Mercia Fund Management (MFM) has appointed Mike Hayes to spearhead the venture capital fund’s new digital and e-commerce division.
The new division will provide investment opportunities for high-growth potential businesses in the e-commerce, digital media and gaming sectors.
Hayes brings over 23 years’ experience in interactive businesses. He was CEO of gaming giants, SEGA Europe and SEGA of America, and was instrumental in setting up and coordinating a successful digital division within the company. After joining SEGA in 2004 as managing director, he quickly progressed to become president and transformed the console manufacturer into a multiplatform software publisher known as SEGA West.
Hayes says: “I am delighted to join MFM – with oversubscribed funds and a growing portfolio, the company is ambitious, dynamic and offers an attractive package to start-ups. I look forward to working with the MFM team where my main focus is to build a portfolio of digital media, gaming and e-commerce EIS and Seed EIS investments.“
Mark Payton, managing director of MFM, says: “MFM has a solid track record in supporting businesses in a number of technology sectors, and we have a wealth of experience that is transferable to our new division.
“All new portfolio companies will have access to finance, grant advice, accommodation and centralised support, as well as our enviable investment track record and Mike’s additional experience.”
With over GBP19m under active management, MFM will be seeking investment prospects that require expansion and development capital of GBP100,000 to GBP500,000 or up to GBP2m to GBP5m as part of an investment syndicate
MFM targets its SEIS investments primarily at early-stage companies requiring growth funding.
MFM targets its EIS investments primarily in profitable businesses, or those within 12 to 18 months of reaching profitability and typically turning over at least GBP1m. It also targets businesses requiring expansion or growth funding for EIS investment.
