An investment fund with about 100 community banks as sponsors closed its first fund.

BankTech Ventures, in Sandy, Utah, announced on Monday that it has raised more than $115 million in committed capital.

As other venture capital funds with banks or credit unions as sponsors, including Canapi and JAM Fintop, BankTech Ventures has a dual purpose: to unearth promising fintech companies that could fit well with its financial institutional partners and generate a return. But BankTech Ventures has an unusual partnership structure: it includes two community banks — Coastal Financial in Everett, Washington, and Sunwest Bank in Irvine, California, as well as the Independent Community Bankers of America, the Venture Center and Hovde Group.

In a 2021 interview, Carey Ransom, managing director of the investment fund, pointed to BankTech Ventures’ structure as an asset. For example, portfolio companies can go through ICBA’s accelerator, while the two community bank general partners can pilot products and collaborate with management teams.

“It’s a unique combination that will help us both vet and determine which companies to invest in and our ability to help those companies succeed,” he said.

The investment fund has attracted more than 100 limited partners, many of whom are community banks, including Bank Encore in Little Rock, Arkansas. According to BankTech Ventures, more than 80% of its investors had never invested in this type of fund before.

“Johnson Financial Group had never made an investment in a venture capital fund before BTV,” Mark Behrens, chief financial officer of Johnson Financial Group in Racine, Wisconsin, said in a press release announcing the closing. “We have already learned a lot and met many exciting new businesses through this partnership.” Johnson Bank has $6.1 billion in assets.

Since November 2021, the fund has made eight investments. They include Fintel Connect, which helps financial institutions manage performance marketing and affiliate networks, and bitcoin company NYDIG, which works with many banks on cryptocurrency offers.

Another of the portfolio companies, infrastructure and integration company ModusBox, found it useful to be one of these selected companies. In the first few months “we have already tripled our pipeline of potential customers,” David Wexler, co-founder and CEO of ModusBox, said in the statement. “We got their input and value in every part of our business, from hiring and messaging to contracts, pricing and strategy.”