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Curql Collective closes its first investment fund with $250 million

November 10, 2021

Curql Collective, a venture capital fund that focuses on financial services technology companies in the credit union industry, announced that its Curql Fund I has officially closed to investors at just over $250 million.

The fund was launched in 2020 by credit union partners of Members Development Company and Des Moines venture capital firm Next Level Ventures. The fund is managed by Next Level Ventures. The firm helps to lead, structure and manage the investments from the Curql Fund in fintech companies.

69 limited partners have committed capital to Curql Fund I. In its first six months, the firm has invested in nine fintech companies and deployed more than $40 million in capital.

Curql Fund I was originally planned to close at $150 million, but due to overwhelming response from interested credit unions, the fund’s limited partners and management team raised the fund’s cap to just over $250 million to allow additional participation.

“The credit union industry was clearly ready for this type of opportunity,” said Nick Evens, president and CEO of Curql Collective in a statement. “With so many credit unions clamoring to invest in the fund right up to the end, we simply had to increase the size of the fund. It’s very telling of the appetite the credit union industry has for financial technology that can activate real change in how they interact with their members. At Curql Collective, we’re elated to see this coming together of like-minded credit union and fintech leaders – and we can’t wait to watch what happens for the industry.”

Previous coverage

Next Level Ventures announces new investment fund for fintech companies in the credit union industry

LenderClose Closes $10 Million Series B Round

Tags: Curql Collective Members Development Company Next Level Ventures

Curql Collective closes its first investment fund with $250 million | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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