To invest in early-stage startups in Canada and the US, venture capital firm Luge Capital, which focuses on the fintech sector, has raised an initial USD 71 million.
With the roughly USD 85 million raised for Luge Fund I, Luge made investments in 21 companies, such as Flinks (which the National Bank of Canada will purchase in 2021), Plooto, Owl, Flare, and OneVest. With support from returning investors CDPQ, Desjardins, BDC Capital, Sun Life, Industrial Alliance Financial, Luge is aiming for an ultimate fund size of USD 100 million for its second fund.
Luge is broadening its focus to include fintech startups that operate at the nexus of financial services and other significant industries as well as fintech-oriented ESG startups in addition to the core investment thesis from its first fund.
Read More: Luge Capital raises $71 million for fintech investment fund
