After Tech 1, its first fund of €178m raised in 2018, BlackFin doubles down on the strategy and strengthen its position as leading independent investor in European B2B Fintechs.
European financial services specialist, BlackFin Capital Partners, recently held a €350m close on its Tech 2 fund. Tech 2 is already double the size of its predecessor Tech 1. With this new fund, BlackFin doubles down on its strategy to back and develop the most promising B2B fintechs and insurtechs across Europe.
Alongside strong support from historical investors, and with a re-up rate well above 100%, BlackFin expanded its global investor base further into Europe and North America.
While current market conditions are highlighting the value of disciplined investment strategies, BlackFin is maintaining a relentless focus on high-growth B2B companies operating with solid unit economics in Tech 2. Predecessor Tech 1, a €178m fund closed in July 2018, was fully invested in 17 European companies boasting industry leading performance, excellent growth trajectories and strong resiliency.
BlackFin Tech 2 already made a first investment into Descartes Underwriting, a global provider of climate-related parametric insurance products. Created in 2018, Descartes is making a major impact on commercial insurance worldwide with 50%+ of its revenues generated outside of Europe from offices on all continents. Revenue growth remains above 100% year-on-year with outstanding unit economics.
Tech 2 is strategically positioned to play the ongoing transformation of the financial sector. Technology breakthroughs, regulatory pressures, and new customer expectations are creating major tailwinds for B2B fintechs and insurtechs. Comprised of 10 tech investment specialists, the BlackFin Tech team is ideally placed to support the commercial development, growth planning, international expansion, and equity story construction of its portfolio companies.
With the addition of a dozen of new hires in the last twelve months, including several in Frankfurt and London, BlackFin has built a unique platform to invest across Europe with a differentiated investment strategy, substantial fund sizes in both Tech and Buyout, a large and experienced team, and local presence across France, Germany, the UK, and the Benelux.
Laurent Bouyoux, Founding Partner of BlackFin, comments: “Our ambition remains to be the leading partner of financial services entrepreneurs in Europe. With the continued trust and support of our investors as well as the size of our teams, the successful fundraise of BlackFin Tech 2 demonstrates our position as the undisputed leader in European Financial sector. Our Tech strategy has continued to add immense value to our investment platform and is a critical component of our irreplicable investment strategy.”
Julien Creuzé, Partner of BlackFin, adds: “Outstanding entrepreneurs and companies stand out in difficult market conditions. The coming years will offer them the opportunity to build new market leaders. This Tech 2 fund is here to support them with equity, networks, and sector expertise.”
BlackFin Capital Partners is advised by placement adviser Rede Partners LLP for its international fundraising, Jasmin Capital for French institutions, and law firm Willkie Farr & Gallagher LLP for legal and regulatory aspects.
About BlackFin Capital Partners
Focused on investing in financial services companies, fintechs and insurtechs, BlackFin is the European sector leader with €2.4bn assets under management.
BlackFin is currently investing from its €1bn Buyout III and €350m Tech 2 funds respectively targeting established financial services companies and high growth B2B fintechs & insurtechs.
Founded in 2009, BlackFin Capital Partners is an independent private equity firm led by nine partners who have worked together as managers and entrepreneurs in the financial industry for decades. The team has a total of 45 professionals across offices in Paris, London, Brussels, and Frankfurt.
For further information, please visit www.blackfin.com, www.blackfin-tech.com