Japan-based insurance provider Sumitomo Life has teamed up with SBI Investment, financial services firm SBI’s investment subsidiary, to form an ¥8bn ($77.1m) corporate venture capital vehicle dubbed Sumisei Innovation Fund.
The fund is set to operate for 10 years and will target digitisation, insurance and medical technology developers. SBI Investment will help source deals and make investment decisions, and Sumitomo Life will develop synergistic strategies with potential portfolio companies.
While Sumisei Innovation Fund will concentrate on mid-stage investments, it will contribute to research and development activities for startups at seed and early stage, and also partner companies in later rounds for short-term business co-creation efforts.
Sumitomo Life has already been conducting corporate venturing, having backed cryptocurrency technology provider DeCurret, medical record platform developer Plus Medi and Singapore Life, the digital insurance provider later merged with insurance firm Aviva, in 2019.
In addition, the company has made a limited partner commitment to Anthemis Insurance Venture Growth Fund I, an insurtech-oriented vehicle for venture capital firm Anthemis, in March this year.
