Matthew Cushen, Co-founder of Worth Capital attended the City Hall launch of the Greater London Investment Fund today. Sadiq Khan, London’s mayor, opened launch as the Fund is a partnership between the Greater London Authority, the European Regional Development Fund, the London Economic Action Partnership, the London Waste and Recycling Board and the European Investment Bank.
The fund is designed to give support to businesses based in London. There will be some bias towards businesses that can solve some problems for the benefit of Londoners – our city environment & infrastructure; the circular economy & waste; or digital solutions to improve health & care. It will also target sectors where London competes well internationally – like financial & business services; the cultural, creative & media sectors; and connected homes & workplaces. There will be focus on supporting a diverse range of founders – across gender, ethnicity & economic background.
There is a £52 million equity fund with planned investment between £400,000 and £1m. MMC is the lead fund manager, co-investing alongside experienced angels, seed funds, VCs & incubators. There is also a debt financing part of the fund, administer by the FSE Group with amounts available from £100,000 to £1m with 3-5 year repayment.