Fintech
Cedar-IBSi Capital secures major LP commitment from HFPCG for FinTech VC fund
You are reading Entrepreneur India, an international franchise of Entrepreneur Media.
Fintech-focused venture capital fund Cedar-IBSi Capital has announced the addition of Hades Financial Private Capital Group (HFPCG) as a major limited partner. This Riyadh-based $4.6 billion asset manager joins Cedar-IBSi’s $30 million debut fund to enhance its fintech exposure.
HFPCG’s commitment aims to promote value creation in high-growth sectors, particularly banktech and fintech.
“We are excited to partner with Cedar-IBSi Capital and support their mission of driving innovation in the BankTech and FinTech sectors. This investment aligns perfectly with our strategy of backing promising early-stage companies that are ready to revolutionize services traditional financial institutions and bring change solutions to the market,” said Mohammed Abrar Asif, co-CEO of Hades Financial Private Capital Group.
Cedar-IBSi Capital announced its first close in Q1 2024 and is currently backed by two Tier-1 institutional investors, family offices and others.
The fund is nearing completion of its first deal and is currently building its second. With an initial check of INR 4-10 crore ($500,000-$1 million), Cedar-IBSi Capital will look to invest in around 15 BankTech-focused early-stage startups in their Seed-Series A rounds. The fund will have a strong focus on supporting experienced entrepreneurs who are building solutions and technologies in the banktech sector, enterprise fintechs that solve use cases and problems within banks, insurance companies, NBFCs and other financial services operators.
“Our focus on BankTech and FinTech is natural for us. We have been at the heart of the ecosystem for over 60 years through our management consultancy for CTOs and global banks via Cedar, market intelligence and go-to-market consultancy for leading BankTechs and Global FinTech through IBS Intelligence and ecosystem development through the Cedar-IBSi FinTech Lab,” said Sahil Anand, founder and managing partner, Cedar-IBSi Capital, in an earlier media interaction during the first close.