Financial Post – June 11, 2018 – A new $75 million venture capital fund is being launched to develop early-stage fintech companies and artificial intelligence applications for financial services with the backing of large financial institutions including the Caisse de dépôt et placement du Québec and Sun Life Financial.
Additional partners in Luge Capital include Desjardins Group, the Fonds de Solidarité FTQ, and La Capitale, and the fund could be increased to as much as $100 million in the coming months.
Luge Capital, named for the winter sport that involves hurtling down an icy course at high speed, will concentrate on seed and Series A financing. Initial investments will be between $250,000 and $2 million.
“The fund will support the development of innovative solutions that improve customer experiences, enhance efficiency for financial institutions, and implement data-driven methods and artificial intelligence for decision-making,” the partners said in a statement Monday.