MiddleGame Ventures, an InsurTech and fintech-focused venture firm, has raised a new $165.4 million fund that will target investments in Europe and North America.
The Luxembourg-based operation has invested more than $300 million in early stage companies over the past 10 years. Its noteworthy InsurTech-related portfolio companies include CoverHound, an online insurance comparison shopping platform, and SimpleSurance, a digital broker based in Berlin whose cross-selling software operates across Europe.
MGV’s new Venture Fund I is targeting startups that are past the seed investment stage and looking for Series A or Series B investments. Plans call for the fund to partner with B2B and B2B2C startups driving the transformation of financial services from analog to digital and from centralized to decentralized, with an emphasis on middleware and back-office products and services. Eligible startups would be focusing on technologies including RegTech (management of financial industry regulatory processes through technology), digital identities, “FinData” and crypto-enabled infrastructure across banking, asset management, insurance, payments and capital markets.
The new MGV fund has already invested in a capital markets digital platform, banking as a service startup and big data analytics startup in the U.K. – Nivaura, Railsbank and Gardenia Technologies, respectively, the firm said.
MGV’s anchor investors include the Luxembourg Future Fund and the European Investment Fund, while S&P Global is included among other institutional, strategic and family office investors. The fund remains open to additional institutional and private investors ahead of a final close later in 2020.
Source: MiddleGame Ventures