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MiddleGame Ventures has announced a new fund for early-stage lead investments in startups from Europe and North America.
MiddleGame Ventures (MGV) that is a fintech-focused investment company announced on Monday that it had managed to raise assets for the new fund aimed at providing support to startups in Europe and North America.
As per the announcement, MGV’s Venture Fund I reached its first close with the last target size attaining $165 million.
The fund is going to enter into partnerships with both B2B and B2B2C startups and, of course, it will invest in them. The main goal is to get the transformation of financial services from analog to digital and to change the focus from centralization to decentralization.
Its area of activity expands in order to authorize technologies as are RegTech, Digital Identities, “FinData” and other crypto-enabled infrastructure over banking, insurance, asset management, payments spheres. As they said from the company, the focus of MiddleGame Ventures is placed on the support of innovations in the financial markets.
Co-founder of MGV Pascal Bouvier shared his opinion:
“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.”
The Luxembourg Future Fund (LFF) and the European Investment Fund (EIF) will act as the cornerstone investors in the new MGV fund, and S&P Global will be also involved in the work with the find among other institutional participants. The fund will be ready to welcome any other investors interested to participate before the final close in 2020.
Patrick Nickels, chairperson of the Luxembourg Future Fund Board of Directors, noted that they are happy about their work with MiddleGame Ventures fund:
“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.”
The European Investment Fund (EIF) is part of the European Investment Bank group. And it has a goal to help SMEs to develop by ensuring for them access to funds. Its CEO Pier Luigi Gilibert commented:
“We are delighted to be supporting MiddleGame Ventures as an anchor investor in its new fund. The EIF has a strong commitment to innovation in Europe, and we hope that this fund, with its focus on FinTech entrepreneurs, will assist us in that goal.”
MGV partners gave over $300 mln in its initial stage. The list of the companies that decided to support the fund includes Ripple, Tandem Bank, SimpleSurance and others.