Nyca Partners raises $129m for third fund

Nyca Partners is already back in the fundraising market, raising $129m for Nyca Investment Fund III just 20 months after the close of Fund II.

The vehicle has already drawn commitments from 47 investors according to an SEC filing. Nyca is aiming to raise at least $200m for the fund, but it is unclear whether this is a target or hard cap.

Nyca exclusively invests into companies operating in the early-stage FinTech sector, particularly in payments, credit models, digital advice, and financial infrastructure.

Former General Atlantic managing director Hans Morris leads the venture firm, alongside partner and COO Ravi Mohan.

Nyca closed its second fund on $125m in January last year, and saw commitments from 10 institutional investors and 29 Limited Partner Advisors with senior industry experience.

Among the fund’s investors was the FinTech dedicated VC arm of Thailand’s Siam Commercial Bank Digital Ventures.

Fund II invested into companies including risk management company Axioma, digital insurance broker EmBroker, digital life insurance platform Ladder, data analysis business LeapYear, and AI technology developer Personetics.

Its maiden fund back in 2014 on $30m with the intention to invest between $10m and $15m in five to ten startups per year.

Earlier in the week, the firm took part in the $18m Series A round of real estate investment technology platform Skyline AI. The company hopes the capital will enable it to expand the platform integration to include more asset classes.

Other recent deals completed by the firm include a backing to the $50m Series E of personal finance app SigFig and the $12m round of Canopy, a practice management platform for tax and accounting.

Copyright © 2018 RegTech Analyst

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