Vera Equity launches with a fund of 20 million dollars
The firm’s first fund targets early-stage fintech companies
NEW YORK, May 1, 2023–(BUSINESS WIRE)–Vera Equity, a venture capital firm that supports early-stage companies through its unique access to talent, announced today that it has raised a $20 million fund and invested in 20 innovative fintech startups to date date. Vera Equity was co-founded by Michael Vaughan, former COO of Venmo; Jonathan Pomeranz, True Search partner and co-leader of the Financial Services Practice; and True co-CEOs Joe Riggione and Brad Stadler. With this first fund, the team is focused on supporting exceptional fintech entrepreneurs at the pre-seed and seed stages, offering them capital alongside unparalleled fintech talent and operational advice.
“Our team’s background and network allows Vera to provide founders with differentiated and highly valuable talent introductions and operational guidance,” said Michael Vaughan. “We identify attractive investment opportunities through our confidence in the team and their product vision, and work with our founders as they get off the ground, build initial traction and prepare for the next institutional round.”
The firm has backed 20 teams so far, including founder Lamine Zarrad (former co-founder of small business fintech Joust) who is on a mission to simplify consumer credit building at StellarFi, and Jen Glaspie (former Capital One) who started Tandym to offer private label card programs for online SMEs. Vera has also helped incubate companies alongside successful entrepreneurs from Betterment, Acorns, Vouch Insurance and Roofstock.
Vera’s anchor investor is True, the global platform for innovative talent management products and executive search services. Vera co-founder Jon Pomeranz also leads True’s Fintech Practice, which is the largest in the US and has partners across True’s global offices. The strength of True’s talent pool and industry expertise enables Vera to help portfolio companies grow their networks and make key executive hires.
“The key to success in early stage entrepreneurship is having the right team in place to create and execute the vision,” said Brad Stadler, co-CEO and co-founder of True. “With our first fund, we have been able to leverage True’s existing network in the global technology, financial services and fintech spaces to prove a playbook that we hope will be replicable across other sectors where True has a presence.”
Other selected Vera LPs include: individuals at Foundation Capital, Infinity Ventures, LLR and Flexpoint Ford; founders and operators of the companies Plaid, Cadre and Coinbase; and institutions such as Tiger Global Management, Bain Capital Ventures, Lightspeed Venture Partners, Fin Capital and Oak HC/FT Partners.
Mike VaughanFounder, Vera Equity:
Mike is an accomplished fintech operator, investor and advisor. By the end of Mike’s tenure as Chief Operating Officer at Venmo, the platform had grown to 40 million active users and $300 million in annual revenue.
Jonathan PomeranzFounder, Vera Equity:
Jon is a leader in executive search for financial services, working with the world’s leading fintech companies, founders and investors to identify and recruit board and senior management teams. Since joining True Search in 2018 as a founding member of the fintech practice, Jon has built a team of more than 50 people that has raised >$50 million in revenue.
Brad Stadler & Joe Riggioneco-CEOs and co-founders, True:
Brad and Joe founded True, a global platform for human capital products and services with offices around the world. They set the company’s strategic direction and oversee the administration of the subsidiary’s brands.
See the source version at businesswire.com: https://www.businesswire.com/news/home/20230501005107/en/
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