Switzerland venture capital firm Tenity to expand investment in fintech and insurtech in Europe and Asia
Tenity (formerly F10), the Switzerland-based venture capital firm, has on Thursday announced the first closing of its Tenity Incubation Fund I.
The fund gets investments from SIX Group, UBS’s strategic venture and innovation unit, UBS Next, Julius Baer, and Generali’s House of InsurTech Switzerland, Tenity said in a statement.
According to the statement, the Tenity Incubation Fund I will invest in fintech and insurtech companies at angel, pre-seed and seed stage, emerging from the Tenity Flagship Incubation programs across its hubs in Europe and Asia.
The fund targets to be the first institutional investor in a startup, supplying the team with funding, hands-on support and network throughout the four-month Tenity incubation program to accelerate business growth on a larger scale.
The sweet spot are founders, who are at idea stage or product development but pre-market and have not raised yet or only a small family round.
For its limited partners, the fund will deliver both strategic and financial return on investment.
Tenity will build a supersized portfolio and broad market coverage of several hundred companies, covering all subsegments of fintech and insurtech.
It poses a unique opportunity for investors to participate in early-stage innovations with high potential impact for the financial industry.
The Tenity startup programs have supported more than 250 startups to date, with alumni raising significant funding from stellar investors, such as Yokoy’s $80 million Series B from Sequoia, Keyrock’s $72 million Series B led by Ripple, Stableton’s CHF15M Series A led by TX Ventures, CoverGo’s USD15M Series A led by SemperVirens VC, or Oper’s EUR11M Series A led by ABN Amro Ventures.
“We support founders over several months throughout the incubation program and use our experience to give them the tools and connections to succeed,” said Maximilian Spelmeyer, Chief Investment Officer at Tenity.
“With continued commitment from our partners, this year we enhance the Tenity offering through investment, on top of providing access to network and business expertise, introductions to corporate partners, a selection of mentors and our investor network,
“Combined, these factors provide a fertile ground for companies to perfect their product, master go-to-market strategy, and increase their chance of future success,” he added.
With investments from leading global wealth manager UBS, the financial infrastructure SIX, wealth manager Julius Baer, and insurer Generali Switzerland, the fund is set to create tangible impact for innovation in the financial industry, and looking at a second closing in the fourth quarter of 2023.
The Tenity Incubation Fund brings together a multidisciplinary team of investment and venture-building experts with a common vision to create the future of finance.
Led by Chief Investment Officer Maximilian Spelmeyer, the Tenity investment team looks to build a portfolio of around 400 companies across Switzerland, Western Europe and Asia-Pacific.
The team brings vast experience in the financial sector, and currently holds the advisory mandate for SIX Fintech Ventures, the CVC of SIX Group, with portfolio companies like Yokoy, Keyrock or Doconomy, Tenity InvestmentAG and the Tenity Global Asset balance sheet portfolio.
Singapore’s Resolution Ventures announces first close of $20M Southeast Asia FinTech fund
