Cedar-IBSi Capital Secures Major LP Commitment from HFPCG for FinTech VC Fund With an initial cheque size of INR 4–10 crores (USD 500k–1 million), Cedar-IBSi Capital will seek to invest in around 15 early-stage BankTech-focused startups in their Seed-Series A rounds.
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Fintech-focused venture capital fund Cedar-IBSi Capital has announced the addition of Hades Financial Private Capital Group (HFPCG) as a significant limited partner. This USD 4.6 billion Riyadh-based asset manager joins Cedar-IBSi's debut USD 30 million fund to enhance its fintech exposure.
HFPCG's commitment aims to drive value creation in high-growth sectors, particularly banktech and fintech.
"We are thrilled to partner with Cedar-IBSi Capital and support their mission of fostering innovation in the BankTech and FinTech sectors. This investment aligns perfectly with our strategy to back promising early-stage companies that are poised to disrupt traditional financial services and bring transformative solutions to the market," said Mohammed Abrar Asif, Co-CEO of Hades Financial Private Capital Group.
Cedar-IBSi Capital announced its first close in Q1 2024 and is currently backed by two Tier-1 institutional investors, family offices, and others.
The fund is nearing completion of its first deal and is currently constructing the second. With an initial cheque size of INR 4–10 crores (USD 500k–1 million), Cedar-IBSi Capital will seek to invest in around 15 early-stage BankTech-focused startups in their Seed-Series A rounds. The fund will focus heavily on backing seasoned entrepreneurs who are building solutions and technology in the area of banktech, enterprise fintechs that are solving use cases and problems within banks, insurance companies, NBFCs, and other financial services players.
"Our focus on BankTech and FinTech comes naturally to us. We have been in the heart of the ecosystem for 60+ years by way of our management consulting for global CTOs and banks via Cedar, market intelligence and go-to-market advisory for the world's leading BankTechs and FinTechs via IBS Intelligence, and ecosystem development via the Cedar-IBSi FinTech Lab," Sahil Anand, Founder and Managing Partner of Cedar-IBSi Capital, said in a previous media interaction during the first close.
