Fintech venture capital outfit Anthemis has raised a $60 million war chest to provide pre-seed, seed and series A financing to digitally native financial services startups across North America and Europe.
The UK-based firm, which has a decade of experience funding financial technology startups, holds more than 30 companies in its portfolio, including the automated wealth management platform Betterment, fundraising platform Artivest and on-demand insurer Trov. Successful exits in this time include Simple, sold to BBVA for $117 million in 2014, and The Climate Corporation, acquired by Monsanto for $930 million in 2013.
The first close for Anthemis' inaugural venture fund is anchored by the European Investment Fund and Italy's UniCredit. The firm is targeting a final close of this fund at $100 million by the end of the year.
UniCredit announced a EUR200 million collaboration with Anthemis in March to create a dedicated initiative targeting mid-stage startups and follow-on investments in more mature and established fintech businesses.
In total, Anthemis has raised $285 million to date, including the $60 million from the new raise.
“The Anthemis team is deeply embedded in the fintech industry and their proven expertise in finding new startups will add great value to our investment process,” says Marco Berini, head of group innovation at UniCredit. “Our industry is constantly changing, and we want to keep pace with innovation so that we can create long-term value for our clients and stakeholders.”
EIF chief Pier Luigi Gilibert, says the group is currently in bed with over 400 private equity funds across Europe, including first-time teams, with a clear focus on providing support for Europe's SME sector.
"Anthemis is one of the earliest players in the fintech industry, which is a market with high potential," he says. "As both investors and advisors, with a broad geographic reach across Europe, Anthemis has a good strategy for SMEs which we are keen to support."
Sean Park, Anthemis founder and chief investment officer, adds: “As new firms continue crowding into the industry, our investment partners rely on our expertise and discernment to build a portfolio of truly transformative companies. From robo-advising, to insurance, to blockchain, our decade-long history of identifying early stage category creators within financial services was a vital factor in attracting such high calibre anchor investors for the fund.”