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Browne Jacobson advises Mercia Fund Managers on Arc Vehicle investment to launch world’s ‘most advanced’ electric motorcycle

8 November 2018

Browne Jacobson has advised the MEIF Proof of Concept & Early Stage Fund, managed by Mercia Fund Managers, on its investment in Coventry based Arc Vehicles to help launch the world’s ‘most advanced electric motorcycle’, The Arc Vector.

Mike Jackson and Clare Hanna of Browne Jacobson’s Birmingham corporate finance team advised the client.

The funding is part of a successful multi-million pound co-investment round supported by Mercia Fund Managers’ EIS Fund and Jaguar Land Rover’s venture capital fund, InMotion Ventures, as well as a number of private investors.

The £23m Proof of Concept and Early Stage Fund is designed to support start-ups and early stage companies across the West Midlands region ranging from university spinouts and entrepreneurs through to innovative SMEs with investments up to £750,000. It is managed by Mercia Fund Managers on behalf of the The Midlands Engine Investment Fund (MEIF).

The MEIF was established in partnership with the European Regional Development Fund (ERDF), the European Investment Bank (EIB) and the UK Government to provide SMEs with increased flexibility in the types of funding available, as well as boosting investment levels in the Midlands.

The Arc Vector, which was unveiled at this month’s Milan Motorcycle Show and incorporates a fully integrated Human Machine Interface, display helmet that provides key information to the rider and a rearview camera giving the rider eyes in the back of their head, is set to be one of the cleanest and safest motorcycles in the world.

Arc Vehicles was founded in 2017 by Mark Truman, who has spent two years developing the bike with a team of top engineers, and is based in Wolston, Coventry. The business recently appointed David Roberts as Chair. David is credited with leading the turnaround of Chrysler UK and the development and implementation of a quality-assurance strategy at Aston Martin.

Lisa Ward, Investment Director with Mercia Fund Managers, said:

“Arc has created a step change in the way electric motorcycles have been built to date. Rather than adapting existing technology, Mark and his team set out to design an electric bike from scratch, one which surpasses everything else on the market. The funding will allow them to get production underway and fulfil their initial order book.”

Mike Jackson, corporate finance partner, at Browne Jacobson, added:

“We are delighted to have been instructed to advise Mercia on its latest investment and to be involved in supporting a Midlands-based business that is dynamic, innovative and raising the bar in motorcycle engineering.”

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