Funding for Irish FinTech Companies
The investment firm will create a pool of funding of up to €20m for Irish FinTech Companies. Middlegame Ventures which has its headquarters in Washington has recently establish an office in the Republic of Ireland. They recently held a FinTech focused accelerator in both locations for the first time in 2019 and are due to hold follow up events shortly.
Middlegame Ventures late last year announced a first close of a new €150m fund. Enterprise Ireland’s investment comes ahead of a final close, which is scheduled for late 2020
Luxembourg Future Fund (LFF), the European Investment Fund (EIF) and S&P Global are all anchor investors.
Backing Fintech in Ireland
The Investment firm said it is looking to back FinTechs at the Series A stage. This typically involves investments between $2m and $5m.
“We are delighted to begin a long-term partnership with Enterprise Ireland to support great, transformational businesses in Ireland with our highly focused fund,” said Middlegame co-founder Patrick Pinschmidt.
“We are excited to put our platform to work on behalf of Irish innovators solving difficult problems and rearchitecting the financial services industry,” he added.
With a strong history of investing in early-stage start financial services companies over the past decade including Tandem, Ripple, Coverhound, SimpleSurance and CompareAsia, Mr, Pinchmidt said the Irish fintech landscape complements the core investment focus areas of its fund across Europe and the US. He said “the team sees significant opportunities to partner with the Government, investors and market incumbents to accelerate ecosystem building efforts to help start-ups scale and grow by broadening commercial and investor touch points”.
Minister for Business Heather Humphreys said the introduction of the fund marks a “significant increase in the availability of capital for start-ups in FinTech”.
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