According to information obtained by TechCrunch today, Ruth Foxe Blader has parted ways with Anthemis Group, where she had served as a partner for nearly seven years, to launch her venture firm, Foxe Capital.
Kyle Perez, who formerly worked as an investment associate for Anthemis, makes his debut with Blader. Sophie Winwood is now playing the role of operating partner. Alongside Blader, Winwood was one of the founders of WVC: E, an organization committed to advancing “inclusion, empowerment, and integration of venture capital globally.”
Throughout her career, Blader claims to have been responsible for leading investments in over fifty different fintech businesses. These startups include Lemonade, Branch, Elevate, Flock, Mesh, and Amplify.
An interview with TechCrunch revealed that Blader’s decision to leave London-based Anthemis was primarily motivated by his aspiration to engage in independent investment transactions. After the investor and Winwood established WVC: E in April 2022, she claims she had the opportunity to experience what it was like to be in that position.
At the same time as Foxe Capital will continue to manage the vehicle that she was appointed to operate in 2017, she will continue to serve as a sub-adviser for the company and continue investing on behalf of Anthemis. When all that capital has been deployed, Blader forecasts it will finish writing cheques into companies this year out of the Anthemis funds, and Foxe Capital will focus on fundraising. According to Blader, Foxe Capital is receiving compensation for continuing to manage the fund on behalf of Anthemis. This information includes compensation.
Anthemis continues to have an economic interest in that vehicle but does not own any portion of the management company and will only have an ongoing financial stake in Foxe Capital if it chooses to be an LP when the firm fundraises in the future, according to Blader.
An Anthemis spokeswoman confirmed the transfer via email: “Ruth wanted to be an independent manager. Undoubtedly, Anthemis is on her side. She will continue to support us as an investment across her current Anthemis funds.”
While Blader travels back and forth today between France and New York (Blader has been residing in Europe/New York for 15 years), Foxe Capital is based in New York City. Its investments will be global, with the U.S. as its home market.
Restructuring and a failing SPAC
Anthemis has experienced its share of tumult — and turnover — in recent times.
In the past 18 months, Anthem saw a couple of portfolio companies stumble. In November 2022, controversies regarding the sudden stepping down of three of Pipe’s co-founders, including its CEO, aroused concerns. And in 2023, LGBTQ+-focused digital bank Daylight was blasted with a lawsuit by three former employees “alleging age and wage discrimination, whistleblower retaliation, and fraud.” The startup ceased later in the year.
Blader is hardly the only fintech-focused investor to set out on her own recently.
Early last year, Peter Ackerson departed fintech-focused Fin Capital to co-found a new business, Audere Capital. It is still uncertain whether Ackerson left voluntarily or was forced to leave. A source with experience of internal events at Fin Capital stated there was animosity between Ackerson and managing partner and founder Logan Allin over portfolio business alternative financing startup Pipe – an investment into which Ackerson worked and on whose board he sat. Audere has invested in five businesses, according to PitchBook – only one focused on financial services.
(Information Source: Techcrunch.com)
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