MMC Ventures launches £52m Greater London funding pot with Sadiq Khan initiative
MMC Ventures has launched the £52m 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 digital companies in London and the funding required will be used to accelerate growth.
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.
Simon Menashy, partner of MMC Ventures, said: “MMC has been investing in London’s start-ups and scale-ups for the past 20 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.
“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.”
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.
MMC has made its first investments through the fund - backing AI video synthesis platform, Synthesia, as part of a $3.1m funding round and yulife in a $12.6m Series A.
MMC Greater London Lab investments will have dedicated community support and access to MMC Ventures’ network and experience to help them develop and scale.
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