London-based Mercuri (previously known as GMG Ventures), an early-stage media technology investor, announced on Tuesday that it has raised a second fund of £50M (approximately €58.2M) from institutional investors.
The British Business Bank, through its Enterprise Capital Funds (ECF) programme, has made a significant investment as a cornerstone investor.
Alan Hudson, Founding General Partner of Mercuri, says, “We are delighted to announce the launch of our first multi-LP fund at a time when this profound progress in artificial intelligence impacts the entire media technology ecosystem, including the creator economy, gaming, music, privacy, education, community and communication.”
“The market opportunity is arguably stronger than ever right now with some complex issues facing the industry. We will endeavour to use the full breadth and depth of our network and our team’s knowledge to support the startups we invest in. This will create long-lasting value,” adds Hudson.
Focus on startups revolutionising traditional media models
With this new fund, Mercuri aims to continue its successful track record of supporting visionary founders of UK-based startups that are revolutionising traditional media models through artificial intelligence.
Mercuri’s investment strategy revolves around leading seed stage investments by leveraging its understanding of emerging trends. This is done to support technology-enabled products for the new age of enterprise and consumer digital lifestyles.
The fund’s sector focus spans four specific areas – the creation, distribution, consumption, and monetisation of content and data with a focus on startups that enhance the way we communicate and engage in a professional and personal context, using AI.
Previously known as GMG Ventures, Mercuri’s initial £42M (approximately €48.9M) fund had strong support from The Scott Trust. This trust holds ownership of Guardian Media Group, among other assets.
With its new diversified base of limited partners (LPs), including prominent strategic investors such as The Scott Trust, Mercuri aims to build upon its established track record.
This expanded network provides greater access to expertise and resources, reinforcing Mercuri’s ability to facilitate valuable connections for its portfolio companies.
As a certified B Corporation and co-founder of VentureESG, Mercuri says it is committed to making up to eight new investments annually, with significant provisions for follow-on funding.
The British Business Bank
The British Business Bank is the UK government’s economic development bank.
Its mission is to drive sustainable growth and prosperity across the UK. It also enables the transition to a net zero economy by improving access to finance for small businesses.
Ken Cooper, MD of Venture Solutions at British Business Bank, says, “The British Business Bank’s Enterprise Capital Fund programme is key in helping to develop and maintain effective venture capital provision in the UK. It lowers the barriers to entry for emerging fund managers and for those targeting under-served areas of the market. The programme has backed more than 43 funds, representing over £2 billion of finance.”
Read the orginal article: https://siliconcanals.com/news/startups/british-business-bank-backs-mercuri/
