Specialising in fintech companies, Frankfurt-based CommerzVentures has announced the close of their third fund at €300 million. The fund will go towards supporting early and growth-stage companies in the fintech and insurtech space. The freshly emerging climate fintech space will also benefit from the fresh funds – building towards being Europe’s foremost VC in this emerging sector.
The latest fund, which saw Commerzbank return as the sole LP, brings their combined total fund size to €550 million.
Launched in 2014, CommerzVentures has successfully invested in 28 companies. Continuing their strategy of targeting exceptional founder teams with the ambition to solve billion-dollar problems, CommerzVentures continues to invest with a global outlook, focusing on Europe, Israel and the USA.
“We are proud and grateful to our portfolio of companies we have worked alongside, now including almost a dozen current and future unicorns. With our third, €300m fund, we are thrilled to continue establishing CommerzVentures as one of most successful early stage FinTech VCs with roots in Europe.”
The launch of Fund III will see CommerzVentures grow its headcount by 50%. CommerzVentures’ successful track record has seen 30% of their early investments develop into unicorns (Bought By Many and Mambu), including two decacorns (eToro and Marqeta).
Further, CommerzVentures will use this fund to further fuel climate impact, through a direct commitment to arrange and fund high-quality carbon offsets for its portfolio companies in the first year of their partnership.
Closely managing all three funds, CommerzVentures’ team will continue to demonstrate their position at the forefront of fintech, aligning interests with portfolio companies by continuing their policy of personal co-investments into the funds.
CommerzVentures partner Paul Morgenthaler said: “As the pioneering investor in European Climate FinTech, we feel an obligation to support all our portfolio companies on their path towards carbon-neutrality. With our access to high-quality carbon offsetting projects, we can help them to make credible net-zero commitments, while working on emission reductions.
“In the growing war for talent, this is a powerful tool for startups to attract the best people to their ranks, and serve as role models for the broader venture ecosystem. Europe is at the avant-garde of climate tech, and we’re thrilled to continue our work with the Climate FinTechs shaping the future of fintech.”