b'20 Mercia Asset Management PLC Annual Report & Accounts 2022Chief Investment Officers review continuedMercias EIS funds completed 19 transactions, with 11 follow-ons and Mercia Nucleus caseeight new businesses. This was a strong year for EIS where we focused our study: Pure Pet Food capital and expertise in thematic areas. Strong returns and positive impact have come where we have supported and accelerated companies addressing societal needs. Our first Knowledge-Yorkshire-based online organic petintensive Impact EIS Fund that raised food company, Pure Pet Food Ltd, wasc.5million will invest in high-growth established in 2012, receiving investmentbusinesses that generate a positive social from the Northern VCTs and NPIF. Toimpact, an area that has increasingly support the companys two founders,become an important driver of our Mercia sourced and placed non-executiveinvestment decision making.chair, Miles Hill, as the catalyst to build out a wider executive and senior managementOur regional venture funds have also team to facilitate the rapid growth of theperformed well. The North East Venture business. After successfully outperformingFund (NEVF) completed 16 transactions its plan, the board identified a need toduring the financial year, investing a total expand the businesss digital footprint,of 8.0million. This included a follow-on particularly to leverage paid marketinginvestment of 1.2million into Elmtronics channels. Mercia placed branding andLtd, a business that was formed in marketing specialist Sarah Doyle as a non- February 2019 to supply, install and executive director who was instrumentalmaintain electric vehicle chargers, and in reviewing and shaping the currenthas since developed a software solution operation identifying potential areas forfor remote monitoring. Having received improvement. Additional consultants,an approach from a strategic trade including financial directors and leanacquiror, NEVF successfully exited the manufacturing specialists, were furtherbusiness in January 2022. provided by Mercia to support Pure Pet Food at key inflection points in theMEIF has had another solid year having businesss growth. Pure Pet Foods currentinvested 4.3million in 12 transactions. revenue trajectory is nearly 100% year-on-The Fund has continued to provide year growth. follow-on capital to its portfolio companies such as Aceleron Ltd and Locate Bio. Wherever possible, MEIF seeks to build strong syndications and new deals such as Black Country-based Givepenny Technologies Ltd and Chesterfield-based InVMA Ltd follow this philosophy and demonstrate the strength of Mercias regional network in finding and investing in thriving regional businesses. NPIF Equity invested 14.0million in24 transactions, including 8.2million into eight new portfolio companies,Lisa Wardsuch as the Leeds-based legal technology Head of Portfolio Resourcing business, Just: Access Ltd, which was founded by a female barrister.'