London-based Outward VC, a venture capital firm backing fintech companies, has announced the first closing of its £51 million Fund II, aimed at supporting 30 early-stage founders building companies at the intersection of financial services and society. The new fund received £30 million in backing from the British Business Bank, alongside contributions from various business angels.
- Founded in 2019 by Kevin Chong and Devin Kohli, Outward VC is a venture capital firm that invests in fintech and related sectors, including healthcare, education, real estate, legal services, and more. The firm focuses on pre-Series A rounds, with investments ranging from €1 million to over €5 million.
- Since its inception, Outward VC has backed around 100 founders and invested in several startups, including Bud, Clearglass, Curve, Exate, Infact Systems, Islamic Finance Guru, Oneday, Orbital Witness, Peppy Health, Supercede, and Vauban (which was acquired by Carta).
"With Fund II, we’re doubling down on our belief that fintech extends far beyond traditional financial services. We envision a future where finance is more open, more embedded, and intertwined with global, society-shifting challenges,"Co-founder and Co-head of the Investment Committee, Kevin Chong, commented.
- With the launch of Outward VC Fund II, the firm will continue supporting early-stage founders building companies at the intersection of financial services and society, aiming to add 30 new companies to its portfolio at the pre-Series A stage.
- The new fund secured support from a range of LPs, including entrepreneurs, investors, previous backers from the first fund, and £30 million from the British Business Bank, a government-owned institution that provides financial assistance to UK businesses.
"We stand at the threshold of an exciting new chapter in the world of venture capital and innovation. With the launch of Outward VC Fund II, we’re more committed than ever to supporting the visionaries who will shape our future," Co-founder and Co-head of the Investment Committee, Kevin Chong, stated.
