Mercia Asset Management PLC Soccer Manager receives GBP3.0million investment
February 23 2021 - 2:00AM
RNS Non-Regulatory
TIDMMERC
Mercia Asset Management PLC
23 February 2021
RNS REACH 23 F ebruary 2021
Mercia Asset Management PLC
("Mercia" the "Company" or the "Group")
Soccer Manager receives GBP3.0million investment
Mercia Asset Management PLC (AIM: MERC), the proactive
regionally focused specialist asset manager with c.GBP872million of
assets under management, is pleased to announce completion of a
GBP3.0million investment round into Soccer Manager Limited ("Soccer
Manager"), one of the Group's direct investments.
The funding round comprised GBP0.75million from Mercia's
proprietary capital, GBP0.75million from the Northern Powerhouse
Investment Fund and GBP1.5million in matched funding from the
Government's Future Fund. This investment will support Soccer
Manager's continuing growth.
Soccer Manager is a prime example of Mercia's Complete Connected
Capital. It was first backed in December 2013 with a loan from one
of Mercia's managed debt funds. Subsequently in December 2014, it
received equity investment from two of Mercia's EIS funds and in
March 2015 received its first direct investment from Mercia's
proprietary capital. Mercia now holds a fully diluted direct
investment stake of 39.0% with a further 7.6% held by Mercia's
managed EIS funds.
The Soccer Manager team is led by founders Andy and Chris Gore,
alongside executive chairman Nick Wheelwright, the former CEO of
Codemasters and Monumental Games. Soccer Manager's games are played
in 234 countries around the world, having been downloaded by more
than 50 million players, with more than one million active monthly
users. Revenue has grown over 80% since the launch of Soccer
Manager 2021' in September 2020.
Andy Gore, CEO of Soccer Manager, said: "We founded Soccer
Manager with a vision to create high-quality football games that
the whole world could play. We have always had the view that
football, mobile technology and the internet is a powerful
combination with which to achieve this vision. After years of
building out our IP, technology and games to millions of people
worldwide, this investment will help us further accelerate our
current growth and deliver on our strategic ambitions.
We are delighted to have Mercia as a partner that continues to
share our vision and we look forward to the next stage of our
journey together."
Julian Viggars, CIO of Mercia Asset Management, said: "The video
gaming market was estimated to be worth $159.3billion in 20201,
which is a considerable increase of c.9% from 2019, in part due to
the changes in the leisure time spend we have seen following the
start of the COVID-19 pandemic. Soccer Manager is a great example
of an innovative regional business which, with the determination of
its founders, has scaled its recurring customer base and revenues
by offering high-quality games to a very loyal community. The
business was already on a strong growth trajectory before the
pandemic but with the increasing numbers of 'at home gamers' not
expected to slow down, we believe that there is significant further
potential in this asset."
1 https://www.wepc.com/news/video-game-statistics//
-Ends-
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Emma Gabriel, Richard Andrews
N+1 Singer (Joint Broker)
+44 (0)20 7496
Harry Gooden, James Moat 3000
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Shiv Talwar
mercia@fticonsulting.com
About Mercia Asset Management PLC:
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of balance
sheet, venture, private equity and debt capital: the Group's
'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over
time Mercia can provide further funding to the most promising
companies, by deploying direct investment follow-on capital from
its own balance sheet.
The Group has a strong UK footprint through its regional
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP872million of assets under management
and, since its IPO in December 2014, has invested c.GBP106million
gross into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC
"MERC".
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