Technology startups are getting a boost in London – the city’s Mayor, Boris Johnson, has announced new funding for companies that are based in the city. The $33.6 million venture capital, MMC London Fund, is partially funded by $11 million of public money which will be matched by private investment.
London’s small to medium companies are a vital component of this city’s economy, supporting significant numbers of jobs. It is a top priority for me that these entrepreneurial enterprises receive practical support to thrive and grow, not least as many have the potential to become major employers in the future. This innovative equity fund is using public and private money in order to offer much needed financing when more traditional routes are not available.
The new $11 million will be targeting London based businesses, especially in areas like deprived East London – marketed by London as Tech City in order to grow the existing organic tech scene.