Core Innovation Capital of Hollywood, a financial services technology investor, has raised a second fund worth $71.5 million, according to a filing with the Securities and Exchange Commission.
The firm’s first fund was worth $40 million, closed in 2011, and was aimed at financial technology startups that served consumers and small to medium businesses. The second fund will have a similar focus, said Arjan Schutte, managing partner of Core Innovation Capital.
“It’s a giant market that’s largely overlooked,” Schutte said. “As the recent election demonstrates, there are a lot more people who are underserved by the forces of globalism and need more and better financial products to help increase their mobility and stability.”
Core Innovation Capital focuses on early stage startups, usually investing in Series A rounds. With this latest pool of capital, the firm expects to cut checks to startups for $2 million to $4 million, said Schutte.
Technology reporter Garrett Reim can be reached at email@example.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.