Dan Reed has worked as managing director of American Family Ventures (AFV), the venture capital arm of financial services firm American Family Insurance, since the unit was founded in 2013.
AFV typically invests $250,000 to $5m in seed to series B-stage deals, backing developers of financial, cybersecurity, data analytics and internet-of-things technology. In 2020, AFV closed its $213m third fund after collecting capital from multiple limited partners (LPs).
At the time of the third fund’s launch, Reed said: “The insurance industry is embarking on profound transformation. Through Fund III, we can help LPs capitalise on this moment – both by understanding the potential of startups and by connecting them with the startup world in mutually beneficial ways.”
The unit’s recent investments include lead roles on the $5m seed round for Pendella, which develops artificial intelligence-driven solutions for the life insurance sector, as well as on the $60m venture round for home equity investment platform Hometap.
Current and former portfolio companies include automotive insurance marketplace Clearcover and insurance policy comparison service CoverHound. The latter business was acquired by insurer Brown & Brown in a $111m deal in November 2020.
Reed has worked as a strategy consultant with the Boston Consulting Group and in various strategic roles at American Family Insurance. He has experience as a principal in two start-up companies. Additionally, his work history includes hospital administration at the Mayo Clinic in Rochester, Minnesota, and a career as a professional baseball player with the Baltimore Orioles.
Reed has an undergraduate degree from Stanford University as well as an MBA with a concentration in strategic management from the University of Chicago.
