Cedar Capital has marked the first close of its $30m early-stage fund.
The fund is structured to follow a classic LP-GP model and has gathered commitments in the range of $6m to $9m.
LPs (limited partners) include family offices and institutional investors in India and the Middle East, including a leading Indian financial services institution that has backed the fund.
Cedar Capital eyes BankTech investments
For the next phase of the fundraise, there is a strong pipeline of investors currently evaluating the fund in light of its uniqueness and BankTech sector expertise and focus.
Sahil Anand, the fund’s Founder and Managing Partner, said: “Despite the negative venture capital environment, we have had success in attracting interest for our fund in light of our BankTech and B2B sector-specialist focus and our global research and consulting reputation over 60 years.”
With an initial cheque size of $500,000 to $1m, Cedar Capital will seek to invest in around 15 early-stage BankTech-focused start-ups in their Seed-Series A rounds.
The fund will focus heavily on backing:
- Seasoned entrepreneurs who are building solutions and technology in the area of BankTech
- Enterprise FinTechs that are solving for uses cases and problems within banks
- Insurance companies
- NBFCs and other Financial Services players
Anand said: “Our focus on BankTech and FinTech comes naturally to us. We have been in the heart of the ecosystem for over 60 years by way of our management consulting for global CTOs and Banks via Cedar, market intelligence and go-to-market advisory for the world’s leading BankTechs and FinTechs via IBS Intelligence, and ecosystem development via the Cedar-IBSi FinTech Lab.”
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