FinTech-focused venture capital firm Vestigo Ventures has closed its maiden fund on $53.9m.
Vestigo Ventures Fund I is mainly comprised of funds from strategic limited partners who are corporate investors from the insurance industry and asset management – these firms make up 51 per cent of the capital pool.
Family offices interested in the FinTech space made of 28 per cent of the fund, and the remaining 21 per cent was supplied by individual investors from the financial service industry.
The firm focuses on early-stage FinTech companies applying technology like blockchain, AI and big data to improve market structures, provide operational solutions, enhance worksite management and/or support personal wealth strategies.
To date, the company has invested into eight companies, including investment software provider LifeYield and communication service for the insurance industry TowerIQ.
In March, Vestigo made an undisclosed seed investment in Digital Assets Data. The recently launched company seeks to bring data, information and transparency to cryptoassets, including currencies, platforms, applications, side chains, security tokens, and initial coin offers (ICOs). It does this through subscription services to hedge funds and other institutional investors.
Earlier in the year, the firm led the $3.5m funding round of Student Loan Genius, which provides loan support for employers and their staff. Loan Genius helps HR and recruiting teams to retain their millennial employees by supporting their student loan repayments.
The firm also took part in the Series B funding round of Micronotes, which closed earlier in the year. The company is a sales and marketing platform for financial services, powered by machine learning and AI technology.
Vestigo Ventures founder Mark Casady Casady said, “My partners and I firmly believe incumbents in financial services need to drive down costs and vastly improve the customer experience in order to remain relevant and prosper amidst this wave of change. We back entrepreneurs who have the passion, ideas and ability to ride this wave.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
