Amelia Gandara, who oversees strategic partnerships and operations at Nationwide Ventures, the corporate venture capital vehicle for US-based insurance and financial services group Nationwide, talked with Jim Fischer, a partner at law firm Drinker Biddle, a silver sponsor for this year’s GCVI Summit program.
Fischer opened by asking Gandara the impetus for forming the fund. Gandara said that the corporate suite was not interested in a venture unit and that she sold the idea of such a group because she knew Nationwide understood they needed to be looking at startups.
When asked about the structure of the fund, Gandara commented that they invested off the balance sheet in its simplest form. The group sought financial returns, strategic partnerships and to help people learn.
Gandara said Nationwide Ventures had a close relationship with executives and the board, but that they did not need permission to make an investment.
Upon initiating the fund, Gandara and the team joined partners and friends at events to understand the landscape. Their aim in the future would be to leverage the insights they gained so that each member of the team would narrow in and become a specialist in a specific area.