BankTech Ventures in Sandy, Utah, has closed on its first fund after bringing in more than $115 million in capital commitments.
BankTech said in a press release Monday that the initial round included more than 100 limited partners, comprised almost entirely of community banks. The firm has made eight investments since its first closing in November.
“It’s been a whirlwind nine months since we launched BTV,” Carey Ransom, the firm’s managing director, said in the release.
“The support and engagement that we have already received from our community banks has been better than we anticipated,” Ransom added.
The firm’s limited partners “and portfolio companies are seeing the exponential impact of this strategy and we are becoming a strategic and distribution partner for technology companies instead of solely a capital partner,” Carson Lappetito, president of SunWest Bank and a BankTech general partner, said in the release.
The firm’s general partners include Sunwest, Coastal Financial, Hovde Group, The Venture Center and the Independent Community Bankers of America.