Mercia Ventures
UK venture capital firm; backed Risk Ledger's £24m Series B alongside Axiom Equity.
Mercia Ventures joined Axiom Equity in backing Risk Ledger's cybersecurity round, which closed at £24m on 15 July 2026 without any state-linked investor.
Last refreshed: 22 July 2026
Why did this UK VC back a round with no state money attached?
Timeline for Mercia Ventures
Mentioned in: GCHQ alumni firm takes LA money
UK Startups and InnovationParticipated in Risk Ledger's £24m Series B
UK Startups and Innovation: Risk Ledger raises £24m, no state moneyBackground
Mercia Ventures took a participating stake alongside lead investor Axiom Equity when the London cybersecurity firm's funding round completed on 15 July 2026.
Part of the Mercia Asset Management group, Mercia Ventures invests in early and growth-stage technology companies with a particular focus on backing scale-ups beyond London and the South East.
Its participation in a round with no sovereign or Bank vehicle attached fits a pattern of funding UK regional technology growth independent of state-linked capital, at a time when the week's other big raises leaned on exactly that kind of backing.