Ten Coves Capital, a growth equity firm with a focus on investments in FinTech companies, announced the closing of its third fund, Ten Coves Capital III, with total commitments of $293 million. The fund was oversubscribed and closed at its hard cap.
Ten Coves Capital was formed in December 2020 in connection with the spinout of the growth equity team from Napier Park Global Capital, and included the assumption and management of the first two growth equity funds.
With Fund III, Ten Coves now manages more than $600 million in aggregate committed capital, and will continue its strategy of partnering with exceptional, rapidly growing companies across the FinTech ecosystem.
The Ten Coves partners have invested in over 40 FinTech companies; select Fund I and II companies include 7shifts, Bill.com, Bluefin Payments, DadeSystems, HealthEquity, Jefferson National (sold to Nationwide), Lendio, Nvoicepay (sold to FLEETCOR), Point Predictive, Q4 Inc., Quovo (sold to Plaid), Reval (sold to ION Trading), Roostify, Softgate/TIO (sold to PayPal), TouchBistro, and TrueMotion (merged with Cambridge Mobile Telematics).
