Altai Ventures, an early-stage venture capital firm has closed a $53 million fintech and InsurTech fund.
Bain Capital Ventures, Century Equity Partners invested in the fund alongside a number of limited partners across P&C insurance, life insurance and retirement, insurance brokerage, and commercial banking.
The fund will focus primarily on the North American market, with investments in the range of $200,000 and $500,000 for seed rounds and $1 million to $3 million for Series A rounds.
Some of the companies that Altai has previously backed and provided strategic guidance to includes, EvolutionIQ, a leader in AI-driven claims guidance that helps injured and disabled individuals return to the workforce.
The firm has also previously provided support to LULA, an integrated suite of insurance infrastructure tools used to build and maintain insurance programs, as well as Newfront, a tech-enabled commercial insurance and benefits brokerage.
“One of the things that attracted us to Altai is that our investment philosophies are very much aligned. At Bain Capital Ventures, we help build iconic companies, not just back them. The same can be said for the team at Altai–they like to roll up their sleeves and work alongside startup founders,” said Matt Harris, Partner, Bain Capital Ventures.
“What also attracted us to Altai was their operating experience and knowledge of the InsurTech space. We’re looking forward to collaborating with them on early-stage opportunities and incubations in this area.”
“We deeply believe in a principles driven business model with customer centricity at the heart of it and, as a result, have constructed a platform that can drive substantial and differentiated value for our founders and strategic partners,” said Oleg Ilichev, Founder and Managing Partner of Altai Ventures.
“Financial institutions represent a multi-trillion dollar industry that is still at the early stages of technological transformation. Now that we’ve closed on this new fund, we’re looking forward to working with inspiring entrepreneurs and our strategic LPs to solve some of the biggest challenges in financial services.”
