MMC Ventures launches £11m fund for ambitious London firms
MMC London Fund secures backing from mayor of London Boris Johnson
MMC Ventures has launched an £11m fund, designed to support fast growing small and medium-sized businesses based in the capital.
Aimed at early-stage firms with impressive growth potential, the MMC London Fund is partially funded by a grant from the European Regional Development Fund, managed in London by the Mayor of London and SME Wholesale Finance Ltd.
The fund is to be matched by investment from other venture capital firms and business angels to provide a total of £22m to businesses across London’s 33 boroughs, with a portion of the fund held aside for businesses in less affluent areas including Hackney and Tower Hamlets.
Having already completed five investments from the MMC London Fund, including £160,000 across Love Home Swap and MBA & Company, MMC Ventures is seeking companies within London’s most important strategic business sectors, defined by the mayor’s Economic Development Strategy as financial services, creative industries, the digital economy, leisure, education and healthcare.
The mayor of London, Boris Johnson commented: “London’s small to medium companies are a vital component of this city’s economy, supporting significant numbers of jobs.
“This innovative equity fund is using public and private money in order to offer much needed financing when more traditional routes are not available.”