Early-stage venture capital firm Altai Ventures has closed a $53 million fintech and insurtech fund.
Bain Capital Ventures, Century Equity Partners invested in the fund alongside a host of limited partners across property and casualty insurance, life insurance and retirement, insurance brokerage, and commercial banking.
The fund will focus on the North American market, with investments in the range of $200,000 and $500,000 for seed rounds and $1 million to $3 million for Series A rounds.
Oleg Ilichev, managing partner, Altai, says: “Financial institutions represent a multi-trillion dollar industry that is still at the early stages of technological transformation.
“Now that we’ve closed on this new fund, we’re looking forward to working with inspiring entrepreneurs and our strategic LPs to solve some of the biggest challenges in financial services.”