Mayor’s fund generates almost £80m investment in London’s SMEs
An online fashion retailer and a Bermondsey company selling ethically-sourced coffee from across the world are just two of the small businesses to receive funding from the Mayor Boris Johnson’s ‘MMC London Fund’.
A total of £78million has been invested in 19 of the capital’s small and medium sized businesses, helping them to innovate and grow, since the fund was launched in June 2013, in partnership with MMC Ventures and Funding London. The Mayor’s investment has helped create and safeguard more than 650 jobs across the city.
Companies funded through the scheme include:
- Wool and the Gang, an online fashion retailer selling ready-knitted clothes and knitting kits with the aim of creating a global knitting community, has received £450,000. Their designs have been featured on London catwalks worn by Cara Delevingne and Erin O’Connor. The founders have successfully collaborated with Giles Deacon, Whistles, John Lewis, the British Fashion Council and Save the Children.
- Pact, an online coffee delivery service selling ground coffee and coffee beans from an ethical supply chain, has received £750,000. The company buy coffee directly from the best farmers across the world ready for small batch roasting at their Bermondsey headquarters.
- Masabi, a company that revolutionised the way we travel by providing mobile ticketing on the Thames Clipper and major UK trainlines, has received £940,000. They are expanding worldwide with deployments in major cities including Boston, New York and Athens.
The Fund is operated on behalf of the Mayor by Funding London and MMC Ventures. £14m of City Hall funds, part-financed by a grant from the European Regional Development Fund and investment returns generated from Funding London, have been used by manager MMC Ventures to attract an additional £64m of co-investment from private investors into these London-based growth companies.
The Mayor of London, Boris Johnson MP, said:
“London’s small and medium-sized businesses are flourishing and play a key role in helping our economy to prosper. I am delighted that this innovative equity fund has helped companies make their ideas a reality and deliver jobs and growth for the capital. This Fund shows how a relatively small amount of public funding can leverage much larger amounts of private capital.”