St. Louis VC Cultivation Capital takes $20m for FinTech fund

Cultivation Capital has raised $20.5m for its new fintech-dedicated fund, according to an SEC filing.

The Missouri-based firm attracted 30 investors to the fund, which the filing reports has a total offering of $100m.

Cultivation has previously backed fintech startups including Melbourne-based marketplace payments company PromisePay, lending solution FinLocker and Argentinian financial risk management solution S4.

The firm was founded in 2012 and has raised three previous funds – $20m and $4.75m tech funds and a $15m life sciences fund.

Cultivation hired Joe Maxwell in January as managing partner of its fintech growth fund.

It will invest in B2B service-enabled SaaS and software companies that already have  a product on the market and $1.5m in recurring revenue.

The fintech fund will also work alongside Cultivation’s tech fund and its St. Louis-based SixThirty FinTech accelerator to make seed and Series A investments.

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