Assurant Ventures, the corporate venture capital arm of US-headquartered insurance firm Assurant, revealed yesterday it has now invested $100m altogether.
Formed in 2015 as Assurant Growth Investing, Assurant Ventures provides funding for companies developing technologies focused on insurance as well as the consumer connectivity, automotive and housing sectors.
The unit has backed more than 20 companies, three of which – online automotive marketplace Cazoo, smart home technology producer SmartRent and real estate technology provider Doma – have agreed reverse takeovers in the past two months at valuations exceeding $2bn.
Bob Lonergan, chief strategy and risk officer for Assurant, said: “Our initial premise was to help startups achieve their goals by leveraging the unique position Assurant has across the entire value chain of major consumer purchases and decisions, such as buying a home, vehicle, mobile device or appliance, or renting an apartment or participating in the sharing economy.
“We are excited about the value-added partnerships we’ve created with a best in-class set of portfolio companies to collaborate, share insights, pilot new innovations and provide access to our large customer base across multiple distribution channels.
“Building on the tremendous successes we have achieved since inception, our plan is to grow our role as a catalyst for new solutions that solve emerging consumer needs.”
