Vesey Ventures, an early-stage venture capital firm, has closed its debut fund on $78m, which will focus on FinTech companies.
Its maiden fund will invest into early-stage FinTech and technology companies where opportunities for early partnerships with financial incumbents exist.
Vesey Ventures, which is based in the US and Israel, was founded by former AMEX Ventures managing directors Dana Eli-Lorch, Lindsay Fitzgerald and Julia Huang. The trio have a track record of investing into early FinTech winners, including Melio, Plaid, Stripe and Trulioo, and have established over 100 partnerships between startups and financial services institutions.
Alongside Term Sheets, Vesey Ventures issues a ‘Strategy Sheet’ to every portfolio company where it outlines how the firm will leverage its extensive network of strategic investors and advisors to act as a company’s first business development team.
The new investment vehicle has been tapped for five deals. Its portfolio includes spend management firm coast, alternative investment platform Equi, identity protection company Cyrus, bookkeeping software for property management companies Proper, and currency hedging solution developer grain.
In a joint statement, Vesey Ventures’ founding partners said, “Financial incumbents still own the crucial pieces startups need to succeed – infrastructure, capital, licences and customers – and we’ve seen first-hand how the most successful fintech companies were built in partnership with incumbents.
“We created Vesey Ventures to give our portfolio companies a competitive edge early on by bridging the gap between the companies in need of new technologies and those building them. Partnerships can be a game-changing part of a fintech company’s growth story and we have an unparalleled track record of delivering these for our founders.”
Earlier in the month, The Business Development Bank of Canada (BDC) launched a new $150m fund aimed at investing in Canadian firms advancing technologies towards climate goals.
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