Germany-based financial services firm Commerzbank has formed a corporate venturing subsidiary called CommerzVentures that will invest in European financial technology companies.
CommerzVentures will target early-stage companies that are reaching the market maturity stage, and will also provide follow-on financing.
The fund will invest at a later stage than its other corporate venturing subsidiary, Main Incubator, which provides funds at seed stage. Patrick Meisberger and Stefan Tirtey will run the unit as its managing directors.
Meisberger was previously the managing director of another corporate venturing unit, T-Venture, which invests on behalf of telecommunications firm Deutsche Telekom, while Tirtey was a partner at private equity fund manager Doughty Hanson Technology Ventures.