Luge Capital has announced the closing of $96 million for Luge Capital Fund II, the firm’s second Fintech-focused fund.
Luge previously announced a $71M first close of the fund, with “backing from CDPQ, Desjardins, BDC Capital, Sun Life, Industrial Alliance Financial Group (iA), Fonds de solidarité FTQ and Inovia Discovery Fund I. New commitments in this closing come from Venture Ontario, Alberta Enterprise Corporation (AEC), AAF Management and other strategic LPs.”
With this additional capital, the firm’s total assets under management has reached “just over $180 million, across two funds.”
Luge Capital’s second fund will “continue the firm’s focus on investing in early-stage fintech startups across Canada and the US, building upon the successful track record of its first fund.”
Karim Gillani, General Partner at Luge:
“Fintech makes up only 3% of the total financial services market with significant growth potential ahead. At $96M, this second fund for Luge is the next stage of our long-term roadmap to support the founders who are reshaping that market. We’re thrilled to welcome Venture Ontario, AEC, and AAF to join us on our mission, alongside our other LPs.”
Luge has already made four investments “from the second fund. One of which was Montreal-based inscora, which provides automated cyber risk assessment and sales enablement solutions for the insurance industry.”
The three other investments are expected to be announced shortly.
Founded in 2018, Luge Capital is “an early-stage, fintech-focused venture capital firm with over $180M under management across two funds. Luge leverages deep domain expertise and extensive industry insights to back the most promising fintech companies in Canada and the U.S.”
The firm’s strategic base of LPs “includes large financial institutions, leading insurance carriers, and big pension funds.”
