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Angel investors, seed-stage investors and founders influence on FinTech funding: an emerging market context

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  • Luisa Herck Giaquinto
  • Adriana Bruscato Bortoluzzo

Abstract

This study examines the difference between the FinTechs that received private equity and venture capital funds and those that did not. We test this with a sample of 2,524 companies across 76 countries over 2008–2018. We show a positive relationship between having received an angel and a seed round with follow-on financing, and a negative relationship with having a single founder. The impact of the seed financing and the single founder is weaker in an emerging market. Furthermore, companies in financing and payments categories are more likely to receive funding.

Suggested Citation

  • Luisa Herck Giaquinto & Adriana Bruscato Bortoluzzo, 2020. "Angel investors, seed-stage investors and founders influence on FinTech funding: an emerging market context," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 13(3), pages 276-294, September.
    • Handle: RePEc:taf:macfem:v:13:y:2020:i:3:p:276-294
    DOI: 10.1080/17520843.2020.1737169
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    Cited by:

    1. Hajer Zarrouk & Teheni El Ghak & Abderazak Bakhouche, 2021. "Exploring Economic and Technological Determinants of FinTech Startups’ Success and Growth in the United Arab Emirates," JOItmC, MDPI, vol. 7(1), pages 1-24, February.
    2. Enrico Gonnella & Lucia Talarico, 2023. "The Reputation Factor in the Valuation of Startups," International Business Research, Canadian Center of Science and Education, vol. 16(7), pages 1-56, July.
    3. David Leong, 2023. "Action in Complexity: Entanglement and Emergent Order in Entrepreneurship," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 32(1), pages 182-217, March.
    4. Niculaescu, Corina-Elena & Sangiorgi, Ivan & Bell, Adrian R., 2023. "Venture capital financing in the eSports industry," Research in International Business and Finance, Elsevier, vol. 65(C).

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