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MiddleGame Ventures Hits €55M Milestone Towards €150M Fintech Fund

MiddleGame Ventures (MGV), a prominent Luxembourg-based venture capital firm, has successfully secured €55 million in the initial closing of its third early-stage investment fund. The fund aims for a final close of €150 million by early 2025, targeting innovative FinTech companies across Europe.

Focus on Early-Stage Financial Innovation

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The new fund will concentrate on post-seed, Series A, and Series B investment stages, targeting companies in both well-established and emerging financial service sectors. This includes areas like deep-tech and cybersecurity, which complement the FinTech landscape. MGV’s approach highlights its belief in the transformative potential of FinTech innovations to reshape the financial services industry.

“We are grateful for the support of our investors,” said Pascal Bouvier, Co-Managing Partner at MGV. “We believe that financial services are on the cusp of a wave of unprecedented innovation. This transition will enable seamless business models to emerge, removing friction and paving the way for entrepreneurs to build substantial long-term businesses.”

Support from Prominent Investors

The fund has garnered commitments from notable investors such as the European Investment Fund (EIF), the Ireland Strategic Investment Fund (ISIF), S&P Global, and the Luxembourg Future Fund (LFF). Additionally, new and existing family offices across Europe and the United States have pledged their support.

Marjut Falkstedt, Chief Executive of the EIF, emphasized the importance of FinTech in driving financial innovation. “Fintech companies are at the forefront of financial innovation by developing new digital solutions. We are glad to renew our collaboration with MiddleGame Ventures to support European entrepreneurs and contribute to the digital transition of the financial sector.”

Brian O’Connor from ISIF also highlighted the fund’s potential to support Irish businesses and contribute to the growth of the European FinTech sector. Sally Moore from S&P Global echoed these sentiments, underscoring the value of collaborating with innovative FinTech firms.

Building on a Strong Track Record

MGV has a proven history of supporting successful early-stage FinTech ventures. Some notable investments from their previous funds include Wayflyer, Keyrock, Ripple, and DriveWealth. The firm leverages its expertise to guide entrepreneurs through the complexities of the growth stage, which they refer to as the “MiddleGame.”

Also Read: Net Zero Secures $5.5M Seed Funding for Blockchain Carbon Removal Token

With the initial closing secured and several new investments on the horizon, MGV’s third fund is poised to play a significant role in shaping the future of European FinTech. The focus on early-stage innovation and strong backing from prominent investors suggest that MGV will be a key player in supporting the next generation of FinTech companies transforming the financial services landscape.

Despite a recent decline in investor appetite within the FinTech sector, MGV’s successful initial closing indicates continued interest in early-stage companies with the potential to disrupt and reshape the financial services industry. The coming months will reveal which innovative FinTech startups MGV chooses to support and how these investments will contribute to the evolution of the European financial landscape.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

PQShield Raises $37M for Cutting-Edge Quantum-Resistant Cryptography

PQShield, a leading cyber company specializing in quantum-resistant cryptographic solutions, has successfully completed a $37 million Series B funding round. The round was spearheaded by Addition and saw significant contributions from new investors Chevron Technology Ventures, Legal & General, and Braavos Capital, along with existing supporter Oxford Science Enterprises.

Bolstering Commercial Operations Amid Rising Demand

Image Source: hpcwire.com

The newly acquired investment will be pivotal in enhancing PQShield’s commercial operations as the global demand for post-quantum cryptography (PQC) solutions continues to rise. These advanced solutions are crucial for safeguarding hardware, software, and communications systems against future quantum threats. PQShield’s offerings include secure boot and update of devices, Hardware Security Modules (HSMs) for secure financial transactions, and military-grade communications systems.

PQShield is strategically positioned at the forefront of the global shift towards quantum security, a transition marked by the imminent ratification of PQC standards by the National Institute of Standards & Technology (NIST). These standards are also anticipated to gain adoption from the ISO. As governments and organizations worldwide are urged to migrate to PQC systems to protect sensitive data, PQShield’s role in the cybersecurity landscape is becoming increasingly critical.

Leading the Charge in Quantum Security

PQShield’s product suite has garnered attention from high-profile customers, including AMD, Microchip Technologies, and Collins Aerospace. The company is also heavily involved in advising governments, industry bodies, and cybersecurity agencies on transitioning to quantum security. Their advisory role extends to influential entities such as the White House and the UK National Cyber Security Council.

Todd Arfman, a partner at Addition, emphasized the strategic timing of their investment, stating, “As we approach the culmination of the NIST project, we expect newly-ratified standards to help drive rapid adoption of PQC across the technology supply chain. Led by an industry-leading team with decades of experience, PQShield has quickly established itself as a leading authority in post-quantum cryptography for hardware and software. We are excited to see the business continue to build on its existing commercial success and further enhance its efforts in protecting our digital future.”

Also Read: Accel Invests $5M in Berlin’s Social Gaming Innovator, SLAY

Ali El Kaafarani, CEO and founder of PQShield, shared his enthusiasm for the company’s mission and the impact of the new funding: “I’m immensely proud to lead our team in shaping the way our digital world is protected against the threats of tomorrow. It no longer matters when a quantum computer will arrive that can break current cryptography methods: the need for quantum-resistant encryption is here today, as governments and standards agencies push to protect our most sensitive data.”

With this significant funding boost, PQShield is well-equipped to lead the charge in ensuring that the world’s digital infrastructure remains secure in the quantum era.