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American Family Ventures launches insurer-backed venture capital fund

21st August 2020 - Author: Katie Baker

American Family Ventures (AFV) has announced the launch of AFV Fund III, a $213 million venture capital fund.

american-family-insurance-logoThe fund is supported by multiple limited partners that focuses on early stage startups impacting the insurance industry.

AFV Fund III’s limited partners (LPs) represent over $100 billion in assets and over $25 billion in annual premium across Personal Home and Auto, Commercial Lines, Life and Annuity, and Employee Benefits.

Dan Reed, managing director, commented: “The insurance industry is embarking on profound transformation. Through Fund III, we can help LPs capitalize on this moment — both by understanding the potential of start-ups and by connecting them with the start-up world in mutually beneficial ways.

“Our LPs bring impressive expertise, scale, and capabilities. We believe their partnership on Fund III accelerates our ability to support the amazing Insurtech start-ups being built and grown today.”

AVF is an investor in early-stage start-up companies. They mainly focus on insurance and adjacent industries, such as artificial intelligence, mobility, and enterprise software.

Originally formed in 2013 as the venture capital arm of American Family Insurance, AFV has invested $172 million in 65 startups over the past eight years with 16 successful exits, including an IPO and acquisitions by Google, Amazon, and Apple.

AFV’s initial Fund III portfolio includes digital insurance companies Branch and Clearcover; Wyze, a smart home device manufacturer; and Bold Penguin, a commercial insurance platform.

Steve Lekas, Branch founder and CEO of AFV added: “AFV was a pioneer in bringing venture capital to insurance. Their experience lets them see the opportunities technology is creating in our industry, and they’ve built a platform that accelerates its effects and captures the benefits for their LPs.

“Branch is proud to be partnered with AFV because of their expertise in our space, their appreciation for the fundamental value of insurance in our society, and their vision of an Insurtech future.”

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