After a decade of investing in companies at the intersection of risk and technology, Munich Re Ventures (MRV), the venture capital arm of Munich Re Group, has closed its fifth fund of $125 million from its founding limited partner, HSB.
The funding will be used to invest in Built World startups focusing on equipment and technology that de-risks and improves efficiency in property, industry, and related supply chains, as well as cybersecurity and technologies that drive towards a resilient future.
This new fund, the second from HSB and the fifth overall for the firm, brings MRV’s assets under management to $1.2 billion.
Jacqueline LeSage, Managing General Partner of Munich Re Ventures, commented: “Ten years ago, it was HSB Fund I that provided the initial capital which founded Munich Re Ventures as a firm. Now, a decade on, we feel immense pride in the accomplishments of the incredible founders we’ve supported, as well as the partnerships they’ve built with HSB that are accelerating new visions for insurance.
“We are more committed than ever to backing the companies and teams that are most thoughtfully innovating at the intersection of risk and technology.”
A number of investments from the inaugural HSB Fund I went on to reach unicorn status. These include cyber insurance and security (InsurSec) provider, At-Bay, industrial manufacturing intelligence company, Augury, and telco disruptor, Helium Mobile.
IoT data analytics company, Mnubo, was also acquired by AspenTech in 2019.
Greg Barats, President and CEO of HSB, said: “HSB is constantly on the lookout for innovative technologies and business models that predict and prevent breakdown of the equipment that our customers rely on in their businesses and everyday lives.
“As part of this ongoing effort, we’re delighted to see the launch of Munich Re Ventures’ HSB Fund II, which will help us build upon our collaborations with bold entrepreneurs that are creating solutions for problems both new and old.”
HSB focuses on risk mitigation and the prevention of equipment breakdown, to support this venture, they have established successful partnerships with several MRV portfolio companies.
With the new HSB Fund II, MRV furthers its commitment to backing founders working at the intersection of equipment technology and resilience.
This fund is to focus on solutions that boost the operational efficiency, durability, and predictive maintenance of our built world, critical infrastructure, and industrial assets.
Jennifer Place, Principal, will leverage her ten years of experience investing in transformative technologies across the Built World, Energy, and Industrial sectors, to oversee the HSBunds, as well as lead investments for the Built World sector, more generally.
As VP & Head of Portfolio Development for the HSB Funds, Adam Care, will cultivate partnerships between the MRV portfolio and HSB.
His 12 years of experience in client management and innovation at HSB will prove a substantial asset for the MRV portfolio, the firm noted.
