Fintech-focused Portage Ventures raises its biggest fund to date
Fintech-f0cused Portage Ventures said it raised $616 million of a planned $700 million for its third fund.
Why it matters: This new fund, Portage's largest yet, signals continued competition in early-stage fintech valuations at a time when later-stage businesses are getting bruised.
Details: Portage will not make direct token investments, though Portage makes bets on crypto infrastructure companies, firm co-founder and CEO Adam Felesky tells Axios.
- In another sign that Portage believes high, early-stage valuations are here to stay, the fund — by a conservative estimate — plans to invest an average $14 million per company in its third fund.
- That figure was closer to $11 million for its second fund.
Yes but: It's more nuanced than early-stage = good, late-stage = bad.
- Early-stage "consumer fintech is seeing a little more pressure given the capital intensity required to be a market leader," says Felesky.
The bottom line: The early-stage fintech space is not immune to the public market's turn away from growth and risk.