b'22 Mercia Asset Management PLC Annual Report & Accounts 2022Our portfolioThe Groups overall Peter Dines strategy is to make Chief Operating OfficerManaging Director, a positive impact National Venture Funds through investment in purpose-led companies.National VentureNational impact that deliversrealised following a sale in October 2021, international success generating 12.1million, a return of 3.9x The strength of Mercias nationalto the VCTs. In addition, a partial exit that reach lies in the combined quantum ofdelivered a substantial return was Oddbox, c.161million that both the EIS and VCTa subscription delivery business supplying funds have available to provide to regionalhouseholds with fruit and vegetables. start-ups and scaling SMEs, and equally inBurda Principal Investments led a funding our successful exit track record. Merciasround that provided significant funding to legacy of success from which these Merciasupport Oddboxs national expansion and funds draw their authority is underpinnedproceeds of 3.2million, a return of over by two simple proof points: our consistent10x, back to the VCTs.successful exits and record fund raising this year. These clear demonstrationsNoteworthy exits that provided substantial of achievement reinforce the veracity ofreturns to Mercias EIS investors included our claim and will shape the continuedtwo digital matchmaking platforms. growth of our portfolio businesses. Snappy Shopper Ltd, a technology company that connects consumers with During the year, our EIS funds raisedlocal businesses, delivered a return of 8x. c.16million, and shortly post year end,At the same time, In-Part Publishing Ltds our VCTs raised 40million and our EISsale to Inova saw this digital academiateam raised c.5million for our firstindustry matchmaking platform return Knowledge-intensive Impact EIS Fund.4x. Two strong realisations came from the This is a testament to how our increasinglyDigital Entertainment sector; Genba Digital successful track record of deliveringLtd, a digital games distribution platform attractive realisations supports Merciasacquired by Azerion Group, providing astrategy of scaling our AuM. This financial3x return, and nDreams which returned year saw 12 significant disposals across7.5x on the back of a 20.1millionMercias EIS and Northern VCTs. third-party investment round into the business from Aonic.A successful exit from Northern VCT portfolio company Intelling, a Manchester- Significant pipeline strength remains based communications company, waswith businesses in the Life Sciences and Technology sectors. The Groups overall strategy is to make a positive impact c. 400 m through investment in purpose-led companies. The companies we are helping to create out of world-leading research also ensure that our role as venture builders will contribute to a sustainable, healthier and tech-enabled future.FuM'