MassMutual Ventures (MMV), the corporate venture capital vehicle formed by US-based insurance firm Massachusetts Mutual Life Insurance Company, launched a second $100m fund on Tuesday.
The move doubles the amount of capital the unit has under management, and follows the launch of its first fund in 2014. It estimates it will be able to fund another 20 to 25 companies with the extra funding
MMV targets companies developing products or technology focused on insurance, digital health, financial services and benefits, cybersecurity and enterprise software based in North America, Europe or Israel.
Doug Russell, managing director of MMV, said: “We will continue to seek companies that have the potential to both disrupt and/or fundamentally change the industries in which MassMutual and its subsidiaries operate.”
Russell added: “MMV’s active and ongoing participation in the innovation economy continues to provide valuable insights and partnerships for our parent company, which help to enhance its long-term market position and provide value for its policyowners and customers.”
The unit has so far committed almost $80m to 20 portfolio companies, including data protection platform Digital Guardian, equity trading service IEX, risk management software provider RiskIQ and One, a developer of software for the insurance industry.
The expansion of MMV’s capital reserves was disclosed alongside the hiring of Marybeth Egan as an associate. Egan, who was previously an associate at private equity firm KKR, will source investment opportunities and conduct due diligence on potential targets.