BankTech Ventures, a strategic investment fund and ecosystem launched in November to serve community banks and bank technology entrepreneurs, announced the closing of its first fund. More than 100 limited partners, made up almost entirely of community banks, invested more than $115 million in committed capital.
Two Iowa-based banks, Bank Iowa and First Citizens Bank, are invested in the fund, a BankTech Ventures spokeswoman said. The venture capital firm has made eight investments in banking technology companies since its launch and has an active pipeline of dozens of relevant bank tech companies, the Utah-based fund said in a press release.
“The support and engagement that we have already received from our community banks has been better than we anticipated,” said Carey Ransom, managing director of BankTech Ventures. The Independent Community Bankers of America serves as one of the investment managers and a general partner, working collaboratively to select, invest, incubate and fast-track technology solutions for community bank investors.