Frankfurt-based fintech investor CommerzVentures has closed its third fund at €300 million. As Commerzbank returned as the sole LP, the combined total fund size has reached €550 million. It will focus on early and growth-stage companies in the fintech and insurtech sectors, as well as the emerging climate fintech space.
The third fund follows on from its first €100 million fund, launched in 2014 and second €150 million fund in 2019. The VC has invested in 28 companies to date. Continuing its strategy of targeting exceptional founder teams with the ambition to solve billion dollar problems, it continues to invest with a global outlook, focusing on Europe, Israel and the U.S.
It will also enable the VC to drive its headcount by 50% to strengthen its position in fintech globally, and establish a foothold in new geographies, notably Africa. This follows its recent participation in MFS Africa’s $100 million Series C and desire to support founders in the region’s vibrant fintech market.
One of Europe’s crucial players in the climate fintech investor, the corporate VC investment arm of Commerzbank is taking further action to drive climate impact across its latest fund through a commitment to arrange and fund high-quality carbon-offsets for its portfolio companies in the first year of their partnership.
Heiko Schwender, partner, CommerzVentures said: “Over the past eight years, our team has leveraged our extensive experience to back founders reimagining the financial services industry across Europe, the U.S., Israel, and Africa.”
Paul Morgenthaler, partner, CommerzVentures said: “As the pioneering investor in European climate fintech, we feel an obligation to support all our portfolio companies on their path towards carbon-neutrality. With our access to high-quality carbon offsetting projects, we can help them to make credible net-zero commitments, while working on emission reductions.
Its successful track-record has seen 30% of their early investments develop into unicorns (Bought By Many and Mambu), including two decacorns (eToro and Marqeta). CommerzVentures has a leading presence within Climate FinTech, the first to define the term back in early 2020, recently leading investments with ClimateView and Doconomy. Other notable investments within fintech and insurtech include Afilio, ByMiles, GetSafe and iwoca. Portfolio company Marqeta IPOed on Nasdaq, while Curv and Payworks were acquired by Paypal and Visa, respectively.