MMC launches £52 million seed fund to support early-stage businesses
We’re delighted to launch the £52 millionMMC Greater London Fundas part of the Mayor of London’s new initiative – the Greater London Investment Fund.
We believe that London is the best place in Europe to start and scale a business and 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 businesses.
With this new Fund, we will help the most innovative, high-potential digital companies in London to unleash their potential and accelerate their growth. We will back founders of companies designed to grow fast, change industries and make a big impact on the world. And it’ll be our job to support those entrepreneurs through that journey, with valuable connections, resources and experience.
That’s our vision for the MMC Greater London Fund, and we’ve already gotten going backing our first few investments, with more on the way.
- YuLife, which helps businesses to offer life insurance and wellness benefits to their staff, encouraging active lifestyles and a focus on mental health.
- Synthesia, the AI video synthesis platform enabling its customers to automatically generate personalised and interactive video content.
The launch of the Greater London Fund follows the success of another fund managed by MMC Ventures in partnership with City Hall – theMMC London Fund. Which backed companies including:
- Gousto, the AI-driven meal kit retailer. Today the company has hundreds of employees and serves over a million meals every month while taking a huge amount of waste out of the food supply chain and helping busy families make healthier choices.
- AppearHere,the online marketplace for short-term retail space has had a huge impact revitalising our high streets – launching 4,500 shops in London alone.
- Masabipioneered mobile ticketing for mass transit. The business is now on target to exceed $1bn in annual transit ticketing sales over the coming year and has expanded into New York, Sydney, Madrid, and cities all over the world.
The MMC London Fund successfully created more than 1000 jobs in the Capital and leveraged £14 million of initial investment to raise more than £120 million of co-investment from private funds.
You can read more on the launch of the MMC Greater London Fund viaTechCrunch.