b'32 Mercia asset Management PLc Annual Report and Accounts 2021Chief Investment Officers review continuedAgilitas delivers managed inventoryThe Northern VCTs completed 22In keeping with Mercias stated policy of solutions and services and is based intransactions, including investing in twobeing a responsible investor, the entire Nottingham. Mercias Northern VCTsnew businesses, Enate and Moonshot, andMidlands Engine Investment Fund (MEIF) initially invested 6.4million in a13 follow-on investments. Completeportfolio falls within our stated guiding management buyout and, over the nextConnected Capital investments includedprinciples of sustainable economic growth six years, backed the business ambitiousNewcells Biotech alongside the North Eastand reducing inequalities in our plans. Agilitas delivered double-digitVenture Fund (NEVF), Currentbody.comcommunities. A key strand of this is to annual growth through continuedalongside Mercias Debt Funds andpromote diversity and inclusion and we innovation and was sold to private equityVoxpopme, one of Mercias directhave three female-led companies in the investor Perwyn, providing a c.8x return. investments that has also receivedportfolio and two with ethnically diverse investment from Mercias EIS Funds. founding-management teams. MEIF has a Gateshead-based Its All Good, whichnumber of purpose-led investments makes snacks including the ManomasaMercias EIS funds completed 53falling under the banner of health and range, was acquired by Valeo Foods Grouptransactions across 21 businesses ofwell-being for all, encompassing not only in December 2020. Mercias Northern VCTswhich four were new. This was a strongLife Science companies, but also those first invested in February 2014. Its Allyear for EIS exits and with increased dealwith an environmental focus. MEIF made Good was one of Alantras Food &enquiries in Medtech, AI and Software as asix new investments this year within 22 Beverage Fast 50 and one of the UKsService (SaaS) businesses reinforcingtransactions in total.fastest-growing privately owned food andthe dynamics seen across the Group with drinks businesses. growth of these sectors stronglyNPIF Equity invested 23.0million into 50 influenced by COVID-19. companies of which 20 were new to the Oddbox is a social impact businessportfolio. Growth within the portfolio was fighting food waste on farms by offering aNEVF invested in 11 companies, six ofseen in the Digital, Life Sciences and fruit and vegetable box delivery service.which were new. Newcells Biotech Software sectors. NPIF co-investment Oddbox has a strong management teamand Elmtronics are two purpose-ledincluded Mercias direct investments with significant experience from globalbusinesses that exemplify MerciasIntechnica, Faradion and Soccer Manager brands. Mercias Northern VCTs initiallyinvestment agenda to support morethat all traded strongly during the invested 2.0million in March 2020 tobusinesses that have a viable businesspandemic. New portfolio businesses that support growth outside of London.model and are aligned to thebenefited both in terms of NPIF sustainability agenda. The strength ofinvestment and from the experience of Mercias networks can be seen in theMercias investment team and support co-investment into whocanfixmycar.com,structures to leverage the changing which has an impressive externalconsumer and business demand were:syndicate including Shell Ventures andThe Logically, that identifies Active PE. misinformation online using AI and expert analysts, SockMonkey Studios, an award-winning gaming studio that works on top titles across all major platforms and Bubo.AI, the only AI-driven solution for a customer value-based pricing strategy for wholesalers and distributors. Both SockMonkey Studios and Bubo.AI are Teesside-based and epitomise Mercias capability of finding and investing in thriving regional businesses.'