Australia-listed insurance provider IAG has committed $75m for its second corporate venture capital fund.
IAG Firemark Ventures has already made its first investment from its second fund, backing US-based Plnar, which uses computer imagery to created three-dimension renderings of home interiors.
The insurer set up IAG Firemark Ventures in 2014 before rolling out a $75m debut fund in 2016 under Ron Arnold, who left in 2020 and replaced as head by Scott Bishop last year following Danielle Handley’s promotion.
Firemark has made 33 investments across 18 portfolio companies and had six exits from its first fund, including the sale of real estate marketing tech company ActivePipe to US-based MoxiWorks, according to local press Australian Financial Review (AFR).
Scott Gunther, general partner at IAG Firemark Ventures, told AFR: “We invest in startups to bring their capability inside the corporate to transform how we deliver insurance to customers.
“Proof that we have been able to embed those benefits are in the 13 commercial agreements we have across the companies and IAG. We create mutual value.”
IAG is just one CVC in Australia. In July, Tennis Australis also entered the arena, launching Wildcard Ventures, following Commonwealth Bank of Australia’s x15 venture division, QBE Ventures, NAB Ventures, Westpac’s Reinventure, Australian Unity’s Future of Healthcare fund (established in 2020), SEEK Investments and the first, in late 2011, by phone operator Telstra.
