Insurance providers Aflac, Sumitomo Life and Nürnberger have contributed to the $90m initial close of an insurance technology-focused fund being raised by UK-based venture capital firm Anthemis.
Founded in 2010, Anthemis now has more than $500m in assets under management and more than 100 portfolio companies in the financial technology sector, about a third of which are insurance-related.
The fund is expected to reach a final close later in 2020, according to Reuters. Aflac invested through its corporate venturing subsidiary, Aflac Global Ventures, and fellow insurer Daido Life Insurance Company is involved with the fund as an associate.
Anthemis Insurance Venture Growth Fund I will invest in later-stage insurance tech businesses, beyond the traditional pre-seed to series B remit of earlier Anthemis funds.
The firm’s exits include Climate Corporation, a provider of meteorological and soil information for insurance purposes. It was bought by agricultural product supplier Monsanto, now part of Bayer, in 2013.
Earlier corporate-backed Anthemis funds include the $106m Anthemis Venture Fund I, which was part-anchored by financial services provider UniCredit and which reached its $60m first close in 2016.
Nadeem Khan, president of Aflac Global Ventures, said: “Anthemis has developed a strong investment track record, at the intersection of innovation and insurance.
“As we look ahead to the next wave of transformation, we are confident that Anthemis will continue to be at the forefront of the industry.”