London-based global investment firm Flashpoint has announced the launch of its secondary fund, targeting $200 million, after completing a first close of $70 million.
Aimed at later-stage tech companies, the fund will provide liquidity for early-stage shareholders, as well as allow companies to consolidate their cap tables.
The Flashpoint team, run by co-founders Michael Szalontay and Alexander Konoplyasty, has made secondary investments in Chess.com, Guesty, Israel-based property management platform, Chess.com, and ivi, a Russian online video streaming service.
The firm says it catches what other investors miss, with specialists who work with companies founded by teams from Central and Eastern Europe, Israel, the Baltics, Finland, and the CIS, and rely on their nuanced knowledge of local ecosystems to discover ripe opportunities.
As for this secondary fund, it’s independent from Flashpoint’s existing early-stage venture capital funds and its venture debt fund and will be jointly led by Szalontay and Chris Baxter, who joined the firm last year.
The fund is anchored by the Scheinberg family office, the founders and former owners of Pokerstars (sold for $4.9 billion in 2014) and to whom Flashpoint sold its stake in Chess.com a few years ago.
Photo: co-founders Michael Szalontay and Alex Konoplyast