Famous venture capital figures Gaurav Garg and Peter Wagner said on Wednesday that they have started a partnership with the launch of Wing Venture Partners. The joint venture is worth US$111 million.

Wing Venture Partners will focus on making investments on early stage businesses on the financial and business technology industry. Gaurav Garg previously worked as a venture partner at Sequoia Capital for a decade, while his new partner Peter Wagner was managing partner at Accel Partner.

The fund will primarily focus on "early stage opportunities with the potential to define important new categories at the intersection of these dynamic forces."

Institutional investors have decided to back the new venture. Although anonymous as of the moment, the backers include prominent universtites and known foundations, said the company's press release.

"There is a paradigm shift underway: the Cloud, Mobile and Data movements are working together to transform every aspect of how businesses use technology," said Peter Wagner.

He continued to say that the incumbents will be stopped, and new names in the industry are already emerging.