A fund investing at the “intersection” between media and technology has raised £50m, including a cornerstone commitment from the British Business Bank.
London-based venture capital firm Mercuri, which has rebranded from GMG Ventures, will support startups working on media-related technology solutions and are using AI in the UK.
“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,” said Alan Hudson, founding general partner of Mercuri.
As many as eight investments will occur at the seed stage through its second fund each year across four main areas: creation, distribution, consumption, and monetisation.
Mercuri is a limited partner of The Scott Trust, which owns the Guardian Media Group.
The rest of the Mercuri media tech fund comes is made up of blue chip institutional investors, such as The Scott Trust.
“The opportunity in the market is arguably stronger than ever right now with some complex issues facing the industry,” said Hudson.
Mercuri is not the only investor looking to shake up the media world with technology. In June, Raw Ventures launched a funding initiative to provide media tech startups with up to $1m.