Mayor Pumps $33M Into London Startups With New MMC London Fund, TechCity To Benefit

London is about to get a shot in the arm as a hub for UK and European technology startups that choose to HQ themselves there. For a long time the funding problem for startups here was at the Seed stage. That pain has been greatly eased in the last few years with multiple seed and early stage funding sources appearing such as Passion Capital, EC1 Capital, Playfair Capital and Hoxton Ventures for example. Now the problem is at "follow-on" and Series A of around ?1-5m. Well, this issue just got easier with the announcement today that London-based fund manager and investor MMC Ventures has won a competitive tender from the Mor of London to launch the brand new MMC London Fund. The new ?11m ($16.8m) fund is specifically focused on investment in London-based businesses and is a 'matching fund' alongside other VCs and Angels, so that pot will swell to ?22m ($33.6m).

Source: http://feedproxy.google.com/~r/Techcrunch/~3/5cYMDywLDVw/

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