TLDR:
- Outward VC raises €60.5 million in first close for early-stage fintech founders
- The fund received a cornerstone investment from the British Business Bank
Full Article:
London-based investment firm Outward VC has announced the first closing at €60.5 million of its Fund II. The fund has received a cornerstone investment of €35.5 million from the British Business Bank, which is deploying capital through its Enterprise Capital Funds programme. A wide range of private investors are also participating in the fund. Outward VC was established in 2019 to focus on early-stage Founders operating at the intersection of financial services with global challenges. With the new fund, Outward VC will continue its mission to help Founders breakthrough during the early stages of their businesses. The fund will commence investing immediately.
Outward VC has a strong track record in backing emerging, UK-based Venture Capital fund managers. It was among the earliest investors in companies such as Bud, Curve, Peppy Health, and Vauban. The fund will lead pre-Series A funding rounds of up to £5 million, with a significant portion allocated for follow-on investments.
“The British Business Bank’s Enterprise Capital Funds programme is key in helping to develop and maintain effective venture capital provision in the UK, lowering the barriers to entry for emerging fund managers,” added Ken Cooper, Managing Director at the British Business Bank. “FinTech has been a significant success story for the UK over the last 10 years, creating over 75,000 jobs and driving financial inclusion and growth across the country,” commented Janine Hirt, CEO of Innovate Finance.
This new fund by Outward VC aims to provide needed capital to early-stage Founders and contribute to the growth of the FinTech sector, ultimately supporting the UK’s innovation and economic development.
