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Venture Capital
FINANCE | Investment Firms & Funds
mmc.vc

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Investments

168

Portfolio Exits

20

Funds

6

About MMC Ventures

MMC Ventures is an active investor and venture fund manager, focused on technology-enabled sectors where the UK is a world leader - particularly financial and business services, business software, digital media and e-commerce.

MMC Ventures Headquarter Location

24 High Holborn

London, England, WC1V 6AZ,

United Kingdom

020 7938 2220

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Latest MMC Ventures News

What Makes A U.K. Unicorn? Here’s A Clue, It Might Have Something To Do With An Ability Raise Money

May 15, 2022

May 15, 2022, Got it! MMC Ventures What fun cynical hacks like myself used to have with the concept of British unicorns. When the subject came up it was a golden opportunity to riff on the theme of much talked about but rarely seen mythical creatures. Well, things have changed a lot over the past two or three years. According to analyst, Beauhurst , there are now around 40 privately owned $1 billion businesses in the United Kingdom. What’s more, the Digital Economy Council and Dealroom.co have identified 13 “decacorn businesses valued at $10 billion or more. All of which confirms that in the current tech ecosystem, aspiring to become a unicorn is no longer a hubristic ambition. Achieving that $1 billion valuation point has been done many times before and it will be done again. What Has Changed So what has changed? Why is the U.K. seeing increasing numbers of companies not only scaling up but hitting milestone valuations? Bruce McFarlane, is well placed to provide a perspective. As co-founder of VC fund, MMC Ventures , he has been investing in tech companies since 2000, a period often characterized as the time when the dot com bubble of the 1990s was spectacularly punctured. Today, MMC focuses on “transformative” tech and invests on behalf of institutions and high net worth individuals, using the tax-friendly Enterprise Investment Fund rules to reduce the risk. As things stand it has $500 million under management. Three portfolio members have attained unicorn status and a fourth is in the pipeline. Recommended For You 1 Fewer stories like this So when I spoke to McFarlane earlier this week, I was keen to get his take on the current investment climate. Public To Private One of the key factors enabling businesses to raise finance and scale up is the changing culture among UK investors, particularly as regards where they are prepared to put their cash. “We have seen a changing attitude towards risk in this country,” he says. “That’s partly because the public markets are not particularly attractive. People are realizing that the action is in the private markets. We now have 5,000 investors and the appetite has grown. We also manage institutional money.” It’s probably a fairly simple equation. As the U.K. startup sector has matured, nurturing some successes in the process, investors have been more willing to embrace the venture model as characterized by big wins more than balancing the failures. More cash coming in has made it easier for businesses to raise the capital to scale up. But importantly, McFarlane says the ecosystem has become more flexible with secondary trading in shares allowing founders to partially cash in. “Secondaries allow CEOs to take money out of the - that’s a massive thing,” he says. Investors can also sell their holdings. This flexibility has helped address one of the perennial problems of the UK ecosystem, namely that businesses were often seen to be selling too soon - perhaps being gobbled up by trade buyers or overseas corporations before having the chance to achieve their full potential. Another factor - one that applies specifically to Enterprise Investment Fund companies - is that investments under the scheme aren’t limited by the traditional VC ten year cycle to invest and make returns from a fund. The Ability To Raise Cash That’s the funding side, but what about the companies themselves? What makes a business unicorn material? McFarlane has had direct involvement with two MMC portfolio unicorns - fintech, Interactive Investor and food delivery service, Gousto. He cites two important factors. “Firstly, what is critical is the dyanmism of the CEO,” he says. “For instance, with Gousto, the CEO absolutely gets it,” Macfarlane adds, noting that he has worked tirelessly to build a team strong enough to allow himself to step back from the day-to-day business and focus on strategy.” McFarlane’s second point is that potential unicorns must be able to raise money, even in difficult times. “If you look back to the dot com boom and bust, Amazon went on raising money. In our portfolio, Timo Boldt, Gousto’s CEO has been very successful in raising money and Interactive Investor has also succeeded in bringing in big new investors.” Teams are also important. “There may be gaps at the beginning but we will help our companies flesh out their teams,” says McFarlane. McFarlane has seen the turn of millennium boom and bust, so will the current flow of cash last. McFarlane thinks so, not least because tech companies are leading a much more embedded digital revolution. However, he does expect some of the froth to come off the market. Good companies will continue to raise the cash they need, but those that are perhaps marginal in terms of potential or performance may struggle more in the future. Follow me on  Twitter .

MMC Ventures Investments

168 Investments

MMC Ventures has made 168 investments. Their latest investment was in SLAMcore as part of their Series A on May 5, 2022.

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MMC Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/3/2022

Series A

SLAMcore

$16M

No

4

3/28/2022

Series A

Sano Genetics

$11M

Yes

4

3/15/2022

Series A

Vira Health

$12.02M

No

13

3/10/2022

Series A

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$99M

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10

2/24/2022

Series B

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$99M

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10

Date

5/3/2022

3/28/2022

3/15/2022

3/10/2022

2/24/2022

Round

Series A

Series A

Series A

Series A

Series B

Company

SLAMcore

Sano Genetics

Vira Health

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Amount

$16M

$11M

$12.02M

$99M

$99M

New?

No

Yes

No

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Co-Investors

Sources

4

4

13

10

10

MMC Ventures Portfolio Exits

20 Portfolio Exits

MMC Ventures has 20 portfolio exits. Their latest portfolio exit was Senseye on June 09, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/9/2022

Acquired

$99M

1

1/14/2022

Acquired

$99M

8

12/20/2021

Acquired

$99M

11

10/12/2021

Acquired

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$99M

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10

8/31/2021

Acquired

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$99M

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10

Date

6/9/2022

1/14/2022

12/20/2021

10/12/2021

8/31/2021

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

8

11

10

10

MMC Ventures Fund History

6 Fund Histories

MMC Ventures has 6 funds, including MMC London Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

10/26/2017

MMC London Fund

Early-Stage Venture Capital

Closed

$131.57M

1

1/23/2014

MMC Growth Generation Fund

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10

12/31/2008

MMC Enterprise Capital Fund

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$99M

10

MMC Greater London Fund

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10

MMC Scale Up Fund

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$99M

10

Closing Date

10/26/2017

1/23/2014

12/31/2008

Fund

MMC London Fund

MMC Growth Generation Fund

MMC Enterprise Capital Fund

MMC Greater London Fund

MMC Scale Up Fund

Fund Type

Early-Stage Venture Capital

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Status

Closed

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Amount

$131.57M

$99M

$99M

Sources

1

10

10

10

10

MMC Ventures Team

4 Team Members

MMC Ventures has 4 team members, including former Founder, President, Mark Small.

Name

Work History

Title

Status

Alan Morgan

Founder

Current

Mark Small

Founder, President

Former

Matthew Bagley

Chief Financial Officer

Former

Jonathan Coker

Eka Ventures, and J.P. Morgan & Co.

Managing Partner

Former

Name

Alan Morgan

Mark Small

Matthew Bagley

Jonathan Coker

Work History

Eka Ventures, and J.P. Morgan & Co.

Title

Founder

Founder, President

Chief Financial Officer

Managing Partner

Status

Current

Former

Former

Former

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