Investec launches $100m venture fund

As part of the launch, three investments currently held by the bank's equity fund, Investec Emerging Companies, will be rolled into the new vehicle at their original entry valuations.

Devin Kohli and Kevin Chong, who are both co-heads of the firm's emerging companies division, will also take on the roles of co-heads of INVC.

Investors
Investec itself will be the cornerstone investor in the new fund, providing approximately 15% of total commitments. The majority of remaining commitments will be accounted for by institutional investors, with private investors accounting for the remainder.

Investments
INVC will target fintech and enterprise software businesses between the seed and series-A funding stages. The three companies rolled into the new vehicle are fintech firms Monese, Curve and Bud.

The firm has also announced that it has drawn capital from INVC to provide follow-on funding to portfolio company and pan-European challenger bank Monese, bringing the total amount raised by the business to $26m. Monese first received backing from Investec in 2016 and the company's other investors include SmartCap, Korea Investment Partners, Anthemis Exponential Ventures, STE Capital and Seedcamp.

People
Investec – Devin Kohli, Kevin Chong (co-heads of emerging companies).

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