Amidst a challenging fundraising environment that prevails, London VC 13books Capital (formerly Element Ventures) has closed a £121 million fund dedicated to fuelling the next wave of fintech disruptors. This fund continues the VC’s commitment to backing visionary founders reshaping the future of financial services.
The fund is backed by British Patient Capital, Kreditanstalt für Wiederaufbau (KfW), Isomer Capital, and IPGL.
Potential of fintech market
The initial scepticism amongst financial services companies has been replaced in recent years by recognition of the huge potential for emerging fintech firms, which currently account for 2% of the $12.5 trillion global financial services revenue.
Realising this potential, the London VC has closed a new fund that will fuel the growth of fintech companies.
Investment strategy
The new £121 million fund will enable 13booksCapital to continue supporting the best and boldest founders who are building tomorrow’s financial technology. Investments will be primarily made at Seed to Series A stages, with ticket sizes ranging from £1 million to £7 million.
In addition to the fundraising, the VC has promoted Meera Bissoondeeal, Nitya Gupta and Aleksandra Tyurina recognising their contribution and performance.
Investment portfolio
Launched in 2019 by Steve Gibson and Michael McFadgen, 13books Capital has invested in 19 fintech companies. Its portfolio includes Roadzen, Hepster, Coincover, Runa, Billhop, Thirdfort, Duco, nCino, Fenergo and ErisX.
Supported founders benefit from the firm’s network of 34 world-class founders and industry leaders, such as Limited Partners (LPs), who provide unparalleled entrepreneurial experience, connectivity, and expertise.
The current fund has already made a strong start, with investments in five promising portfolio companies in the last six months. These include Series A investments in Aria, an API-enabled embedded invoicing platform, and Ramify, a digital wealth management platform, both of whom have the potential to become category leaders in Europe’s digital financial services future.
Michael McFadgen, Partner at 13books Capital, stated, “It is clear that European fintech entrepreneurs desire a sector-focused, founder-focused venture platform that has meaningfully impactful networks across the industry. 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.”
What do we think about 13books Capital?
The recent £121 million fund positions it for continued impact in the fintech sector. By investing £1-7 million in Seed to Series A rounds, it aims to fuel innovative startups. With a strong portfolio and strategic support from notable LPs, 13books is well-placed to capitalise on fintech’s growth potential, driving transformative solutions in financial services across Europe.
