Five years on from when MMC Ventures established its London-focused fund, the venture capital firm has revealed it has pumped more than £100m into businesses and helped create over 700 jobs.
The MMC London Fund has invested money into 19 London startups, including short-term retail let marketplace Appear Here, home ingredient delivery service Gousto, and mobile transport ticketing service Masabi.
The fund itself totalled £14m, £9m of which was provided by the Mayor of London’s office. This was designed to be matched by private co-investors, ensuring at least £28m was available for the capital’s businesses, but to date the fund has beaten this target by 700 per cent and attracted £100m from private investors.
“Five years ago, we were challenged by the Mayor of London to create a new kind of co-investment fund to back London’s most promising early-stage technology companies,” said Simon Menashy, Partner at MMC Ventures.
“So it’s a real pleasure to report on a successful and thriving portfolio, attracting more than £100m of capital and creating hundreds of high-quality jobs in the capital.”
To date, the fund itself has invested £12.5m of its £14m total. Private investors who have contributed alongside the MMC fund include Mayor-backed Funding London, Unilever, MasterCard, global investment firm Mitsui, and venture capital firms Accel, Index Ventures and Balderton Capital.
Already the fund has sold two businesses — holiday house exchange business Love Home Swap and online knitting retailer Wool and the Gang.
Returns from the fund’s investments will be cycled back into funding for future companies.