MMC Ventures wins tender for £11m fund

The £11m vehicle will back London-based businesses. Being a matching fund, at least £22m will be invested overall in London-based SMEs across financial services, creative industries, the digital economy, leisure, education and healthcare. A portion of the fund will focus on less-developed London boroughs including Hackney and Tower Hamlets.

The vehicle will co-invest alongside other VC firms, business angels and vehicles managed by MMC Ventures. MMC operates in the £500,000-£2m equity investment space, and added six new companies to its portfolio in 2012.

The fund is partly financed by a grant from the European Regional Development Fund and will be officially launched at a City Hall event later today.

Five investments have been completed through the vehicle to date, two of which are yet to be announced. Current portfolio companies include Masabi, LoveHomeSwap and MBA & Company.

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• MMC Ventures