MiddleGame Ventures, the Luxembourg-based fintech VC, has announced a new fund for early-stage lead investments in startups from Europe and North America. The fund has made its first close toward the target of €150 million and remains open to more investments until a final close later in 2020.
MGV’s Venture Fund I will go to B2B and B2B2C companies that are using technology to disrupt financial services. Specifically, the firm is eyeing technologies in areas such as RegTech, digital identities, “FinData” and crypto-enabled infrastructure across banking, asset management, insurance, payments, and capital markets.
In fact the fund has already made three representative investments: Nivaura, a capital markets digital platform; Railsbank, a banking-as-a-service platform; and Gardenia Technologies, a big data analytics startup.
The firm was founded by Pascal Bouvier, Michael Meyer, and Patrick Pinschmidt, three veterans who have collectively invested €300 million in financial services ventures. This first fund is made possible by contributions from the European Investment Fund and the Luxembourg Future Fund.
Pascal said: “We are pleased to have new capital from substantial investors to support great, transformational businesses across Europe and the US with our highly focused fund. Our investors agree that specialist funds with experience working with entrepreneurs, incumbent financial institutions and regulators are best placed to thrive in an environment characterised by financial and technological cross-currents and significant regulatory constraints. We are excited to put our platform to work on behalf of investors and the next wave of innovators solving hard problems and re-architecting the industry.”
Patrick Nickels, chairperson of the Luxembourg Future Fund Board of Directors, added: “We are pleased to be an investor of MiddleGame Ventures fund aiming to support early stage FinTech companies. The Luxembourg Future Fund believes this commitment will help to strengthen the FinTech industry in Europe and generate positive spillovers in Luxembourg. This is a strategic sector for Luxembourg for economic diversification and we are delighted to contribute to its continuing development.”
MGV is headquartered in Luxembourg with offices in Dublin and Washington, DC. The VC also owns and operates NadiFin, a growth stage accelerator for European startups.