Propel Venture Partners, a seed-stage venture firm backed by BBVA, has successfully closed a $100 million fund.
Co-led by Jay Reinemann and David Mort, who possess investing and operating expertise from BBVA, Silicon Valley Bank, and Visa, Propel has raised over $436 million since its inception in 2016. The firm was established after BBVA opted to close its in-house venture fund and instead support Propel as a limited partner.
Propel has invested in 62 companies across various sectors, including banking platforms, crypto infrastructure, and enterprise SaaS, with notable portfolio companies like Coinbase, Docusign, and Neon.
Reinemann noted, “The disequilibrium between financial services incumbents’ technology needs and their ability to quickly innovate creates ample opportunities for startups, regardless of the economic climate. Propel assists execution-focused founders in building enduring businesses that redefine how financial value is created, moved, and secured. Our portfolio companies view us as true partners and confidants, and we’re dedicated to supporting them through challenges.”