Main Set, a venture capital firm specialising in FinTech and adjacent SaaS sectors, has announced the first close of its debut fund, securing £14m in commitments. The firm, which launched the fund in late 2024, is targeting a final close of £40m.
According to Finextra, the initial raise has been anchored by Capricorn Capital Partners and marks a pivotal step in Main Set’s growth. The firm aims to deploy capital into high-growth FinTech and software ventures that are redefining categories within financial services and technology.
Established with a data-driven approach to investing, Main Set identifies scalable solutions to sector-specific challenges, focusing on business models with solid unit economics and strong potential for expansion. The new fund will back early-stage companies across payments, InsurTech, WealthTech, CFO tools, and neo-banking verticals.
Proceeds from the fund will be used to build out a seed portfolio, with capital already allocated to four existing companies: Anyfin, Sprout.ai, WealthOS, and Databento. The strategy aims to fast-track investor returns by shortening liquidity timelines and enabling earlier deployment of capital.
Main Set’s approach combines capital with deep industry expertise. Its team and advisory network — comprising eight venture scouts and a dedicated venture partner — bring hands-on experience from across the FinTech and financial services spectrum. The network is expected to grow further as the firm progresses with its fundraising.
Main Set founder and managing partner Ioto Iotov said, “We’re excited by the interest in our growing platform, bringing additional capital to our deployment capabilities at a time where the pipeline of high quality FinTechs is incredibly strong. We appreciate the support of existing and new investors, and will continue to follow our disciplined investment process as we capitalise on the investment opportunity in these large and fast growing verticals.”
Capricorn Capital Partners UK CEO Robert Gottlieb added, “The Capricorn Group is delighted to be the anchor investor in Main Set’s first fund, as we are particularly excited by the investment opportunity in the rapidly growing FinTech sector. Our existing confidence and belief in Ioto and the team has been further strengthened through the demonstration of clear high growth opportunities, as well as the performance of Main Set’s five investments to date including one exit, proving their ability to return capital to their investor base.”
Anyfin co-founder and CEO Mikael Hussain also praised the partnership, stating, “Anyfin operates in a field that to many investors is not intuitive, making it a delight to meet people who understand the business model, market dynamics and what it takes to win in FinTech. Ioto and the Main Set team have been value-additive partners since investing, who understand what it takes to achieve success.”
The new fund represents the first blind pool raised by Main Set, moving beyond its earlier deal-by-deal strategy. With the backing of Capricorn Capital Group, a global private investment firm operating in more than 13 countries, Main Set benefits from international reach and decades of sector experience.
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