Vestigo Ventures closes $59m funding round
Written by Peter Walker
Vestigo Ventures, an early-stage venture capital firm focused on FinTech, has successfully closed its Vestigo Ventures Fund I with $58.9 million.
Founded by David Blundin, chairman of Cogo Labs; Mark Casady, chairman of LPL Financial; and managing director Ian Sheridan, the firm focuses on companies that are applying technology - blockchain, artificial intelligence and big data - to improve market structures, provide operational solutions, enhance worksite management and support personal wealth strategies.
To date, it has invested in Digital Assets Data, LifeYield, Micronotes, Mirador, Netcapital, Student Loan Genius, TowerIQ and Vestmark.
The fund is comprised of corporate investors from the insurance industry and asset management (51 per cent), family offices (28 per cent) an individual investors (21 per cent).
Casady commented: “My partners and I firmly believe incumbents in financial services need to drive down costs and vastly improve the customer experience in order to remain relevant and prosper amidst this wave of change – we back entrepreneurs who have the passion, ideas and ability to ride this wave.”
Elsewhere in US FinTech funding land, LendTech firm Upgrade closed its Series C round of financing led by the CreditEase Fintech Investment Fund.
The new financing will fuel Upgrade’s continued product innovation, on the heels of its Personal Credit Line launch and the expansion of credit monitoring and education product Credit Health.
“The new capital will enable continued investments in product, credit analytics, compliance, risk management and expansion of our San Francisco, Phoenix, Montreal and Chicago offices,” said Renaud Laplanche, co-founder and chief executive of Upgrade. “We are seeing a growing desire from consumers to better understand their overall credit situation and to learn to make great financial decisions that give them access to more affordable credit.”
Upgrade has raised $142 million in equity capital since inception in 2016. This $62 million Series C round includes the conversion of all previously issued convertible notes. All major existing investors - including Apoletto, FirstMark Capital, NOAH, Ribbit, Sands Capital Ventures, Silicon Valley Bank, Union Square Ventures and Vy Capital - participated in the funding round.