Brooklyn Bridge Ventures moves closer to the $20m target of fund 3

Brooklyn Bridge Ventures has raised up to $4.6m for its latest fundraise, moving closer to its goal of $20m.

The vehicle, Brooklyn Bridge Ventures Fund III, has received contributions from 26 investors so far, according to the latest US Securities and Exchange Commission filing.

While the document has stipulated a goal of $20m, it is unclear whether this is a hardcap or just a target.

Brooklyn Bridge is a venture capital firm which co-leads investments of around $400,000 into companies based in New York City. Its target are startups which have yet to raise $750,000 in previous funding rounds.

The investor’s previous investment fund closed in 2016 with a capital pool of $15m, while its debut vehicle closed on $8m in 2012.

FinTech is among the number of sectors Brooklyn Bridge Ventures invests into. Last year the firm contributed to the $13m Series A of credit card startup Petal. The FinTech uses machine learning technology to assess an individual, in the place of credit scores and borrowing history, giving consumers better access to credit.

Other FinTech’s in its portfolio include financial wellness platform Financial Gym, supply side support platform Even Financial, and institutional trading platform for digital assets Seed CX.

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