American Family Ventures, the corporate venture capital arm of US-based insurance firm American Family, has raised more than $162m for a VC fund, according to a securities filing yesterday.
The fund, dubbed AmFam VC Fund III LP, has taken in $162.5m from four investors and has set a $200m target for its close.
The unit emerged from stealth in 2014 with a $50m first fund, but has not disclosed details concerning the size of its second fund or whether it featured external limited partners. It operates as an early-stage investment vehicle, typically supplying up to $5m per deal at seed to series B stage.
American Family Ventures has 22 companies in its portfolio including online auto insurance provider Clearcover, which raised $43m in a January 2019 series B round, and insurance price comparison platform CoverHound, which secured $58m the following month.
The unit has exited online rental services platform Cozy, heating, ventilation and air conditioning zoning technology developer Keen Home and data and analytics software provider Networked Insights, the latter through an acquisition by American Family itself.
