Fund is predicated in Boston
Liberty Mutual Strategic Ventures (LMSV) has introduced the launch of its second enterprise capital fund this month. Spotlight its ongoing concentrate on “innovation and strategic market investments” LMSV is allocating roughly $200 million to help entrepreneurs within the property and casualty (P&C) insurance coverage sector.
“In as we speak’s dynamic threat setting, it’s much more essential to proceed to help the entrepreneurial ecosystem,” stated Liberty Mutual Insurance coverage President & CEO Tim Sweeney . “Doing so permits us to develop a deep understanding of rising dangers and developments, discover progressive options for our trade’s challenges and meet ever-changing buyer wants. I’m happy with our continued funding in the way forward for insurance coverage.”
The brand new fund follows LMSV’s preliminary $150 million fund, launched again in 2015, which has invested in insurtech corporations corresponding to August House, Roadster, Turo, Snapsheet, and Roots Automation.
Russ MacTough, managing director of LMSV, emphasised the corporate’s decade-long presence within the insurtech market and its efforts to create mutual worth for its portfolio corporations and companions. “We’ve been within the insurtech marketplace for nearly 10 years now, supporting our portfolio corporations and dealing tirelessly to create mutual worth for them and our valued companions throughout Liberty Mutual. The continued monetary help and strategic dedication of Liberty Mutual is a differentiator for LMSV and its portfolio corporations.”
Nikhil Naikal, CEO and co-founder of Kinetic, commented on his firm’s partnership with Liberty Mutual, highlighting the precious steerage and experience supplied by LMSV and Liberty Mutual’s Claims group. Sturdy partnerships are the muse for studying and experimentation to construct for the long run. “Liberty Mutual has been an incredible accomplice for us,” stated Nikhil Naikal , CEO and co-founder of Kinetic, a pioneer in extremely automated service facilities for subsequent technology mobility (EVs, AVs). “As an early-stage firm, the steerage and experience from LMSV and Liberty Mutual’s Claims group have given us a working begin within the insurance coverage vertical.”
The brand new second fund will goal early-stage funding and partnership alternatives, complementing Liberty Mutual’s numerous, international insurance coverage product portfolio. LMSV’s funding areas embody AI, Information and Automation, Cybersecurity, Power Transition, and Mobility.
