Tenity completes first investment in fintech fund
31 March 2023 11:53
The start-up incubator and accelerator Tenity, which operated under the name F10 until February 2023, has announced the closing of its fintech fund, the Tenity Incubation Fund I. According to a press release, the aim is to establish the fund as the “first institutional investor” for start-ups in order to help actively shape their entrepreneurial future.
The investors include the SIX Group and UBS Next, which is the strategic venture and innovation capital unit of UBS, in addition to Julius Bär and the House of InsurTech Switzerland of the Generali insurance group. Their investments are set to create a “tangible impact for innovation in the financial industry”, the press release explains. The second closing is planned for the fourth quarter of 2023.
The fund is aimed at early-stage companies that are yet to enter the market. It will also provide access to networks and business expertise as part of a four-month incubation program. Overall, this will create “a fertile ground for companies to perfect their product, master go-to-market strategy, and increase their chance of future success”, comments Maximilian Spelmeyer, Chief Investment Officer (CIO) at Tenity, in the press release. According to information from the company itself, the Tenity investment team is planning to establish a portfolio of around 400 companies in Switzerland, Western Europe and the Asia-Pacific region. heg