When Bruce Macfarlane and Alan Morgan founded MMC it was with a belief that venture capital could be a force for good and that making great commercial returns should not be at the expense of ethical corporate behaviour.
Marrying profit with purpose is B Corp’s ethos and one which strikes a chord with us. In our inaugural impact report, we highlight the effects that being B Corp is having on MMC as we showcase the metrics by which we measure our outreach and impact as a business; including details of the MMC sequoia grove of carbon-capturing trees we are delighted to be planting in partnership with One Life One Tree.
We also spoke to portfolio company, Gousto, about its journey to becoming the first and only profitable B Corp unicorn in the UK. If every home in the country replaced supermarket dinners with meals from Gousto for just one year, 10.3 million tonnes of CO2e could be saved, the annual equivalent of nearly 140,000 buses.
Finally, we share details of our thesis around investing in the Circular Economy and why complex value chains require change from multiple participants to deliver real impact.
This last year has seen MMC raise record amounts of capital and achieve extraordinary success in our portfolio. We can’t directly link either phenomenon to our B Corp status, but we have had multiple conversations where our accreditation and ethos has been raised as a positive difference that aligned with the investor’s or founder’s own views.
We won’t go through our next B Corp assessment until 2023 but we have big plans to build and improve upon this promising start.
Read the full report here.