Insurance and financial services provider USAA has supplied a $2.5m anchor investment for US-based Academy Investor Network (AIN)’s debut fund, which has a $50m target, TechCrunch has reported.
AIN is an investment network of graduates from military academies. It will primarily invest in veteran-led startups operating across a variety of sectors, but also civilian-led companies developing technology for the government and defence sectors.
The network consists of graduates from the United States Naval Academy, US Military Academy, US Air Force Academy, US Coast Guard Academy and the US Merchant Marine Academy.
AIN is led by managing partners Emily McMahan and Sherman Williams. McMahan is also a venture partner at Scout Ventures, the venture capital firm that was the fund’s first limited partner.
Civic engagement platform operator Polco and student lending services provider AM Money are among the companies to have so far received funding from AIN.