A year on from its launch, the MMC London Fund has secured over £28m of investment for 13 fast growing London businesses.
The fund, launched by Boris Johnson, has invested £5.1m in London businesses and attracted £23m in investment from the private sector.
In April, Somo became one of the first beneficiaries of the MMC London Fund, receiving $5.5m in follow-on funding.
Diverse startup portfolio
Companies that have had investment include food and recipe delivery service Gousto, fashion brand Wool and the Gang, and digital talent marketplace MBA & Co.
Daniel Callaghan, founder of MBA & Company, said:
The London Fund has helped us grow our business from a promising start-up to a business operating globally and winning international recognition.
Our model has already been replicated around the world, demonstrating London to be a hub of originality and potential, where Government is clearly working to support job creation and growth.
Creating jobs and growth
The £14m MMC London Fund focuses on early stage London-based businesses that can generate significant levels of economic growth and create jobs.
Bruce Macfarlane, Managing Partner at MMC Ventures, said:
To have already channeled investment of over £28m into 13 exciting, high-growth businesses since launching in April 2013 is a target-beating achievement.
We look forward to supporting these impressive companies as they continue to grow and take London innovation out to the world.