Techvibes – June 11, 2018 – A new venture capital fund has launched, and with it comes a big focus on fintech and AI.
Luge Capital has completed a $75 million round of financing to begin their operations as a VC fund. $50 million of that capital was raised in October 2017, and there’s a possibility the total fund may grow to $100 million. Participants in the fund include the Caisse de dépôt et placement du Québec (CDPQ), Desjardins Group, Sun Life Financial, the Fonds de Solidarité FTQ and La Capitale.
The new fund will have a distinct focus on fintech companies looking to improve efficiencies and customer experiences. These solutions often come with AI components, so Luge will also be looking for startups and businesses with an AI focus. The investments from the fund will range between $250,000 to $2 million, which means Luge will finance early-stage startups with seed and Series A rounds.
David Nault and Karim Gillani are the two leaders behind Luge. Nault was an investor with iNovia Capital and also served as president of Callio Technologies. Gillani led corporate development for Xoom, which was acquired by Paypal for $890 million USD in 2015. Together the two have a deep experience in both investing and scaling businesses.