TLDR:
- Luge Capital closes $96 million for Fund II focused on fintech startups in Canada and the US.
- New commitments from Venture Ontario, Alberta Enterprise Corporation, AAF Management, and other strategic LPs.
Luge Capital recently announced the successful closing of $96 million for Luge Capital Fund II, its second fund focused on fintech startups. The fund initially had a $71 million first close with backing from CDPQ, Desjardins, BDC Capital, Sun Life, and other investors. The additional commitments from Venture Ontario, Alberta Enterprise Corporation, AAF Management, and other LPs have brought the total assets under management for the firm to over $180 million across two funds. The second fund will continue to invest in early-stage fintech companies in Canada and the US, following the success of its first fund.
One of the investments made from the second fund is Montreal-based inscora, a company offering automated cybersecurity solutions for the insurance industry. Three more investments are expected to be announced soon. Additionally, Luge Capital has expanded its team with Ha Duong as VP of Finance and Operations. The firm is also actively seeking an Alberta-based investment team member to expand its geographical reach.
Key quotes from the announcement include General Partner at Luge Capital, Karim Gillani, expressing excitement about the growth potential of fintech in the financial services market. General Partner David Nault highlighted the critical role fintech plays in the economy. Venture Ontario’s Steve Romanyshyn and Alberta Enterprise Corporation’s Kristina Williams also expressed enthusiasm about the partnership with Luge Capital and its impact on the fintech sector.
