US-based life insurance provider Massachusetts Mutual Life Insurance launched a $100m corporate venturing unit on Thursday that will invest in developers of technology for insurance, retirement and asset management.
MassMutual Ventures (MMV) will invest in startups operating in the financial technology, consumer internet, digital health and cybersecurity sectors.
The firm will be co-managed by Doug Russell, MassMutual’s senior vice president for strategy and corporate development, Eric Emmons, who was previously the head of corporate venturing unit Siemens Venture Capital North America, and Mark Goodman, the founder of venture capital funds Terawatt Ventures and Brookline Ventures.
Emmons said: “The insurance and investment services markets are on the cusp of significant technology-driven change, and MMV provides MassMutual an opportunity to help develop and implement new platforms and product offerings.”
MMV’s launch comes just a month after MassMutual announced plans to commit $6.5m to Massachusetts-based startups through a local fund, Springfield Venture Fund, and an accelerator called Valley Venture Mentors.