MMC Ventures to Run London Fund
MMC Ventures recently lands a tender to launch the MMC London Fund. The fund is worth GBP11 million or US$16.8 million focused on investments in London area enterprises.
The award winning fund manager would be working with other venture capital firms and a matching fund of at least GBP22 million would be invested in the Capital fund. It is also partly financed by a grant given by the European Regional Development Fund and would be co-managed by the Mayor of London and SME Wholesale Finance Ltd.
There have been five investments completed in the fund and these are London-based SMES namely, Masabi, MBA&Company, LoveHomeSwap and two other soon to be named firms.
The London Fund seeks to provide support and funding to embryo stage business with the potential to generate economic growth and job creation. This is in line with the London Mayor's Economic Development Strategy, where the businesses of financial services, creative industries, digital economy, leisure, healthcare and education are top priorities for investment.