Research-led venture capital fund MMC Ventures has announced that it has become a certified B Corp, joining its efforts to create an even more comprehensive and sustainable economy.
To obtain certification, B Lab UK first had to analyze the company and ensure it met five areas: governance, workers, community, environment and clients, in addition to making profits.
MMC Ventures has been recognized for issues such as diversity strategies, staff compensation, energy usage and waste management, and is now in the ranks of 3,500 B Corp businesses worldwide. UK companies account for about a third of B Corp companies, including Pip & Nut, Toms and Innocent Drinks.
This certification also makes MMC Ventures one of the “very few” venture capital companies, and after undergoing a valuation process, only 2.5% of the Global B Army members are equity investors.
The company said it has a history of supporting purpose-driven businesses. Recipe Box Business, Goustto, etc. It is committed to recycling and reducing waste. Online knitting communities, wools, gangsters that disrupt the usual manufacturing methods. Pact Coffee, a coffee subscription service, pays farmers premiums and fair trade fees.
MMC Ventures said it would deploy a “slight portion” of its capital from its £52 million seed fund for investing solely in sustainable technology and circular economy in addition to its core Series A investment.
The investment from the fund, known as the MMC Greater London Fund, includes QFLOW, a software provider that reduces the impact of construction on the environment, meaning that the software will be used in textile machines and only produces what the brand is actually on sale.
Speaking about the company’s B Corp certification, Bruce Macfarlane, founder and managing partner of MMC Ventures, said: While celebrating that milestone and what all companies achieved, we wanted to find a way to demonstrate the community-oriented value of equity, integrity and respect that we were founded. The answer was B Corp’s certification.”
Kate Sandle, Director of Programs and Engagement at B Lab UK, added: Their commitment to doing business differently is inspiration for others, and really helps to spread the idea that they can redefine success in business and redefine things about people and planets as much as they do about profits. ”
This news marks yet another company that is successfully committed to more sustainable business practices. Supporting ethical and innovative initiatives is a valuable cause, and MMC’s new B Corp certification can gain more traction to a discerning crowd of investors.
