Israel-based venture capital firm FinTLV has closed its second fund at $120m, with commitments from insurance companies including Clal Insurance, Ayalon Insurance, MS&AD, FWD, Reale Mutua and LB Group.
Accounting firm BDO Israel and investment firms Psagot and Poalim Capital Markets also committed capital to the fund, alongside undisclosed institutional and private investors.
Founded in 2016, FinTLV is focused on investing in growth-stage insurance and financial technology developers. It is active globally and said it invested about $200m over the course of 2020.
The firm’s 2020 deals included $50m investments in a $150m series E round for Hippo in July and a $250m series D round for fellow digital insurer Next Insurance two months later, as well as a contribution to a $207m series C round for no-code software development platform Unqork in October.
Gil Arazi, founding partner at FinTLV, said: “The insurance industry is a huge industry undergoing a fundamental disruption.
“The revenue of the US insurance industry is five times larger than that of the banking industry, yet the technology used by most insurance companies is antiquated. The leading insurtech companies drive this revolution.”