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.
- 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.
- 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 said: “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 $3.1 million funding round and yulife – the life insurance business – in a $12.6m 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.
The new fund follows the success of the MMC London Fund, launched in 2013, managed in partnership with City Hall, that is now entering its 8th year. The MMC London Fund successfully created more than 1000 jobs in the Capital and leveraged £14m of initial investment to raise more than £120m of co-investment from private partners. The MMC London Fund portfolio includes successful London scale up stories including Gousto, Appear Here, Love Home Swap, and Masabi.