London-based VC firm 13books Capital has closed £121m for an investment fund targeting European fintech startups.
The fintech fund will back rounds from seed to Series A ranging from £1m to £7m.
The close comes as VC investment in the UK has started to show signs of recovery from the slowdown over the past two years. Fintech in particular has recovered well, becoming the UK’s best-funded tech segment once again in the first quarter of 2024.
“It is clear that European fintech entrepreneurs desire a sector-focused, founder-focused venture platform that has meaningfully impactful networks across the industry,” said 13books Capital partner Michael McFadgen.
“We believe European fintech is entering a golden period, and we thank our LPs and founders for their trust and look forward to supporting the next generation of pioneering fintech entrepreneurs.”
New limited partners that have backed the fund include British Patient Capital, a subsidiary of the state-owned British Business Bank, which committed £25m to the fund.
“As investors in tomorrow’s financial technology, we are investing in 13books Capital’s latest fund as they look to support the new wave of innovative fintech businesses which will provide the technology that the financial services sector requires,” said the managing director of funds at British Patient Capital Christine Hockley.
“The team at 13books Capital has the experience and sectoral expertise required to back bold founders and support early-stage fintech businesses as they look to scale.”
Other backers include KfW Germany, Isomer Capital and IPGL.
13books Capital’s existing fintech portfolio includes Crezco, Runa – formerly WeGift – and Token.io.