Munich Re Ventures, the corporate venturing subsidiary of Germany-headquartered reinsurance group Munich Re, closed its second fund at $500m yesterday.
The close of Munich Re Fund II means the unit now has over $1bn of assets under management. It targets investments in developers of insurance, healthcare, transport, cybersecurity, climate, commercial and industrial equipment technology.
The second fund will allow Munich Re Ventures to strengthen the portfolio development platform it set up to connect portfolio companies to executives at Munich Re and its partners. It will also extend the range of companies it backs.
Jacqueline LeSage, Munich Re Ventures’ managing director, said: “Munich Re Ventures has deep connectivity within Munich Re and the insurance industry to help our portfolio companies accelerate their businesses. We will now expand our appetite to invest in companies where the strategic relevance is further out on the horizon.
“As a result, Munich Re Ventures will be able to invest earlier, make decisions faster and provide increased access to experts and resources across the full network of Munich Re businesses and partners at the optimal time in a startup’s funding arc.”
The unit currently oversees a 23-strong portfolio which includes pet insurance provider Bought By Many, which raised $350m in June this year at a $2bn pre-money valuation, and online insurance portal Next, which was valued at $4bn as of its last round, in March.
Munich Re Ventures’ exits in the past year include digital home insurance provider Hippo Enterprises, which agreed a $5bn reverse merger in March this year, and supply data software developer ClearMetal, which was acquired by logistics software provider Project44 in May.
