BlackFin Capital Partners has announced a second closing of its Tech 2 fund dedicated to European fintechs and insurtechs to the tune of €350 million.
The fund, which is now already double the size of its predecessor, will be invested in Europe’s most promising fintechs and B2B insurtechs.
At a time when market conditions are reviving disciplined investment strategies, BlackFin is reaffirming with this Tech 2 fund, its appetite for B2B companies operating with solid operational metrics.
The predecessor fund, Tech 1, endowed with €178 million raised in July 2018, is fully invested in 17 European companies that are establishing themselves as market leaders.
In addition, the BlackFin Tech 2 fund made its first investment in Descartes Underwriting – a B2B insurtech based in Paris. BlackFin invested €2 million in the launch of Descartes Underwriting in February 2019. Founded in 2018, Descartes already has a global reach in this commercial insurance segment, with more than 50% of revenue generated outside of Europe through its offices in North America and Asia.
BlackFin’s Tech 2 fund is strategically positioned to support the profound transformation of financial services. Technological breakthroughs, regulatory changes and new user habits are indeed generating tremendous opportunities for B2B fintechs and insurtechs.
Composed of ten tech investment specialists, BlackFin Tech’s teams are perfectly sized to support its portfolio companies in their commercial development, their geographical expansion, and their successive fundraising.
At the same time, BlackFin has also strengthened its investment platform with a number of recruitments over the last twelve months, in particular in its offices in Frankfurt and London. Its differentiated investment strategy, the size of its Buyout and Tech funds as well as its large team of experts located in France, Germany and the United Kingdom allow it to deliver solid and regular financial returns.
Laurent Bouyoux, Founding Partner of BlackFin, commented: “Our ambition is to be the preferred partner for European financial services entrepreneurs. The renewed confidence and support of our investors, the size of our teams, as well as the successful fundraising of the BlackFin Tech 2 fund strengthen our position as a leading investor in financial services in Europe. Our Tech investment strategy continues to add considerable value to the platform and is an indispensable component of our investment strategy.”
Julien Creuzé, Partner at BlackFin, added: “Exceptional entrepreneurs and companies assert themselves in times of crisis. The next few years should give them the opportunity to build market leaders. The Tech 2 fund is there to support them with capital, networks and strong sector expertise.”
