UK-based Element Ventures is a B2B fintech-focused VC fund that backs companies that utilise technology to deliver competitive advantages in B2B verticals. In a recent development, the VC firm announced a $130M (approx €109.4M) fund to invest in the financial enterprise technology businesses.
Investors in the fund
The investors in the fund include more than 30 founders and executives from across the financial sector. These include Lord Spencer (founder of ICAP/NEX Group); Laurent Useldinger (founder of ULlink); Cris Conde (former CEO of SunGard); Marc Murphy (founder of Fenergo); Hamilton Matthews (former CEO Acuris); Pierre Naude (co-founder of nCino); Neil Eckert (founder of Brit Insurance); Brendan Woods (founder of Autoentry); David Rutter (founder of R3); Christian Nentwich (founder of Duco and Anna Ewing, former Nasdaq CIO).
In addition, European venture investor Isomer Capital is also participating in the fund and will join the LP advisory board.
About Element Ventures
Element Ventures’ mission is to back financial technology companies that have outstanding founders with a deep understanding of the problem. The firm focuses on investments in technologies that help working practices in financial markets.
It was founded in 2019 by Stephen Gibson and Michael McFadgen, who have a combined experience of over 30 years in the fintech space, joined by Spencer Lake (HSBC’s former vice chairman of Global Banking and Markets).
Steve Gibson, Partner at Element Ventures, says, “When we created Element Ventures we believed that a sector-focused, founder-focused venture platform was what Europe’s B2B fintech entrepreneurs needed. This has been validated by both founders and LPs. We’ve been able to build a platform for fintech founders, backed by fintech founders, that will help to scale transformative businesses in the industry.”
The firm is backed by an LP base and network consisting of more than 30 founders and executives from across the financial sector.
“Investors in tomorrow’s financial technology”
Element Venture claims its fund is specifically tuned to the needs of the B2B fintech industry, and was created to support this new generation of entrepreneurs.
It focuses on ‘high conviction’ investment strategy, investing in a small number of companies in order to provide full support to its portfolio companies. In total, the firm will invest in around 15 portfolio companies in areas including banking-as-a-service, payments, insurtech, asset management and infrastructure.
Spencer Lake, Partner at Element Ventures, says, “At Element, we’re connecting founders with the capital and expertise they need to build the financial enterprise technology of tomorrow, giving the entrepreneurs access to this brilliant platform. We understand the journey these companies need to navigate to be successful. There is so much potential for change in this industry and we’re excited to be a part of it.”
To date, Element Ventures has backed B2B fintech companies across the UK and Europe including Hepster, the embedded insurance platform; Billhop, the B2B payment network; Coincover, cryptocurrency recovery service; and Minna, the subscription management platform which has partnerships with Lloyds Banking Group, Swedbank and ING.