Fintech VC fund Luge Capital opens with $75-million backing from Caisse, other Quebec institutions

A new Canadian venture-capital fund focused on financial technology, and seeded by several top finance institutions operating in Quebec, has opened for business with $75-million in backing and two tech-sector veterans as partners. Luge Capital, created last October, with a commitment of $25-million each from the Caisse de dépôt et placement du Québec and Desjardins Group, said Monday it has raised a further $25-million from Sun Life Financial, the FTQ Solidarity Fund and La Capitale, and may raise up to another $25-million in the coming months. Luge will focus on investing between $250,000 and $2-million for its initial commitments to early stage fintechs.

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