DES MOINES, Iowa–Curql Collective’s flagship Curql Fund I announced its first fundraising close on April 6, 2021, reaching an initial fundraising goal in excess of $70 million.
Created and launched to the industry by Members Development Co., Curql Fund I is the only VC fund of its kind that serves as a gateway for fintech access to credit unions, according to the company.
Investors committed during the first round of fundraising include Affinity Plus FCU, Alloya Corporate FCU, Altra FCU, Campus USA CU, Coastal Credit Union, Community First Credit Union (Florida), Co-Op Financial Services, Desert Financial Credit Union, Educators Credit Union, Evansville Teachers FCU, Georgia’s Own Credit Union, Hudson Valley Credit Union, IH Mississippi Valley CU, Meritrust Credit Union, Michigan State University FCU, New England FCU, SchoolsFirst FCU, Sound Credit Union, Suncoast Credit Union, TDECU, UNIFY Financial Credit Union, USE Credit Union, Veridian Credit Union, VyStar Credit Union, and Y-12 FCU.
"VyStar is committed to investing in innovation through technology to keep our organization on the leading edge of member experience, so the investment was a natural fit,” said VyStar CEO Brian E. Wolfburg. “The speed at which Curql completed this first round of fundraising speaks volumes to the credit union industry's commitment to ensuring our relevance in an ever-changing space."
‘Making Real Change’
Added MDC President and CEO Jeff Kline, “While the idea of Curql began with a team of MDC credit unions, we’re excited to onboard investors across our industry who are interested in making real change that impacts how organizations engage with their members, and how members engage with their money. We're opening the door for credit unions to make an impact and for finrech companies to access a wide range of new customers.”
The Curql Fund was launched in 2020 by CUs that are owners of Members Development Co.
The group's flagship – Curql Fund I – invests in the visions of entrepreneurs who thoughtfully and purposefully develop financial services technology that revolutionizes and innovates how people engage with their money, according to MDC.
Curql Fund I is managed by Next Level Ventures, the largest investment firm managing credit union assets today, MDC stated.