Mercia Fund Managers has invested more than £20m through the Northern Powerhouse Investment Fund (NPIF) to date, new figures show.
Since the NPIF launched in February last year, Mercia has created more than 250 jobs across Yorkshire, the Humber and Tees Valley by providing loans and equity investment for 71 businesses.
Companies to have secured a cash boost through NPIF – Mercia Debt Finance include Sheffield-based Whitespace Technology, which is rolling out high-speed broadband to rural areas; Doncaster’s Black Diamond Security, which monitors security at rail sites; Hull building firm Westlinks; and York biofuel supplier VerdEnergy.
Mercia’s NPIF – Mercia Equity Finance arm, meanwhile, has invested in businesses including University of Leeds spinout SatSense, which detects ground subsidence with satellite technology; Moodbeam, the Hull firm behind a wearable device that monitors a user’s mood; Sheffield’s Libertine, which is working on a new type of energy-efficient engine; York e-commerce software company Pure Clarity; and Darlington-based Laytrix, which is developing subsea pipe-laying systems.
The head of NPIF – Mercia Debt Finance, Paul Taberner, said: “The Mercia team has strong connections within the regional business community and we are working closely with advisers, Business Growth Hubs and Local Enterprise Partnerships.
“We have backed some of the North’s most innovative businesses as well as those in more traditional industries.”
He continued: “The Northern Powerhouse Investment Fund is playing an important role in providing affordable finance for growing businesses and developing the industries of the future.
“We have made great progress with investing and can see the funds are already starting to make a real difference in terms of supporting business growth and creating jobs and prosperity.”
The NPIF is run by British Business Bank at its Sheffield HQ.
Ken Cooper, the bank’s managing director, commented: “It is great to see Mercia putting Northern Powerhouse Investment Fund money to work in this way.
“They are backing an impressive portfolio of small businesses and reaching out to companies that might not otherwise realise the opportunities available from taking on external financing.”
He added: “This is generating new jobs and economic impact in the region. I am looking forward to seeing what the next £20m brings.”
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