MassMutual Ventures, the strategic investment vehicle for US-headquartered insurance firm Massachusetts Mutual Life Insurance, formed a $50m fund yesterday to invest in Southeast Asia-based startups.
Singapore-based MassMutual Ventures Southeast Asia is expected to invest in between 10 and 15 companies in the next three years, participating in series A and B stage rounds for developers of enterprise software, digital health, financial and insurance technology.
In addition to investing, the subsidiary will also assist existing MassMutual Ventures portfolio companies in entering the region. The overall MassMutual Ventures entity now has $250m of funds under management.
The new unit will be co-led by managing directors Ryan Collins and Anvesh Ramineni and supervised by Doug Russell, a managing director at MassMutual Ventures. Collins was head of Asia for insurer Manulife’s Loft incubator while Raminneni was head of investments for Singapore-based VC fund OpenSpace Ventures.
Russell said: “This new fund underscores our commitment to building a true global MassMutual Ventures platform, which will identify successful startup companies that align with MassMutual’s prudent investment strategy, providing the best returns for our company.
“As venture capital continues to flow through all sectors around the globe, we are poised to take advantage of global products, solutions and trends.”
