A fund launched by London Mayor Boris Johnson and backed by the EU has helped the capital’s start-ups raise £28 million in just a year, it was revealed today.
The MMC London Fund has invested £5.1 million of its £14 million pot into 13 businesses since launching last April, while also helping the recipients attract a further £23 million from other private investors.
Businesses benefiting from the funding include luxury-accessory marketplace Boticca, recipe-delivery firm Gousto, mobile-marketing business Somo and fashion brand Wool and the Gang.
Another recipient has been Masabi, which builds the technology to allow people to buy transport tickets on their mobile.
Masabi’s chief executive, Ben Whitaker, said: “With the MMC London Fund’s support we have accelerated our growth.
“At the same time we are expanding internationally, recently having landed a contract to bring mobile ticketing to New York to add to our successful deployments in Boston and San Diego.”
The fund was launched in partnership between the Mayor’s Office and fund manager MMC Ventures.
Deputy Mayor of London for Business and Enterprise, Kit Malthouse, said: “Small businesses are the lifeblood of our thriving economy and this innovative fund has had some excellent results securing millions of pounds of investment and creating many new jobs.”
