BlackFin Capital Partners has held the first close of its regtech, insurtech and fintech-focused venture capital fund, at over €100m.
Backers in BlackFin Tech Fund 1 included European institutional investors such as Bpifrance – on its own account and within the framework of the Investments for the Future Programme via the MultiCap Croissance fund – Vaudoise Assurances Group, Groupama Group, Sogecap (Société Générale Insurance), Natixis Assurances, Swiss Life as well as several banks and family-offices.
BlackFin, which plans to close the fund at €150m, will partner with European entrepreneurs to lead their Seed to Series C rounds and providing them with access to its network of more than 25 Venture Partners – former entrepreneurs and top executives of the industry – offering support regarding strategy and growth, commercial access and credibility and regulatory guidance.
The network will also help the investment team source and qualify investment opportunities and will provide insights and commercial accesses to portfolio companies.
The fund will invest in companies which are trying to redesign the value chains in the financial services industry, which is today shaken by profound changes in customer expectations, technologies and regulation, team up with them to develop leading Fintech, Insurtech and Regtech companies. All aspects of retail and investment banking, payments, wealth and asset-management, insurance, insurance distribution, financial software as well as technology related to regulatory requirements are targeted.
The vehicle will be deployed across continental Europe by a dedicated investment team led by Julien Creuzé while Maxime Mandin covers German-speaking countries. Three additional investment professionals will join the team in the coming months.
Founded in 2009 by Laurent Bouyoux, Paul Mizrahi, Eric May and Bruno Rostain, BlackFin raised a first buy-out fund of €220m in 2011 and a second buy-out fund of €400m in 2016. The firm now employs more than 20 investment professionals in Paris, Brussels and Frankfurt.