MMC Ventures has launched the GBP52 million MMC Greater London Fund as part of the Mayor of London’s new initiative – the Greater London Investment Fund.
The MMC Greater London Fund (GLF) will enable investment into the most innovative, high-potential digital companies in London; to unleash their potential with the funding required to accelerate their growth; and to support their journeys with valuable connections, resources and experience. MMC will invest from the GLF at Seed and Series A, creating a portfolio in which MMC can deploy significant capital, utilising MMC Ventures’ other funds, over multiple rounds as they scale.
The new fund will primarily back companies already based in London. However, it will also seek investments in businesses either relocating to London or opening or expanding an office in London, providing local support to the business and any co-investors.
The fund will target investments in businesses founded or run by individuals from under-represented groups – including female entrepreneurs, entrepreneurs of minority ethnic groups, and those with disabilities, in partnership with the Mayor’s team.
The fund will also invest in sectors that align with the Mayor’s Economic Development Strategy including; Advanced Urban Services, Cultural and Creative Industries, Financial and Business and the Circular Economy. In each of these areas, MMC has a proven record of backing successful businesses.
Simon Menashy, partner, MMC Ventures, says: “MMC has been investing in London’s start-ups and scale-ups for the past twenty years, supporting some of Europe’s most successful growth stories. Over that time, we’ve proven that you can generate growth and financial value while creating well-paying jobs and supporting sustainable business – something close to our hearts.
“We believe that the UK is still the best place in Europe to start a business and to scale it up. We have top-tier universities, a broad pool of incredible talent, an amazing concentration of customers and partners across industries, and a strong co-investment community.
“With the launch of the new MMC Greater London Fund, we’re excited to partner with the best of the UK’s VC and angel community, plus investors from elsewhere looking for a London-based partner – providing the opportunity to supercharge dozens of new founding teams in the Capital.”
MMC has already made its first investments through the fund – backing AI video synthesis platform, Synthesia, as part of a USD3.1 million funding round and yulife – the life insurance business – in a USD12.6 million Series A.
In addition, MMC has also created a pre-seed programme – the MMC Greater London Lab – that will write cheques alongside angels, seed funds, incubators and programmes of different types. MMC Greater London Lab investments will have dedicated community support and access to MMC Ventures’ network and experience to help them develop and scale.
