Propel

Propel Venture Partners is a prominent venture capital firm dedicated to investing in the evolving landscape of the financial economy. Based in San Francisco, the firm operates as an independent entity, though it was initially established with the strategic backing of BBVA, a global financial services group. This foundational relationship provided Propel with unique insights and extensive network access within the traditional financial industry, complementing its focus on disruptive innovation.

The firm's investment thesis is centered on supporting visionary companies that are redefining financial services across a broad spectrum of sectors. These areas include, but are not limited to, payments, lending, insurance, wealth management, real estate technology, and cybersecurity within the fintech ecosystem. Propel actively seeks out founders who are building transformative technologies and business models that address critical needs and inefficiencies in the financial sector.

Propel typically invests across various early to growth stages, ranging from Seed rounds through Series B. Their approach involves identifying promising startups with strong teams and scalable solutions, providing not just capital but also strategic guidance and operational support to help them navigate the complexities of the financial industry.

With a substantial capital base, Propel has raised multiple funds to support its investment strategy. The firm manages a total of $500 million in assets under management across three distinct funds: Fund I, which closed at $250 million; Fund II, which raised $100 million; and Fund III, which successfully closed at $150 million in 2021. This robust funding allows Propel to make significant commitments to its portfolio companies.

Propel's typical initial investment for a first cheque ranges from $2 million to $8 million, demonstrating their commitment to providing meaningful early-stage capital. They often follow on with additional investments in subsequent rounds, supporting their portfolio companies as they scale and achieve significant milestones. Their portfolio includes notable fintech innovators such as Coinbase, Hippo Insurance, and Nova Credit, underscoring their impact on the future of finance.