A new fund for technology-based ventures in the West Midlands has been launched this week.
The Mercia Technology Seed Fund (MTSF), a £12.8m fund was launched at Aston Villa’s football ground and will be investing between £50,000 and £250,000 in new companies in the region with the potential to invest as much as £750,000 in some companies.
The MTSF is particularly looking for companies with strong business plans and intellectual property rights which it can help develop into winning businesses.
The fund is being managed by WM Enterprise, a Birmingham-based investment fund manager, which has in excess of £90m in funds under management across the country.
It is being backed by a host of influential players in the regions including Advantage West Midlands, Forward Group and the region’s main universities.
The Fund Principal Mark Payton said: “The Mercia Technology Seed Fund has a mix of private and public fund investors with a common goal of growing a strong portfolio of technology-based high growth businesses in the West Midlands.
“The fund will play an active role in the investments it makes.
“The fund is managed by a team of investment executives with a strong technology background and direct experience in the management of high growth technology businesses.”
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