TTV Capital, a financial technology investing firm in Atlanta, closed $127 million for its fifth fund with plans to continue early-stage investing.
The firm surpassed its goal by $2 million and has new and existing investors, including endowments, family offices, foundations and strategic partners. It invested in Medxoom, Ibble, Samcart and Taxbit with the new fund.
TTV Capital invests between $1 million and $5 million in companies and mostly focuses on seed and Series A rounds.
TTV Capital has invested in growing Atlanta startups such as e-commerce marketing platform Springbot, payment processing company Bitpay, and family debt card company Greenlight, which recently reached unicorn status.
Founding partner Gardiner Garrad III said completion of the fund comes at a time when the firm has seen an unprecedented spike in deals.
“It could be that there was a backlog that kept people from coming to us in the summer because of COVID,” Garrad said. “It is a full firehose of opportunities.”
TTV Capital partner Sean Banks, who’s also chair of the Technology Association of Georgia’s FinTech Society, said traditional or alternative financial services providers have had to deploy new technology at a much faster rate because of the pandemic.
“With the lockdown, you’ve seen a three-to-five-year acceleration in the tech adoption cycle,” Banks said. “That technology may have been here in 2022 or 2023, but it’s needed to address what’s going on now.”
The fund will focus on innovations that modernize banking and payments, such as blockchain, artificial intelligence, machine learning and cloud computing, the partners said.
It raised its fourth fund of $93 million in 2017. TTV was founded in 2000 with a $37 million fund and initially financed in large part by Synovus Financial Corp. (NYSE: SNV). The company is led by Garrard III, Banks, Mark Johnson and Tom Smith Jr.
