MONTREAL and TORONTO – September 9, 2024 — Luge Capital today announced the successful 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.
“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,” said Karim Gillani, General Partner at Luge. “We’re thrilled to welcome Venture Ontario, AEC, and AAF to join us on our mission, alongside our other LPs.”
“Luge Fund II empowers us to further commit to fostering the next wave of fintech innovation,” said David Nault, General Partner at Luge. “The role of fintech is critical, given the financial services sector’s significant role in our economies.”
“We’re strong supporters of Luge’s vision,” said Steve Romanyshyn, President and Chief Executive Officer at Venture Ontario. “Ontario is recognized as a key global fintech hub and home to some of the sector’s most innovative start-ups. The Luge team has a unique ability to identify high-potential companies and support them in becoming global leaders. We’re excited about this partnership and look forward to working closely with them.”
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.
Luge also expanded its team with the appointment of Ha Duong as VP Finance and Operations, leveraging his decade-long experience in a leading venture capital fund. The firm is also actively seeking an Alberta-based investment team member to help extend its reach in other geographies.
“We warmly welcome Luge Capital to the Alberta venture capital community,” said Kristina Williams, CEO at Alberta Enterprise Corporation. “Their expertise and focus on fintech present a fantastic opportunity for collaboration and growth within our burgeoning tech sector. We’re eager to witness the positive impact they’ll have on local startups and the broader economy.”
About Luge Capital
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. To learn more, visit Luge.vc.
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Media Contact
Anne-Sophie Gauvin
Communications & Administration Manager
communications@luge.vc