Erie Insurance launches venture capital fund to drive innovation
Erie Insurance, an auto, home, business and life insurer has announced the establishment of Erie Strategic Ventures to support visionary entrepreneurs.
The fund follows Erie’s commitment in supporting entrepreneurship and delivering innovative products, services and experiences to its customers and network of independent agents.
In a press release, it notes that Erie Strategic Ventures’ focus will span the personal and commercial insurance value chain, as well as natural adjacencies that offer potential to deliver value to ERIE customers and agents.
Initial areas of interest will include insurance innovation in risk avoidance, claims, underwriting, digital sales, agency productivity tools, and products and services for home, families and small businesses.
Moreover, while the fund is stage and geography agnostic, it will focus primarily on early-stage investments within North America.
In addition to capital, Erie Strategic Ventures will leverage ERIE’s industry leadership and value proposition to support portfolio companies. With nearly 100 years of insurance expertise, ERIE has the potential to serve both as a customer and development partner for start-ups.
“We are excited to build upon our expanding innovation efforts with the launch of this venture fund,” said Keith Kennedy, senior vice president for Next Level Innovation at Erie Insurance.
“ERIE is committed to a culture of service and our corporate values will translate well into supporting the founders we invest in.”
Additionally, Erie Strategic Ventures will partner with Touchdown Ventures – a firm that specialises in corporate venture capital, which will work closely with senior executives at ERIE on fund operations.
“We are thrilled to partner with a values-driven company such as Erie Insurance that has the scale, resources and ability to make a positive impact on the corporate venture landscape,” commented Rich Grant, co-founder and managing director of Touchdown Ventures.
“Our combined Erie Strategic Ventures team has significant insurance industry and corporate venture capital experience. We will leverage this expertise and ERIE’s unique position in the market to support entrepreneurs.”
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