Luge Capital

Luge Capital has secured a $10 million investment from Alberta Enterprise Corporation (AEC) to boost Alberta’s fintech sector. The funding, part of Luge’s $93-million Fund II, will support early-stage fintech startups with capital and industry connections. Luge, managing $180 million across two funds, has already invested in Edmonton-based HonestDoor and Calgary’s OneVest.

To strengthen its regional presence, Luge appointed Chelsea Gillett as Alberta’s full-time investment manager. General Partner David Nault emphasized Luge’s commitment to fostering Alberta’s fintech growth. AEC’s backing positions Alberta to become a major fintech hub in Canada.

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Luge Capital announced today the closing of $96 million for its second fintech-focused fund, Luge Capital Fund II. This brings the firm’s total assets under management to over $180 million across two funds. The new capital comes from investors like Venture Ontario, Alberta Enterprise Corporation, and AAF Management, building on previous backing from CDPQ, Desjardins, and BDC Capital.

Luge Capital will continue to focus on early-stage fintech startups in Canada and the US. The firm has already made four investments from the second fund, including Montreal-based inscora. More investments are expected to be revealed soon.

Want to know more? Check out the source code on Fintech.ca.

As Canada’s population continues to grow rapidly due to immigration, newcomers face significant financial challenges, from establishing credit to understanding the banking system. Vancouver-headquartered Laviva and Toronto-based Khrystyna, both immigrants themselves, highlight the struggles many face, including the inability to transfer credit history and access financial products.

Innovative fintech solutions, such as Passage and Nova Credit, are emerging to bridge these gaps, offering pre- and post-immigration services to help immigrants thrive. These solutions are reshaping Canada’s financial landscape, ensuring economic opportunities are accessible to everyone. Luge Capital sees this sector as a promising investment for a more inclusive financial future.

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Luge Capital has secured an impressive $71 million in the first phase of its second fund, Luge Capital Fund II. Their target is to reach a fund size of $100 million.

The fund’s LPs for this round comprise notable investors like CDPQ, Desjardins, and Sun Life. Fund II aims to invest in early-stage fintech startups across North America, with slightly larger initial investments compared to their first fund.

Expanding its investment thesis, Luge will now include verticalized fintech startups and those with a focus on environmental, social, and governance (ESG) aspects.

Want to know more? Check out the source code on Fintech.ca.