US-based, financial technology-focused venture capital firm MiddleGame Ventures has raised an undisclosed sum from limited partners including financial data provider S&P Global for the first close of its fund.
MGV Venture Fund I has a €150m ($165m) target for its final close and is anchored by the European Union-owned European Investment Fund and state-owned Luxembourg Future Fund.
The LP list includes undisclosed strategic, institutional and family investors and the vehicle remains open to institutional and private investors ahead of a final close projected for 2020.
Founded in 2016, MiddleGame Ventures typically backs fintech developers located in North America or Europe. It is looking to lead series A and B rounds for startups with business-to-business or consumer models in order to aid the transition of financial services to digital and decentralised platforms.
The fund will primarily target developers of middleware and back-office applications in a range of financial technology areas, such as regulatory tech, financial data, digital identity and crypto-enabled infrastructure.
MGV Venture Fund I already has three portfolio companies, all of which are based in the UK: capital markets software producer Nivaura, open banking platform developer Railsbank and investment analytics software provider Gardenia Technologies.
The firm’s partners include University of Virginia’s Darden School of Business, fintech innovation hub Luxembourg House of Financial Technology, VC firm Village Capital, regulatory consultancy RegTechLab and cross-border trade body International RegTech Association.