Mercia Asset Management has participated in a £6.4 million funding round into Warwick Acoustics, the electrostatic audio technology company, with a further £1.1 million expected to follow, taking the total raise to £7.5 million.
Mercia contributed £0.7 million directly from its balance sheet, with the remainder coming from its managed funds, the Northern VCTs and existing co-investors.
On completion of the full round, Mercia will hold a 26.2% fully diluted stake in the business.
The fundraise follows Warwick Acoustics’ partnership with Jaguar Land Rover and the commercial launch of its technology in the new Range Rover SV Ultra, which represents a meaningful step change for the business.
Proceeds will fund the next phase of commercial growth, a move to new production facilities and further hiring, as the company separates its scaled manufacturing from its R&D and engineering operations.
Dr Mark Payton, Chief Executive Officer of Mercia Asset Management PLC, said:”Warwick Acoustics has reached a significant commercial and investment inflection point. The successful delivery of its first OEM partnership with JLR demonstrates both the quality of its technology and the capability of the team to meet the exacting standards of the automotive sector. This funding round gives the business not only the financial resources needed to consolidate that success operationally, but also to pursue further growth opportunities.”