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MMC Ventures Limited
About
Founded in 2000, MMC Ventures is an active investor and award-winning venture fund manager, focused on technology-enabled sectors where the UK is a world leader - particularly financial and business services, software, digital media and consumer internet.
Having raised more than £200 million, MMC invests around £30 million per annum, in a combination of new investments and follow-on capital for existing portfolio companies. MMC specialises in high-growth early-stage UK-based businesses, partnering with entrepreneurs and impressive management teams to achieve substantial scale and profitability.
"Since our inception in 2008, MMC Ventures have been an ever presence playing a significant partnering role at board level supporting our growth. In the time we have been connected Safeguard has gone from a start up with 11 employees to a global business employing over 500 employees. It has truly been a great partnership."
Bjorn Reynolds, Founder & CEO, SafeGuardInvestment focus
We invest in early, high-growth companies, in technology-enabled business in sectors where the UK is a world leader – particularly fintech, digital health, business software, the circular economy and consumer internet. We invest predominately at the Series A stage and will invest further rounds for well-performing businesses as they reach later stages of funding. We will invest in a maximum of one Seed investment per client Subscription.
Key team members
Bruce Macfarlane - Managing Partner
Bruce co-founded MMC and runs the firm day to day. He is a member of the firm’s Investment Committee and has oversight of the MMC portfolio of companies.
Before founding MMC, Bruce was a Managing Director at Merrill Lynch, where he was head of UK Investment Banking, and senior managing director at Bankers Trust. Earlier in his career Bruce practised as a US securities lawyer at Skadden Arps in New York.
Bruce has a BA in English from Leeds University and is a Chartered Director. He qualified as a barrister in London and an attorney in New York.
Simon Menashy - Partner
Simon leads MMC’s investment team. He looks for SaaS and subscription companies using data science to solve large real-world problems or create new customer experiences. This takes him across a variety of markets including fintech, information services, retail, transit and industrial tech.
AI technologies and new types of analytics are bringing increasingly rapid change to so many spaces. Simon looks for the companies leading the charge or creating the tools, and supports them in scaling up post initial product-market fit.
Simon also leads the MMC Greater London Fund, an early-stage fund managed by MMC in partnership with the Mayor of London.
Simon’s background is in tech and media strategy consulting at Deloitte. He holds a degree in Physics and Space Research and previously started an IT consulting business.
Oliver Richards - Partner
Ollie is a partner in the investment team and sits on the investment committee. He leads early stage investments at Seed and Series A and manages a portfolio that includes a range of transformative technology businesses in fintech and B2B enterprise SaaS. Ollie led MMC's investments into Yulife, Snowplow, Copper and TreasurySpring and recent investments into his portfolio including Safeguard Global and Peak AI.
He is passionate about the future of finance - in particular, across the insurance value chain, capital markets infrastructure, financial wellbeing and advice, and the role of digital assets - and the value creation potential of new technologies. Ollie also leads MMC's circular economy investments and is passionate about finding technology businesses that move us all towards a more sustainable future.
Ollie has a broad range of operational experience in originating, acquiring and leading technology businesses. Prior to MMC he was part of the core team that grew Monitise from less than 100 to over 1,400 people, in three years; he ran separate P&Ls as business units within the parent and completed six acquisitions before the business was sold to the US software giant Fiserve.
Ollie started his career at Deloitte where he ran commercial due diligence and strategy consulting engagements across a broad range of industries, with a focus on financial services. He received his M.B.A. with distinction from Columbia Business School and London Business School through a joint degree programme.
Investment opportunities
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Example portfolio companies
Investors into the MMC EIS Fund can expect exposure to 10 investee companies (not guaranteed) comprising new deals and more mature investments. MMC aims to deploy funds over a 12–18 month period.
The company outlined below is an historic investments made by the MMC EIS fund:
Gousto has created food delivery technology to offer a weekly box of healthy, responsibly sourced ingredients, providing everything needed in the right quantities for couples or families to cook delicious meals. The scale of its data means it can predict what each customer will choose to cook for dinner, helping consumers avoid wasting space and food.
This approach has enabled the business to grow rapidly: in early 2019 it reported year-on-year growth of 170% and it now delivers over 1.5 million meals every month.
An investment round announced in July 2019 brought in an additional £30 million of funding, bringing the total raised since launch to over £100 million.
Awards
Early Stage Fund of the Year’ at the UKBAA Awards
Growth Investor of the Year 2017 at Growth Investor