Tenity, a Swiss fintech accelerator formerly known as F10, announced the first closing of its Tenity Incubation Fund I with investments from SIX Group, UBS’ strategic venture and innovation unit UBS Next, Julius Baer, and Generali’s House of Insurtech Switzerland. Details of the fund was not disclosed.

Led by CIO Maximilian Spelmeyer, Tenity’s investment team looks to build a portfolio of around 400 companies across Switzerland, Western Europe and Asia Pacific.

The Tenity Incubation Fund I will invest in fintech and insurtech companies at angel, pre-seed and seed stage, emerging from the Tenity Flagship Incubation programmes across its hubs in Europe and Asia.

The fund targets to be the first institutional investor in a startup, supplying the team with funding, hands-on support and network throughout the four-month Tenity incubation programme.

Tenity is particularly interested in founders who are at the idea or product development stage but is pre-market and have not raised yet or only a small family round.

The Tenity startup programmes have supported more than 250 startups to date including Swiss spend management automation company Yokoy, Brussels-based digital asset market maker Keyrock, alternative investment platform Stableton, Hong Kong’s insurtech CoverGo, and Belgian-Swiss digitised mortgage SaaS firm Oper Credits.

Tenity said that it is looking at a second closing in Q4 2023.

Maximilian Spelmeyer

Maximilian Spelmeyer, Chief Investment Officer at Tenity said,

“We support founders over several months throughout the incubation program and use our experience to give them the tools and connections to succeed.

With continued commitment from our partners, this year we enhance the Tenity offering through investment, on top of providing access to network and business expertise, introductions to corporate partners, a selection of mentors and our investor network.”