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.”