Founder of Icap Michael Spencer has committed at least £25mn to Element Ventures.
In Brief:
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The investment will come from IPGL.
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Element Ventures is a B2B focused fund.
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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.