The fintech-focused VC firm TTV Capital set out in late 2021 to raise $150 million for its next fund. This week, the Atlanta-based team announced it oversubscribed that fund, the sixth in the company’s history, at $250 million.
The oversubscribed Fund VI includes pension funds, endowments, foundations, family offices, and corporate investors. 30 major new investors joined in on the new round, according to Gardiner Garrard, TTV Capital’s co-founder and managing partner.
Founded in 2000, the firm has seen the fintech landscape expand dramatically in Atlanta and across the country.
“We’ll always be optimistic about fintech,” added Garrard. “We’ve been investors in the space for more than two decades, so we’ve seen multiple economic cycles. Through it all, there have been opportunities to build enduring businesses.”
The fund invests across the early-stage financial technology space, including payments, banking, cybersecurity, web3, and embedded fintech solutions. The average initial check size ranges from $2 million to $7 million.
The firm’s previous success in the fintech space is hard to overlook. Seven of its portfolio companies, including Atlanta-based Greenlight and Cardlytics, have gone on to reach unicorn status or IPO.
While overall deployment of venture capital funding declined over the back half of 2022 and the first part of 2023, venture capital firms – like TTV Capital – have secured additional funding at record levels over the past several months. In fact, VC is the only investment strategy that has more dry powder than it did in 2021, according to Pitchbook data.
While TTV Capital’s team is most concentrated in Atlanta, the team has a presence in San Francisco as well.
But the Southeast is strongly represented in its portfolio. One of its most recent investments, Foro, is a Charlotte-based SaaS startup in the commercial lending space. The firm has also previously invested in Atlanta-based Carputty, Greenwood Bank, Medxoom, Ledgible, Themis, Greenlight, DefenseStorm, and Instant Financial.
The team closed its last fund of $127 million back in April of 2019.