This fintech-focused VC firm just closed a $75 million debut fund; backers “came out of the woodwork”
It’s no secret that a massive digital transformation is happening within financial services companies and amid the growing number of non-financial outfits that are also adding financial products to their offerings.
Still, Sheel Mohnot, who was formerly a general partner at the fintech fund of 500 Startups, and Jake Gibson, co-founder of personal finance startup NerdWallet, were a little taken aback by investor interest in their fintech-focused early-stage venture firm, Better Tomorrow Ventures, or BTV.
The outfit just closed its debut fund with $75 million in capital commitments, exceeding their original $60 million target, and even one of their earliest investors, Michael Kim of Cendana Capital, expresses surprise. “Remarkably, they raised a lot of it during Covid,” says Kim.
We talked yesterday with the pair, who have already invested in 13 startups with the fund’s capital and, they say, led nine of those deals.
TC: The good news is you’re focused on fintech. The bad news is that fintech valuations are going through the roof. How do you compete?
SM: It’s true. Everybody decided that what we’ve been talking about all along is in line with their beliefs too, after exits like Plaid and Credit Karma. Everybody became a fintech investor. And …read more
Source: Tech Crunch