Californian venture firm SGVC has raised up to $21m for its third investment vehicle.
SG VC Fund III has a goal of $50m, but it is unclear if this is a target or a hardcap, according to a new US SEC filing. The fund has a minimum commitment from outside investors of $250,000 and has had 33 backers make contributions, so far.
While it is unclear what the investment focus will be for the vehicle, the firm’s website states it is looking to back software companies that are redeveloping the financial services industry. SGVC hopes to provide capital and guidance to entrepreneurs that are redesigning the space.
The fund has already been tapped to make an investment, backing agriculture technology platform Plenty. The company is an indoor growing business that supports reliable farming at lower costs.
Previously, SGVC closed its second fund on $50m following commitments from 81 investors back in 2016. The firm used the vehicle to participate in the $40m Series B funding round in HomeLight last year. The company is an online marketplace which connects sellers with high-quality real estate agents.
Other FinTechs in its portfolio include automated B2B payments provider Tipalti, employee travel cost support app TripActions and online insurer Next Insurance.
There have already been several FinTech investment vehicles to launch this year. Earlier in the week, Eight Road Ventures launched its third investment fund with a $375m and will look to back FinTech and healthcare industries.
Earlier in the month, Victory Park Capital partnered with IFC to launch a FinTech fund, and Baseline Ventures started raising capital for its latest investment vehicle.
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