London Museum has received an additional £50m of funding for its new home at Smithfield Market.
The museum is turning the Victorian space in central London into its new base after it closed its former venue in December 2022, having run out of room for its collection.
London Mayor Sadiq Khan and the City of London Corporation have each committed £25m, on top of their previous contributions.
The museum, previously based at London Wall, is looking to raise a total of £437m for the project.
Sharon Ament, director of the London Museum, said: “We are steaming ahead to deliver a transformative, world-leading museum that will be worthy of this great global capital.”
The new pledge brings the mayor’s overall contribution to £95m and the City of London Corporation’s funding to £222m.
The museum has set its own fundraising target of £100m, with £45m so far secured “through private donations, sponsors and philanthropy”, the venue said
It added it was looking at “green loan opportunities” to secure the remaining £20m to reach the £437m target.
Christopher Hayward, policy chairman of the City of London Corporation, said: “This additional funding marks a positive milestone for the new London Museum.
“I am very pleased we are able to confirm this new tranche of funding.”
He added that the new museum would be a “cultural and economic cornerstone” of London as a “destination city”.
Mr Khan said he was “proud” to be an “integral” part in the museum’s creation.
The formerly derelict Victorian General Market, home to the museum’s permanent galleries, is to open in 2026.
What was once the Poultry Market will house the museum’s learning centre, temporary exhibition spaces and collection stores from 2028.
The museum said its work would “preserve the historic Smithfield Market buildings for generations to come”.
