MiddleGame Ventures Announces Initial Close of Third FinTech Fund With Targeted €150M

MiddleGame Ventures Announces Initial Close of Third FinTech Fund With Targeted €150M

25 June 2024

MiddleGame Ventures (MGV), a Luxembourg-based investment firm focused on fintech startups, announced today that it has raised a new fund targeting early-stage investments in Europe. The fund is designed to support the next generation of digital financial service pioneers at the Post-Seed, Series A, and Series B investment stages across all legacy and emerging financial sector verticals, including adjacent deep-tech and cybersecurity sectors.

The European Investment Fund (EIF) and the Ireland Strategic Investment Fund (ISIF) anchored the initial close, committing €32M and €20M, respectively. Returning investors, including S&P Global and the Luxembourg Future Fund (LFF), made additional commitments. New and existing family office investors across Europe and the United States also participated in the initial close. The fund remains open to additional institutional and private investors ahead of a targeted final close of €150M in early 2025.

Luxembourg-based Co-Managing Partner Pascal Bouvier announced: “We are grateful for the support of our investors who share our conviction that specialist funds with experience working with entrepreneurs, financial institutions, and regulators are best placed to successfully partner with the innovators architecting the new financial services landscape. We believe that financial services are on the cusp of a wave of unprecedented innovation, highlighted by the transition from legacy automation tools to a fully digital financial services infrastructure. This transition will enable seamless business models to emerge, removing friction and paving the way for entrepreneurs to build substantial long-term businesses.”

Commenting on the investment, Marjut Falkstedt, Chief Executive of the EIF, stated: “Fintech companies are at the forefront of financial innovation by developing new digital solutions that can play an important role in, among others, improving the accessibility, quality, and security of financial services. That is why we are glad to renew our collaboration with MiddleGame Ventures to support European entrepreneurs and contribute to the digital transition of the financial sector.”

Brian O’Connor, Senior Investment Director, ISIF, said: "This commitment is an example of how ISIF aims to support Irish businesses under its double bottom line mandate, deploying capital on a commercial basis, supporting the scaling of indigenous businesses that in turn will generate economic activity and employment in Ireland. The fintech sector in Ireland is one which has already demonstrated it can create local companies which go on to compete globally and we look forward to working with MiddleGame Ventures to support this further growth and scale for Irish businesses.”

Sally Moore, Executive Vice President, Global Head of Strategy, M&A, and Partnerships at S&P Global, added: “Collaboration with fintech participants is a key component of our partnerships strategy. The team at MiddleGame Ventures is a valuable source of expertise and insights into emerging innovation, particularly around the digitalization of the financial markets.”

MiddleGame Ventures supports visionary entrepreneurs navigating the complexities of the growth stage, or the MiddleGame. The firm provides the guidance and support they need to thrive in today's ever-changing market, operational, and regulatory environment.

Notable early-stage investments in predecessor MiddleGame funds and former investment platforms include Wayflyer, Keyrock, Ripple, and DriveWealth.

The new fund is already active in the market, with several new investments on the horizon.

For more information, visit www.middlegamevc.com