2023 proved itself to be yet another eventful year (seems like we've had quite a lot of those recently...). We saw the Israel-Hamas war, the Fed hiking rates to a 22-year high, the coronation of King Charles, Barbenheimer, Taylor Swift's Eras Tour bolstering the economy, and most relevant to our industry, the fall of Silicon Valley Bank, Signature Bank, and First Republic Bank. The run on those banks created a challenging time when consumers questioned the strength of their banks and the broader industry, but having weathered that storm, we're so proud to see how the industry pulled through.
This year was very eventful for our BankTech team, too. Here are some of our key stats:
We brought on 4 exceptional employees, each of whom bring unique insights and expertise. Their contributions have been instrumental in propelling our venture forward. And talk about 2x growth in just one year, because now we're a team of 8 (check out our team below).
With this growing team, we've been able to conducteasily over 1,000 conversationswith banks both in and outside of our investor network, where we discuss the bank's strategic initiatives and growth objectives, current tech stack & existing frustrations, and discuss what solutions are out there to support them. This helps our team gauge what the relevant needs are for banks, which then drives our investment focus.
Which, on that note, resulted in remarkable Portfolio growth with 9 new investments and 3 follow-on investments, bringing our Portfolio to 18 companies. These recent investments not only further diversify our portfolio, but also reinforce our position at the forefront of banking technology innovation and bringing best-in-breed solutions to our bank partners.
Leaning into our "ecosystem" approach, we've made over 600 introductions between our portfolio companies and our bank partners, resulting in more than 375 demos delivered, over 100 vendor contracts signed, and another 40 contracts in active due-diligence.
We're seeing this investment & portfolio support strategy working well, as we reported 3 investment mark-ups, plus 2 material distributions to our Limited Partners. These milestones reflect not just our ability to identify and nurture high-potential ventures, but also our commitment to delivering value to our investors.
We hosted our 2nd Annual Investor Summit in Chicago, which brought together over 200 hundred bankers, fintech founders, and industry leaders. Our Investor Summit was a resounding success, fostering an environment of insightful discussions, networking, and strategic alignments. This annual event reinforces our commitment to building a community of forward-thinking professionals in the banking industry.
Emphasizing our commitment to a hands-on approach with both our bank partners and portfolio companies, our team traveled to over 50different cities. These trips were opportunities to gain industry insights that often can't be done solely over Zoom calls. Plus we spoke at industry conferences, sat on panels, presented to our bank partners' boards and management meetings, and so much more.
The team was increasingly recognized in the media across different banking and/or tech topics, which we're so proud to see, especially as we've tend to fly under the radar and stay focused on our work. But we're proud to get the BankTech name, our banking partners, and our portfolio companies increasingly out there.
Central to our success this year has been the active participation of all our stakeholders. Your engagement, feedback, and collaboration are the lifeblood of our "ecosystem" approach. This dynamic interaction among our diverse group of investors, companies, and industry friends is what drives innovation, fosters meaningful connections, and propels our collective mission forward. And as we reflect on these achievements,we extend our heartfelt gratitude to you – our investors, portfolio companies, fellow industry comrades, and friends. We are privileged to be on this journey with you, shaping the future of banking and fintech together.
Looking ahead, we're excited for what will surely be another thrilling year. The prospects of new challenges, opportunities, and collaborations energize us, so bring it on, 2024!
Warm regards, happy holidays, and see you in the new year! 🎉