Conversion Capital Raises $122M for Investments

Conversion Capital, a New York City-based early-stage venture capital firm, announced Tuesday (June 28) that it has completed raising capital for Fund III, a $122 million fund that will invest in the FinTech sector.

The fund’s FinTech investments will focus on companies developing software, cloud infrastructure and data technologies, according to a press release. In all, the fund will be deployed in 25 to 30 pre-seed and Series A investments.

Since its funding in 2015, Conversion Capital funds have invested in more than 60 startups, per the release. The company stated that its initial investments range from $500,000 to $5 million.

Conversion Capital’s history includes investments in Ramp, Vesta, Figure, Braid, Blend, Wisetack, Booster Fuels and others companies, according to the release. It also is an investor in Baselane, a technology company whose business model is creating products that make it easier for landlords to manage multiple properties.

“Twenty years ago, every company set out to become a technology company with the adoption of Web and mobile,” Conversion founder and General Partner Christian Lawless said in a statement. “Today, we’re seeing a continuation and acceleration of an even larger platform shift.

“As more and more companies move critical operating infrastructure to the cloud, operational efficiency is unlocked, which impacts every aspect of the global economy.”

Fund III will focus investments in the United States and United Kingdom, and Lawless added, “Our experience drives our conviction that the U.S. will remain the epicenter of innovation. Previous market corrections have proven we have the most resilient economy in the world.”

Fund III investors include institutions, family offices and founders of companies, according to the release.