It looks to be a busy week for MMC Ventures, which invested £2.5m into London drone firm Sky-Futures on 11 May – effectively marking the largest European funding round of its kind.
The venture capital firm has now teamed up with the Institute of Directors (IoD) as part of a high-growth business support scheme, which will focus specifically on networking for young British enterprise talent.
The partnership will align IoD’s 99 programme, a scheme that allows 99 business owners aged between 18-40 to join its network for £99 a year, with the MMC Growth Generation Fund, which lets early investors get started with low cost opportunities.
It means new events will be created to target individuals from both sides of the business world in attempt to break down barriers and foster British entrepreneurs, the first of which will take place in June.
Bruce Macfarlane, managing partner of MMC Ventures, said: “The fund, which is now open-ended, has been a great success. What’s more, we believe the Growth Generation Fund will attract a collection of talented individuals who have a lot to offer entrepreneurial ventures; for example, they could be great additions to the management teams of fast-growth companies.
“With this in mind, we’re looking forward to working with the Institute of Directors and their 99 Club cohort. The growth of young entrepreneurial spirit in the UK is great news and it is important that we work together to support young talent with the barriers they may face.”
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The VC firm has backed the likes of Somo, PayAsUGym, Masabi, Love Home Swap and Gousto, while the IoD 99 tops up its ranks with an additional batch of new members on a quarterly basis.
Simon Walker, director general, IOD, added: “At the Institute of Directors we have over 100 years’ experience of working with, supporting and incubating the UK’s most successful businesses.
“That said, we recognise that the next generation of startups face a unique set of challenges. The 99 Club was designed to encourage younger business owners to take advantage of our knowledge and networks to help them better navigate through the early stages of their business.”
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