Clocktower Sets Up Second Financial Services Innovation Venture Fund At About $70 Million

By Amit Chowdhry ● November 28, 2019
  • Clocktower Technology Ventures announced the final close of its second financial services innovation fund called Clocktower Technologies II L.P.

Clocktower Technology Ventures — the venture capital arm of Clocktower Group — announced the final close of the firm’s second financial services innovation fund called Clocktower Technologies II L.P. (“CTV2”). The fund is focused exclusively on investments in early stage fintech companies and it closed with approximately $70 million in capital commitments.

CTV2’s investors include chief investment officers at global hedge funds and institutional investors including a university endowment, a Canadian pension, a sovereign wealth fund, and an Outsourced Chief Investment Officer (OCIO).Plus other strategic investors include a global bank, several venture capital firms, and a publicly-traded asset manager.

“When we launched Clocktower Technology Ventures in 2015, we saw an opportunity to be a differentiated partner to entrepreneurs in financial services, bringing our insights and industry relationships to support growing companies,” said Ben Savage, partner at Clocktower Technology Ventures. “We’ve been fortunate to invest behind a strong group of fintech founders through the lifecycle of our first fund. As financial services specialists with a deep understanding of capital markets and access to Clocktower Group’s global macroeconomic expertise, we are positioned to support the next generation of companies driving innovation in financial services.”

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Utilizing its experience in hedge fund investing and network of capital markets professionals, Clocktower Technology Ventures identifies companies with strong, collaborative founders, and a clear vision for financial services transformation. And CTV creates access to the Clocktower Group network and capabilities for founders thus providing unique benefits to portfolio companies through market intelligence, proprietary research, and industry relationships.

Clocktower Technology Ventures also invests across financial services inclusive of insurance, payments, personal finance, lending & credit, asset management, capital markets and banking. And since launching its first fund in 2015, CTV has invested in 63 fintech companies in North America and Europe. Some of the firm’s portfolio companies include Alloy, CircleUp, Chime, Landed, MoneyLion, Parasail, Openly, Roadsync, Tala, TowerIQ, and Windfall.

The executives at CTV include Savage, founded and CEO Steve Drobny, partner David Lofthouse, and partner Tyler Hathaway. And CTV’s board advisory includes Sebastian Mallaby, Marc Schwartz, Jeremy Stein, Benjamin Weston, KT zu Guttenberg.