- Mercia Technologies has been successful in its bids, via its wholly-owned subsidiary Enterprise Ventures Ltd, to manage two of the British Business Bank's (BBB) new Northern Powerhouse Investment Funds (NPIF).

Following a highly competitive procurement process managed by the BBB, the group had won £108.5million across two mandates -- a £57.5m equity fund and a £51.0m debt fund.

The funds would be deployed via Mercia's North of England offices, which would be focused primarily on investing in SMEs in Yorkshire, the Humber and Tees Valley regions, where the Group already has a successful track record of supporting start-up and later stage companies that have high growth potential.

"These new fund mandate wins represent further strategic progress for Mercia," it said in a statement.

As a result of the two awards, Mercia has increased its third-party funds under management by nearly 50% to over £336.5m, which, over time, would further increase the pipeline of potential direct investment opportunities for the Group.

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