Mogo Ventures will be headed by seasoned investor and trader Michael Wekerle
One of Canada’s leading financial technology firms is taking its investments in the sector a step further.
Mogo Inc. has announced the launch of a ventures division – Mogo Ventures - that will manage the firm’s investments in several industry companies to ensure good returns for its shareholders.
The strategic partners and companies that support the Mogo infrastructure include a 39% stake in Canadian crypto exchange Coinsquare, several Web3-focused platforms, gaming companies, and cryptocurrency assets including Bitcoin and Ether.
The fintech also holds legacy stakes in firms including Hootsuite, Blue Ant Media, and Alida, and will seek to monetize these investments.
The firm’s holdings include an investment portfolio of $18.1 million, digital assets of $1.7 million and investment in Coinsquare of $103.8 million as of December 31, 2021. Its portfolio excludes warrants held in Coinsquare.
“Over the past several years Mogo has been able to leverage its leadership position in the Canadian fintech industry to make attractive strategic investments in a number of leading and emerging players in the broader crypto, Web3 and gaming ecosystems, and today’s announcement highlights the significant value that these investments now represent for Mogo shareholders,” said Greg Feller, president & CFO. “As we continue to build out Canada’s leading financial technology and payments platform, we will continue to look for ways to participate in value creation opportunities with our partners that drive incremental shareholder value.”
Seasoned investor
Its new Mogo Ventures team will be led by seasoned investor and trader Michael Wekerle.
His resume includes co-founding and being a partner of Griffiths McBurney & Partners’ sales and trading operations and vice chairman of Institutional Trading at GMP Securities.
Wekerle will chair a newly formed investment committee which will also include Liam Cheung, founder of growth venture capital firm Tactico, and a Mogo board member.
