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, which has a strong track record in backing emerging, UK-based Venture Capital fund managers. A wide range of private investors are also participating in the fund.
With this new fund, Outward will be continuing its mission to help Founders breakthrough during the early stages of their businesses. The fund will commence investing immediately.
“Starting out as a Founder is one of the toughest challenges out there, especially at the early stage. Our new fund continues our mission to make the early-stage experience easier for Founders, starting with leading their first institutional funding round. As a testament to our personalised approach, we are often the first call that our Founders make when facing an important challenge,” said Devin Kohli, Outward VC Co-Founder.
Outward VC was established in 2019 to focus on early-stage Founders operating at the intersection of financial services with global challenges such as data-privacy, healthcare, pensions, education and artificial intelligence. It was amongst the earliest investors in Bud (raised an $80 million Series B), Curve (raised a £133 million Series C), Peppy Health (secured a $45 million Series B), and Vauban (exited to Carta).
As with its first fund, Outward VC will be leading pre-Series A funding rounds of up to £5 million, with a significant portion of the fund 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. The programme has backed 46 funds, representing more than £2bn of finance. Our commitment to Outward VC builds on that success and will help early-stage Founders across the UK to build their businesses,” added Ken Cooper, Managing Director, Venture Solutions, British Business Bank.
“FinTech has been a significant success story for the UK over the last 10 years, creating over 75,000 jobs, filling the gaps in SME lending, and driving financial inclusion and growth across the country. We welcome the launch of Outward VC’s fund providing needed capital to early-stage Founders and contributing to the growth of the sector,” commented Janine Hirt, CEO, Innovate Finance.
Read the orginal article: https://www.eu-startups.com/2024/09/outward-vc-raises-e60-5-million-in-first-close-to-help-early-stage-fintech-founders-breakthrough/
