MMC Ventures, research-led venture capital fund, shifts focus from profit to purposes as it becomes B Corp certified.
B Corp is becoming a hot topic in the business world. The initiative champions a global culture shift to redefine success in business. Above all, it works to move towards a more inclusive and sustainable economy. The initiative is backed by B Lab UK, a non-profit organisation encouraging and rewarding corporate social responsibility.
A B Corp certification ensures that the commitment to being an ethical company is not merely lip service but something demonstrated in the business. Subsequently, they believe that a successful business is not just one who demonstrates profit and growth, but who meaningfully contributes to the sustainability of the economy.
Only 2.5% of B Corps members are equity investors making MMC Ventures is unique amongst the 3,500 global companies. Other companies include Innocent Drinks and Pip & Nut.
MMC underwent a thorough assessment of B Lab UK to ensure it adhered to rigorous social and environmental standards. These standards cover five areas: governance, workers, community, environment and customers. MMC has a history of backing purpose-led businesses. These ventures include recipe box business Gousto, which has a strong commitment to reducing food waste. Other ventures include Wool and the Gang and Pact Coffee, devoted to disrupting traditional manufacturing methods and commitment to fair trade, respectively.
In addition to its core Series A investing, MMC is deploying capital from its £52 million Seed fund, the MMC Greater London Fund. A significant portion of this fund has been set aside to exclusively invest in sustainable technologies and the circular economy. Historically, their investments from this fund include Qflow, the software provider reducing the impact construction work has on the environment. They have also invested in Unmade which integrates software into industrial textile manufacturing machines, meaning brands need only produce what is actually sold.
MMC, founded in 2000, marks its 20th anniversary with a huge company milestone. Founder Bruce Macfarlane says “we wanted to find a means of demonstrating the community-minded values of fairness, honesty and respect on which we were founded. B Corp certification was the answer”.
Kate Sandle, director of Programmes and Engagement of B Lab UK, added: “Being able to welcome MMC Ventures to the B Corp community is hugely exciting. Their commitment to doing business differently will be an inspiration to others and really help spread the idea that we can redefine success in business to be as much about people and planet as it is about profit”.