The company behind a system which simplifies the purchase of synthetic DNA molecules has been backed by Mercia Fund Management.

Oxford Genetics, which has produced SnapFast£, will be using the capital it has secured to develop its e-commerce website as well as fund product development.

The investment from venture capital fund manager Mercia Fund Management has been made through the Seed Enterprise Investment Scheme (SEIS), of which Mercia has a dedicated hybrid fund involving similar initiative the Enterprise Investment Scheme (EIS).

The Mercia Growth Fund, which has made the commitment, is worth £4 million.

More on Mercia Fund Management:

• Mercia launches Mercia Growth EIS Fund
• MFM continues with EIS transactions
• Clampdown on EIS and VCT criteria

Oxford Genetics is building a business which will provide all of the DNA components that researchers use regularly to conduct genetic engineering.

The company’s founder and CEO, Ryan Cawood, says, ‘We were looking for a venture capital fund with experience of biotech start-ups and Mercia’s name kept coming up.

‘The investment team has a good reputation in our industry and is already adding value.’

Mark Payton, managing director of Mercia Fund Management, adds, ‘As part of the SEIS investment portfolio, Oxford Genetics receives an injection of capital and support.

‘The company clearly stood out for us – the SnapFast£ system and the online business model meet an untapped need in the market. Coupled with a strong product roadmap and an exceptional founder, we predict a promising future for this start-up.’