London-based VC firm Mercuri, (formerly GMG Ventures) has closed a £50 million fund which will focus on ‘exceptional’ media-tech start-ups who are ‘reinventing traditional media models using artificial intelligence’. It says it plans to ‘make up to eight new investments a year with substantial provision for follow-on cheques’ and that ‘commitment to robust data governance and AI safety’ are priority.
Its second fund of £50 million was supported by institutional investors, including a cornerstone investment from the British Business Bank, through its Enterprise Capital Funds (ECF) programme.
Mercuri’s previous fund, which stood at £42 million (under its former name GMG Ventures), was anchored as a limited partner by The Scott Trust.
“We are delighted to announce the launch of our first multi-LP fund at a time when this profound progress in artificial intelligence is impacting the entire media technology ecosystem, including the creator economy, gaming, music, privacy, education, community and communication. The opportunity in the market 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, to create long-lasting value,” says Alan Hudson, Founding General Partner of Mercuri.
“The British Business Bank’s Enterprise Capital Fund programme is key in helping to develop and maintain effective venture capital provision in the UK, lowering 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. Our cornerstone commitment to Mercuri builds on that success and introduces a new funding option for seed stage media-tech businesses across the UK,” says Ken Cooper, MD of Venture Solutions at British Business Bank.
Main image: Alan Hudson
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