Fund to support development of innovative fintech solutions, AI
Anticipating the next generation of fintech players to arise in Canada, venture fund Luge Capital has announced the completion of a $75-million round of financing to begin its operations, which will see it focusing on fintech companies and AI solutions in the Canadian financial sector.
Luge added that in the coming months, it might expand the fund further up to $100 million.
Luge – which supports the development of efficient, customer-experience-centric innovations – will prioritize Seed and Series A financing, with initial investments ranging from $250,000 to $2 million.
“We have partnered with world-renowned institutions that bring considerable industry knowledge and resources to enable us to help entrepreneurs build their businesses,” Luge co-founder and general partner David Nault said “In addition, our AI and data-driven companies will have the opportunity to partner with our investors to access key insights in order to build best-of-breed solutions.”
Read more: Canadian financial management platform, fintech venture join forces
“We are looking for young mission-driven companies that challenge how the world interacts with financial services,” fellow general partner and co-founder Karim Gillani said. “We invest in bold teams that demonstrate passion, manage risk and optimize for performance.”
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