Founder of Icap Michael Spencer has committed at least £25mn to Element Ventures.
In Brief:
The investment will come from IPGL.
Element Ventures is a B2B focused fund.
It supports businesses developing technologies to deal with challenges in the finance sector.
What does this mean?
This is one of the largest investments made by Spencer in over a year. He is worth around £1bn, excluding IPGL which is his investment vehicle.