Switzerland-based insurance provider Baloise Group yesterday committed Sfr50m ($50m) to an investment fund that will be managed by Anthemis Group, a UK-based venture capital and advisory firm focusing on financial services technology.
Anthemis will be responsible for sourcing, executing and managing investments in startups across Europe, including the UK, and the US.
The fund, named Anthemis Baloise Strategic Ventures, will focus on companies that are strategically relevant to Baloise’s activities, which include the insurance, pension and financial services sectors.
Anthemis previously achieved a first close at $60m of its Anthemis Venture Fund I in August 2016 thanks to a contribution from financial services provider UniCredit.
Gert De Winter, group chief executive at Baloise, said: “Insurance incumbents have a unique opportunity to capitalise on lessons learned from the financial services world’s venturing successes and mistakes.
“We could not find a better partner to give us a thoughtful view on innovation in insurance and risk than the team at Anthemis Group, who are known by startups and large institutions alike for their formidable track record in investing and advising.”