing to operate. Its main product, Ventive S, is a patented device designed to replace existing chimney pots by fitting into chimney stacks. It creates ventilation inside houses using natural airflow but retains heat, with the aim of improving air quality in homes and reducing the need for heating and cooling systems.

The company also offers Ventive S+, which is the same design as Ventive S but does not rely on a house having a chimney to be installed. It is instead fitted between rafters and sealed to the roof for installation.

Ventive was founded in London and was recently named regional winner in the Oxford Shell Springboard, a competition that presents awards to innovative SMEs focused on low-carbon enterprise. The business received £40,000 as a reward.

People
Thomas Lipinski is the founder and technical director of Ventive, while Robert Morrison is the company's managing director.

Andrew Oldfield, an investment manager at Mercia who specialises in clean technology, sits on Ventive's board as a strategic director. Mark Payton is co-founder and managing director at Mercia.

Advisers
Company - Browne Jacobsen (Legal).

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