UK-based Mercia Fund Management has announced an over subscription to the SEIS portion of its Mercia Growth Fund, less than three months after the fund’s launch. The Mercia Growth Fund was launched to investors at the end of August and has already achieved its fund raising targets.
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Mercia Fund Management has received a 1.5 million pounds ($2.42 million) funding boost for its Mercia Fund 1 which works with West Midlands universities. The fund is supported by just over 1 million pounds from the European Regional Development Fund, which is managed by the Department for Communities and Local Government and matched by six West Midlands universities and Mercia Fund 1.