Further direct investment into Netacea
18/10/2023 07:00
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RNS Number : 4392Q Mercia Asset Management PLC 18 October 2023
18 October 2023
Mercia Asset Management PLC
("Mercia" the "Company" or the "Group")
Further direct investment into Netacea
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused
specialist asset manager with c.£1.4billion of assets under management, is
pleased to announce completion of a £4.4million funding round* into Netacea
Group Limited ("Netacea"), a Manchester-based cybersecurity business.
Mercia now holds a fully diluted 34.2% direct investment stake in Netacea,
with its managed funds holding a further 31.2%. Mercia contributed £1.6
million to this funding round as part of its direct investment holding, with
the remainder of the funds coming from the Mercia-managed Northern VCTs;
Northern Powerhouse Investment Fund; and Netacea's management team.
This latest funding round will underpin Netacea's commercial progress as a
leading provider of defensive AI software against bot attacks that target
mobile, web and API applications, by supporting its continuing growth plans
both in the UK and internationally. From its North West base, Netacea already
supports some of the world's largest global retailers and telecommunications
networks.
Dr Mark Payton, CEO of Mercia Asset Management PLC, commented: "Our continuing
support reaffirms Mercia's belief in both Netacea's technology and the growth
potential of the defensive AI software market. Investing in this
Manchester-based business also underscores Mercia's continuing commitment to
supporting game-changing businesses based across the UK."
Keira Shepperson, Director at British Business Bank, said: "This investment
alongside Mercia demonstrates the transformational impact that the Northern
Powerhouse Investment Fund has on the businesses it supports and the wider
business community, helping to facilitate knowledge-sharing and building new
bridges and connections."
*The funding round was achieved across two tranches, completed in July and
October 2023.
-Ends-
For further information, please contact:
Mercia Asset Management PLC +44 (0)330 223 1430
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.mercia.co.uk (http://www.mercia.co.uk/)
Canaccord Genuity Limited (NOMAD and Joint Broker) +44 (0)20 7523 8000
Simon Bridges, Emma Gabriel
Singer Capital Markets (Joint Broker) +44 (0)20 7496 3000
Harry Gooden, James Moat
FTI Consulting +44 (0)20 3727 1051
Tom Blackwell, Jenny Boyd
mercia@fticonsulting.com
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional
SMEs to achieve their growth aspirations. Mercia provides capital across its
four asset classes of venture, private equity, debt and proprietary capital:
the Group's 'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over time Mercia
can provide further funding to the most promising companies, by deploying
direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, university
partnerships and extensive personal networks, providing it with access to
high-quality deal flow.
Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".
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