MMC Ventures becomes certified B Corporation
MMC Ventures, the research-led venture capital fund, has become a certified B Corporation through B Lab UK, the not-for-profit behind the B Corp movement. The B Corp initiative champions a global culture shift to redefine success in business and build a more inclusive and sustainable economy.
To gain certification, B Lab UK analysed the investor to confirm that its goals went beyond just profit and that MMC met a series of rigorous social and environmental standards in five areas: governance, workers, community, environment and customers.
MMC was assessed on a variety of criteria, from diversity strategy and staff compensation to energy usage and waste management. It joins 3,500 B-Corp businesses globally – with the UK comprising just a third of these companies – including Pip & Nut, TOMS and Innocent Drinks. The certification makes MMC Ventures one of the few VCs to go through the process as just 2.5% of BCorp members globally are equity investors.
MMC has a history of backing purpose-led businesses including recipe box business Gousto, which has a strong commitment to the reduction of food waste and recyclable packaging, Wool and the Gang, the online knitting community disrupting traditional methods of manufacturing, and coffee subscription service Pact Coffee which operates a direct trade model with its farmers meaning it pays a premium to Fair Trade rates.
In addition to its core Series A investing, MMC is deploying capital from its £52 million Seed fund, the MMC Greater London Fund. A significant portion of this fund has been set aside to exclusively invest in sustainable technologies and the circular economy. Investments from this fund to date include Qflow, the software provider reducing the impact construction work has on the local and global environment, and Unmade, which integrates its software into industrial textile manufacturing machines, meaning brands need only produce what is actually sold.
Commenting on its new certification, Bruce Macfarlane, founder and managing partner of MMC, said: “2020 marks the 20th anniversary of the founding of MMC. While we celebrate that milestone and all the firm has achieved, we wanted to find a means of demonstrating the community-minded values of fairness, honesty and respect on which we were founded. B Corp certification was the answer”.
Kate Sandle, director of Programmes and Engagement of B Lab UK, added: “Being able to welcome MMC Ventures to the B Corp community is hugely exciting. Their commitment to doing business differently will be an inspiration to others and really help spread the idea that we can redefine success in business to be as much about people and planet as it is about profit”.