Fintech-focused venture capital fund Cedar-IBSi Capital has received significant funding from Middle East-based asset management firm Hades Financial Private Capital Group (HFPCG), according to a company release. This marks the second major institutional investor involvement since the fund’s inception by management consultancy firm Cedar and fintech market intelligence platform IBS Intelligence.
Earlier this year, Cedar-IBSi Capital announced the first close of its fund at $30 million in March. The investment from HFPCG, although the exact amount remains undisclosed, represents a sizable commitment to Cedar-IBSi Capital’s fintech-focused vehicle. HFPCG aims to make the fund its primary source of fintech exposure.
“We are excited to welcome a respectable institutional investor such as Hades to the Cedar-IBSi Capital investor base and look forward to executing our common goal in unlocking the Indian B2B fintech and bank tech journey,” said Sahil Anand, Founder and Managing Partner of Cedar-IBSi Capital. He also emphasized the pride taken in facilitating the India-GCC (Gulf Cooperation Council) fintech corridor over the years and the synergies with Hades.
Cedar-IBSi Capital plans to invest in around 15 early-stage startups focused on banking technology. With an initial investment size ranging from Rs 4 to 10 crore ($500,000 to $1 million), the fund aims to support seasoned entrepreneurs developing innovative solutions within the financial services sector.
“This investment aligns perfectly with our strategy to back promising early-stage companies poised to disrupt traditional financial services and bring transformative solutions to the market,” said Mohammed Abrar Asif, Co-CEO of HFPCG.
The fund will heavily focus on backing entrepreneurs creating technology solutions in banking and enterprise fintechs addressing specific use cases and challenges within financial services companies. This strategic investment from HFPCG strengthens Cedar-IBSi Capital’s mission to drive innovation in the fintech sector and foster the growth of cutting-edge financial technology startups.
