Luge Capital goes huge with $75m fintech funding
Canada-based Luge Capital is looking for early-stage fintech companies and artificial intelligence (AI) solutions applied to financial services with its $75 million round of financing.
Initially, $50 million of the raised capital was announced in October 2017 by the Caisse de dépôt et placement du Québec (CDPQ) and Desjardins Group, two of the fund’s major investors.
Sun Life Financial, the Fonds de Solidarité FTQ and La Capitale are also “significant” participants. Luge says it may expand the fund up to $100 million in the coming months.
Karim Gillani, co-founder and general partner in Luge’s Toronto office, says: “We invest in bold teams that demonstrate passion, manage risk and optimise for performance.”
The fund will support the development of solutions that “improve customer experiences, enhance efficiency for financial institutions and implement data-driven methods and AI for decision-making”.
Luge Capital will concentrate on Seed and Series A financing, with initial investments between $250,000 and $2 million.
According to Luge, its team is a group of investors, founders, operators and engineers who work closely with entrepreneurs to offer connections and guidance.
David Nault, the other co-founder, who has more than 20 years of entrepreneurial and investing experience, will lead the Montreal office.
In addition to the core team, Luge has also partnered with iNovia Capital with whom they will collaborate on co-investment opportunities and operations.