Fintech
VC firm 13books Capital closes £121m fintech fund
The fund will focus primarily on early-stage startups in the fintech sector, which has seen global investment decline significantly in 2023.
VC firm 13books Capital – formerly known as Elementary Enterprises – has closed a £121m fund to back the next wave of fintech founders.
The firm said the fund will primarily invest in fintech startups that are at the seed to Series A stages, with investment sizes ranging from £1m to £7m. The fund has already invested in five promising portfolio companies in the past six months.
These include Series A investments in Aria, an integrated invoicing platform, and Ramify, a digital wealth management platform.
To date, 13books Capital has backed 19 fintech companies, with investments in Roadzen, Hepster, Coincover, Runa, Billhop, Thirdfort, Duco, nCino, Fenergo, and ErisX. The VC firm says it provides a network of 34 world-renowned founders and industry leaders, including limited partners (LPs) who provide entrepreneurial expertise.
13books Capital has also welcomed two new limited partners, British Patient Capital and KfW Germany, who join Isomer Capital and IPGL on the fund’s limited partner advisory board.
“It is clear that European fintech entrepreneurs want an industry- and founder-focused venture capital platform with impactful networks across the industry,” said Michael McFadgen, Partner at 13books Capital. “We believe European fintech is entering a golden age and we thank our LPs and founders for their trust and look forward to supporting the next generation of pioneering fintech entrepreneurs.”
13books Capital was founded by Steve Gibson and Michael McFadgen in 2019, later joined by former HSBC vice president of global banking and markets Spencer Lake. The firm said that initial skepticism among financial services firms has been replaced in recent years by recognition of the enormous potential of emerging fintechs.
But it’s been a tough market for fintechs recently. A KPMG report from March said Irish fintech companies attracted about $61 million in investment last year, a massive drop of 94% compared to more than $1 billion in investments in 2022. KPMG said the decline was also evident in global trends, as total investments hit a six-year low.
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