OTB Ventures launches €150mn fund with a fintech focus

VC firm OTB Ventures has launched a 150 million euro deeptech fund that will be used in part to invest in European fintechs.

It is the first fund to be supported by the InvestEU program – a flagship initiative from the European Commission and the European Investment Bank (EIB) to support important investments in Europe that are in line with European political priorities such as the digital transition and the so-called European Green Agreement.

The €150 million fund will be used to invest in fintech as well as cyber security, climate technology, AI business automation and space travel. The Warsaw-headquartered venture capital firm says the new fund demonstrates a commitment to “the creation and growth of transformational deeptech businesses.” It has already invested in payments fintech Kevin., KYC compliance pioneer Ondato and most recently SettleMint, a blockchain application development platform.

Signs of intention to play “an active role” in future technology

Adam Niewinski, co-founder and managing partner of OTB Ventures, says: “We are proud to be the first venture capital firm to be supported by the new InvestEU initiative. This funding is a huge recognition of the quality of work OTB Ventures has done over many years to place deeptech at the heart of its business model. We believe that deeptech is the new frontier of global competition where Europe can actually play a leading role. OTB Ventures will continue to play an active role in further strengthening the sustainable competitive advantage of the European deep-tech ecosystem based on its large talent pool.”

Teresa Czerwinska, Vice President of the EIB, comments: “InvestEU brings much-needed funding to support European businesses, boost innovation, deliver new infrastructure projects and improve environmental protection in the EU. Funding available under InvestEU will help European companies maintain and create jobs, increase economic and social growth and maintain the global competitiveness of the EU economy. Through partnerships like the one with OTB Ventures, the EIB Group will ensure that companies across Europe can benefit from InvestEU, accelerate the technological transition in EU countries, and ensure that the EU can maintain its position as the global leader in innovation. This will be a solid foundation for sustainable growth and development throughout the EU, making InvestEU an investment in a prosperous future for the next generation of Europeans.”

And Alain Godard, CEO of the European Investment Fund, says: “The European Investment Fund… stands ready to promote innovation, build new markets, strengthen competitiveness and boost jobs and growth. OTB Ventures has built a strong position within deeptech and InvestEU support will enable further dynamic development of this sector.”