Early-stage venture capital firm Altai Ventures has successfully closed a $53 million fintech and insurtech fund. Bain Capital Ventures and Century Equity Partners have joined as investors, along with several limited partners from property and casualty insurance, life insurance and retirement sectors, insurance brokerage, and commercial banking.
The fund will primarily target the North American market, aiming to make investments ranging from $200,000 to $500,000 in seed rounds and $1 million to $3 million in Series A rounds.
Oleg Ilichev, managing partner at Altai, stated, “Financial institutions represent a multi-trillion dollar industry that is still at the early stages of technological transformation. Now that we’ve closed on this new fund, we’re looking forward to collaborating with inspiring entrepreneurs and our strategic LPs to address some of the most significant challenges in financial services.”