Story Ventures is out eyeing up to $40m for a fund using data to transform business areas ranging from FinTech and healthcare to business services and security.
The firm is run by entrepreneur and former lawyer Jake Yormak and his brother Brian, who specialises in mobility investing.
No capital has been registered for the vehicle – called Story Ventures II – to date, but an SEC filing for the fund says the raise will be complete within the next 12 months.
Story aims to use pioneering data capture, processing, storage and applications as the basis for its investment thesis.
Target areas include startups working with computer vision and machine learning, data capture, robotics, developer tools and the distributed cloud, according to its website.
Investments to date include cash flow underwriting credit card access provider Petal, consumer banking startup Jiko and lending facilitator Apple Pie Capital.
The firm has also backed a couple of RegTech solutions. The company has previously invested into Smile Identity, which provides onboarding, identity verification and authentication services across Africa. Its services are used to help digital lending and mobile banking solutions with their identification processes.
Another company in Story Ventures’ portfolio is te hdigital ID solution developer Pinn.
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