FinTech news in VC category

Passthrough competes directly with firms like Anduin and Plus Subscribe, which offer a suite of investment fund services including customer relationship management systems, investor portals and data storage. According to Flannery, Passthrough has processed billions of dollars in investments for more than 12,000 unique investors and over 250 customers, including $50 million venture firms and $100 billion dollar-plus global asset managers. Our goal is that no matter how investors invest into a venture fund, private equity fund, or any other alternative asset, Passthrough will be the one powering it. Flannery says that the round — which values Passthrough at $50 million — will be put toward product R&D, marketing and scaling Passthrough’s core offering.

Seedstars Africa Ventures, the pan-African early-stage fund for startups, has appointed Bruce Nsereko-Lule as its new general partner, to help it deploy more capital and provide the much-needed technical support for founders across the continent. At Seedstars Africa Ventures, Nsereko-Lule plans to continue backing founders in the continent at even a greater scale, as he is convinced that there are many great startups in Africa that are struggling to get funding. Nsereko-Lule told journalist that his focus at the fund will be helping it make great investments in the continent and provide initial and follow-on funding to cushion startups, and help them build and scale businesses. Prior to joining the fund, Nsereko-Lule was previously the founding investment principal of Chandaria Capital, a Kenya-based VC fund founded in 2017 to serve as the investment vehicle of the Chandaria Industries.

A January filing indicates that Menlo once sought to raise $750 million for its third special opportunities fund; it wound up raising about $11 million more, from 29 undisclosed investors, per the firm’s latest filing.

The International Finance Corporation (IFC), the private sector arm of Work Bank, plans to make an equity investment of up to €25 million ($26.43) into the Partech Africa Fund II (PAF II) by the Paris-based VC firm Partech.

Interestingly, Inflection defines the open economy as five different verticals — open money, open finance, open data, open media and open orgs.