MiddleGame Ventures (MGV) has raised a new fund targeting post-seed, Series A and Series B lead investments in Europe and North America.

MGV’s Venture Fund I achieved its first close, with a target size of €150 million. It will invest in and partner with business to business and business to consumer startups driving the transformation of financial services, from analog to digital and from centralised to decentralised, with an emphasis on middleware and back office solutions.

The fund's remit extends to enabling technologies such as regulatory technology, digital identities and crypto-enabled infrastructure across banking, asset management, insurance, payments and capital markets.

The Luxembourg Future Fund (LFF) and the European Investment Fund (EIF) are anchor investors in the new MGV fund, whilst other investors include institutional, strategic and family offices. The fund remains open to additional institutional and private investors ahead of a final close later in 2020.

FinTech investment veteran Pascal Bouvier is co-founder of MGV, along with Michael Meyer and Patrick Pinschmidt.

Bouvier said: “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."

Patrick Nickels, chairperson of the Luxembourg Future Fund board, added: “We believe this commitment will help to strengthen the FinTech industry in Europe and generate positive spillovers in Luxembourg - this is a strategic sector for economic diversification and we are delighted to contribute to its continuing development.”

MGV partners have invested over $300 million in early stage financial services firms over the past decade, including Ripple, Tandem Bank, SimpleSurance, Coverhound and CompareAsia.

The new fund has already made three representative investments in a capital markets digital platform and banking as a service and big data analytics startups in the UK - Nivaura, Railsbank and Gardenia Technologies.

Share Story: