Mogo launches venture capital arm to manage growing portfolio

Rick Steves

“Over the past several years Mogo has been able to leverage its leadership position in the Canadian fintech industry to make attractive strategic investments in a number of leading and emerging players in the broader crypto, Web3 and gaming ecosystems.”

Mogo has announced the launch of its venture capital arm to manage its existing investments in strategic partners and companies that support Mogo’s ecosystem.

Mogo Ventures will thus manage the existing 39% stake in Canadian crypto exchange Coinsquare as well as investments in other crypto and Web3 platforms such as Gemini, NFT Trader and Tetra Trust.

Investments also include gaming companies (Enthusiast Gaming and Eleven Gaming), Bitcoin, and Ether. In addition, Mogo Ventures will manage the the firm’s portfolio of legacy investments, including its investments in Hootsuite, Blue Ant Media and Alida, with a focus on monetizing these investments.

Led by Mogo President and CFO Greg Feller, Mogo Ventures has set up an investment committee chaired by Michael Wekerle, a seasoned investor and trader who was previously co-founder and partner of Griffiths McBurney & Partners’ sales and trading operations and Vice Chairman of Institutional Trading at GMP Securities.

The committee will include Mogo board member Liam Cheung, founder of growth venture capital firm Tactico and ex-CEO of Tactex Asset Management, as well as Mogo CIO Phil Barrar and Mogo CLO Alice Davidson.

Greg Feller, President & CFO at Mogo, said: “Over the past several years Mogo has been able to leverage its leadership position in the Canadian fintech industry to make attractive strategic investments in a number of leading and emerging players in the broader crypto, Web3 and gaming ecosystems, and today’s announcement highlights the significant value that these investments now represent for Mogo shareholders. As we continue to build out Canada’s leading financial technology and payments platform, we will continue to look for ways to participate in value creation opportunities with our partners that drive incremental shareholder value.”

Mogo is one of the top trading platforms in Canada, serving 1.9 million clients who can access the Mogo app for digital spending, the MogoTrade app for commission-free stock trading, and Moka, Mogo’s wholly-owned subsidiary bringing automated, fully-managed flat-fee investing to Canadians.

The firm acquired a stake in NFT Trader in early 2022. Mogo’s initial investment is through a convertible note which, if converted, will represent a 25% interest in NFT Trader. The company has an option to acquire an additional 25% interest through a secondary purchase of common shares from the founders within six months of the initial investment.

Mogo’s growing portfolio of digital assets and investments totaled approximately $150 million1 at the end of Q3 2021 (including Mogo’s book value of its investments in Coinsquare).

 

  • Read this next

    Fintech

    Nubank makes impressive turnaround, posting $1 billion profit in 2023

    Brazil’s Nubank has made a remarkable turnaround, swinging from a net loss in 2022 to a $1 billion net profit in 2023. The digital bank’s revenues have soared past $8 billion, marking a major milestone in its financial performance.

    Retail FX

    Spanish watchdog warns of UP MARKETS, BITBINX

    The Comision Nacional del Mercado de Valores (CNMV), the financial regulatory body of Spain, announced in a statement that it has added to its warning list new website that are illegally offering financial services to Spanish citizens.

    Digital Assets

    MicroStrategy buys 3,000 more bitcoins, suffers phishing attack

    MicroStrategy, the largest corporate investor in bitcoin, has expanded its cryptocurrency portfolio by buying an additional 3,000 bitcoins for $155 million.

    Crypto Insider

    Saudi Launches World’s First Cultural Metaverse

    The Saudi Ministry of Culture, droppGroup, and Oracle have joined forces to launch the Cultural Universe, the world’s first government-operated national Metaverse initiative.

    Retail FX

    eToro revives IPO plans after failed $10B SPAC merger

    Israeli social trading network eToro is actively exploring options for a public market listing, according to CEO Yoni Assia in an exclusive interview with CNBC.

    Digital Assets

    Meme Coin Communities Gear Up for the CoinMarketCap Crypto Awards

    CoinMarketCap’s Crypto Awards 2024, the first edition of a new annual event, is captivating the global crypto community. This is especially true for the Meme Coin Of The Year category, where voting has become a battleground for the most passionate and vibrant communities in the crypto space.

    Digital Assets

    Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards

    The Layer-1 Received the Top Honor at the Eurasia Awards While Experiencing a Period of Unprecedented Growth and Recognition

    Crypto Insider

    Vitalik Buterin, Sandeep Nailwal Lead Decentralized AGI Summit, Address Centralized AI Risks at ETHDenver

    Sentient and Symbolic Capital’s Decentralized AGI Summit will feature leading Decentralized AI authorities like Vitalik Buterin and Sandeep Nailwal.

    Digital Assets

    Aethir Unveils Its First Decentralized AI Node Sale

    Aethir, a leader in decentralized GPU cloud infrastructure, has announced its highly anticipated Node Sale.

    <