MiddleGame Ventures says early-stage fintech returns hinge on ownership targets, reserve policy, follow-on rules

• MiddleGame Ventures published an allocator-focused analysis on early-stage fintech venture portfolio construction in August 2026.
• Core claim: ownership drives outcomes under power-law returns; a 10% exit stake needs a EUR 1 billion outcome to return EUR 100 million.
• Seed funds typically target 7%-15% entry ownership; Europe’s Series A median pre-money runs near USD 28 million versus USD 48 million.
• Follow-on reserves commonly sit at 20%-40%; the report warns against using reserves as “survival capital” for weaker positions.
• Suggested institutional ranges: 20-30 core seed positions, 15-20 at Series A; first cheques span EUR 500,000 to EUR 5 million.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. MiddleGame Ventures SA published the original content used to generate this news brief on August 21, 2026, and is solely responsible for the information contained therein.