Luge Capital opens AI-focused FinTech fund
Written by Chris Lemmon
Canada-based Luge Capital, a new venture capital fund specifically focused on early-stage FinTech companies and artificial intelligence (AI) solutions for financial services, has launched after securing $75 million investment.
Initially, $50 million of the raised capital was announced in October 2017 by the Caisse de dépôt et placement du Québec (CDPQ) and Desjardins Group, two of the fund's major investors. Sun Life Financial, the Fonds de Solidarité FTQ and La Capitale are also significant participants. Luge may expand the fund up to $100 million in the coming months.
The fund is seeking to support the development of innovative solutions that improve the customer experience, enhance efficiency for financial institutions and implement data-driven methods and AI for decision-making. Initial investments will be focused on Seed and Series A financing, ranging from $250,000 to $2 million.
“We are looking for young mission-driven companies that challenge how the world interacts with financial services,” said Karim Gillani, co-founder and general partner in Luge's Toronto office. “We invest in bold teams that demonstrate passion, manage risk and optimize for performance.”