Early-Stage Fintech-Focused TTV Capital Raises Largest Ever Fund at $250M

Atlanta-based venture capital firm TTV Capital, an early-stage fintech venture capital firm, has closed its sixth fund at $250 million, the largest since the firm was founded in 2000.

TTV Capital, which originally targeted $150 million, saw “overwhelming” interest from institutional and strategic investors, as well as family offices, despite the downturn in the fintech economy.

Led by Gardiner Garrard and Tom Smith, TTV Capital has made 18 investments in early-stage fintech companies across payments, banking, investing, cybersecurity, Web3, and embedded finance, with an average initial check size of $2 million to $7 million. The firm also has an exploratory fund for investments starting at $250,000.

Of its 100 portfolio companies, seven of them have reached unicorn status, including Bill.com, Shopkeep and SmartAsset.

While overall deployment of venture capital funding declined through the second half of 2022, venture capital firms have secured additional funding at record levels over the past several months. VC is the only investment strategy that has more dry powder than it did in 2021, according to Pitchbook data.

The team closed its last fund of $127 million in April of 2019.