MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, August 29, 2018 Casady Raises $58.9MM A former chief of the biggest independent broker-dealer in the business has raised tens of millions for his new fintech-focused venture capital fund. Odds are that you know some of his investors. Mark Casady confirmed last week that Vestigo Ventures has successfully closed its Vestigo Ventures Fund I after raising $58.9 million. According to the Vestigo team, 51 percent of that capital came from asset managers and insurers, 28 percent from family offices, and 21 percent from individual investors they describe as representing "a 'who's who' of the financial services industry." The Boston Business Journal picked up on the Vestigo news. Vestigo was founded by David Blundin, Ian Sheridan, and Casady, who retired as CEO of LPL at the beginning of 2017 and previously managing director in the Americas for Scudder. The trio saw lots of biotech venture capital firms in Boston, but they saw a gap in fintech VC, and thus was Vestigo born. Their team also includes Frazer Anderson and Mike Nugent. Meanwhile, Vestigo's advisory board includes some faces fundsters might recognize, like: Maliz Beams, Marty Beaulieu, Darlene Deremer, Brigitte Madrian, George Wilbanks, and more. Digitization in financial services is Vestigo's theme, and they typically invest in early stage rounds. They've already invested in eight companies so far, and Casady the the Boston Business Journal that he expects to make 20 to 22 investments over the next year and a half. "Incumbents in financial services need to drive down costs and vastly improve the customer experience in order to remain relevant and prosper amidst this wave of change," Casady states. "We back entrepreneurs who have the passion, ideas and ability to ride this wave." Printed from: MFWire.com/story.asp?s=58562 Copyright 2018, InvestmentWires, Inc. All Rights Reserved |