Henley-in-Arden, 18 September 2013. Mercia Fund Management (MFM) has announced the appointment of Mike Hayes to spearhead the Venture Capital Fund’s new Digital and E-commerce Division.
The new division will provide investment opportunities for high-growth potential businesses in the e-commerce, digital media and gaming sectors.
Mike Hayes brings over 23 years’ experience in interactive businesses. He was CEO of gaming giants, SEGA Europe and SEGA of America, and was instrumental in setting up and coordinating a successful digital division within the company. After joining SEGA in 2004 as Managing Director, Mike quickly progressed to become President and transformed the console manufacturer into a multiplatform software publisher known as SEGA West.
Mike comments on his new role: “I am delighted to join MFM – with oversubscribed funds and a growing portfolio, the company is ambitious, dynamic and offers an attractive package to start-ups. I look forward to working with the MFM team where my main focus is to build a portfolio of digital media, gaming and e-commerce EIS and Seed EIS investments.“
Dr Mark Payton, Managing Director of MFM, adds why start-up and growing businesses should consider working with the new division. “MFM has a solid track record in supporting businesses in a number of technology sectors, and we have a wealth of experience that is transferable to our new division.”
“All new portfolio companies will have access to finance, grant advice, accommodation and centralised support, as well as our enviable investment track record and Mike’s additional experience.”
Innovative start-ups and young businesses with a highly scalable business model and modest investment requirements are the ideal investment candidates.
E-commerce company Oxford Genetics is a recent addition to the portfolio companies already benefiting from business support and financial backing.
With over £19 million under active management, MFM will be seeking investment prospects that require expansion and development capital of £100k to £500k or up to £2 – 5 million as part of an investment syndicate.
MFM targets its SEIS investments primarily at early-stage companies requiring growth funding. SEIS qualifying companies meet the following criteria:
• active trading has ideally commenced
• less than two years old
• fewer than 25 employees
• gross assets shall be less than £200,000 and
• must not have already raised cash through EIS or VCT
MFM targets its EIS investments primarily in profitable businesses, or those within 12-18 months of reaching profitability and typically turning over at least £1 million. It also targets businesses requiring expansion or growth funding for EIS investment.
About Mercia Fund Management
Mercia Fund Management (MFM) is a venture capital fund manager with over £19 million under active management.
MFM provides investment growth capital for businesses ranging from early commercial traction through to those seeking expansion or working capital that are trading profitably. Furthermore, MFM can also provide cost-effective incubator accommodation at Forward House in Henley-in-Arden coupled with centralised support services in keeping with its model as a hands-on, supportive investor.
MFM is an FCA authorised and regulated fund manager under FSMA (FRN: 524856).