MMC releases its inaugural impact report
As a B Corp member (the first commercial venture capital firm in the UK to qualify) we commit to publish an annual Impact Report. This is our first one; we hope you enjoy it.
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.
“At MMC, we’ve long believed that investing should involve a virtuous circle, when good decisions are made with a focus on maximising good outcomes for as many as possible.”
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.
“The MMC grove will capture 1140 tonnes of carbon over 100 years, 10,000 tonnes over 250 years - and more after that as they don’t stop growing!”
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.
“Our purpose is to make sure every meal leaves the world better off, and we will continue to invest in innovation and find new ways to offer UK households a more sustainable dinnertime.”Timo Boldt, Founder & CEO, Gousto
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.
“Our experience suggests that achieving large-scale impact requires a more holistic transition to new economic models.”
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.