MMC Ventures announces second venture capital fund

Investors in the fund benefit from EIS tax relief and a portfolio of high growth UK companies. EIS tax reliefs mean that profits on each investment are tax free and an investors' after-tax risk exposure is reduced.

MMC's first fund, raised in 2010, is now fully invested. According to the firm, young investors are playing a vital role in funding for UK early-stage businesses.

The first Growth Generation Fund was invested in consumer internet (AlexandAlexa and LoveHomeSwap), digital media (Base79) and healthcare (The Practice). MMC expects the second fund to have similar growth sector exposure.

Investors
Following the investment of the first fund, MMC expects a number of existing investors to re-subscribe in Fund II as it provides an opportunity to create a more diversified EIS portfolio.

Investments
MMC Ventures invests £0.5-5m in early stage, high growth companies headquartered in the UK. It looks at investment opportunities across a broad range of sectors within technology, media and telecoms, financial services and healthcare.

Alongside other MMC funds, the Growth Generation Fund II will invest in at least four companies within 12 to 18 months to create a portfolio of EIS qualifying companies. MMC initially invests between £500,000 and £2 million of capital in fast growing UK businesses that have already demonstrated market acceptance of their proposition.

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