American Family Ventures launches insurance industry-backed fund
AFV Fund III focuses on insurance innovators
(Madison, Wisconsin) (August 17, 2020) — American Family Ventures (AFV) today announced the launch of AFV Fund III, a $213 million venture capital fund supported by multiple limited partners that focuses on early stage startups impacting the insurance industry. In total, 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.
“The insurance industry is embarking on profound transformation,” said Dan Reed, managing director. “Through Fund III, we can help LPs capitalize on this moment — both by understanding the potential of startups and by connecting them with the startup world in mutually beneficial ways.”
AFV invests in early-stage startups focused 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.
“Our LPs bring impressive expertise, scale, and capabilities,” added Reed. “We believe their partnership on Fund III accelerates our ability to support the amazing Insurtech startups being built and grown today.”
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.
“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,” said Steve Lekas, Branch founder and CEO. “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.”
For further inquiries, contact contact@amfamventures.com.
About American Family Ventures
American Family Ventures is a venture capital firm focused on insurance innovation. Founded in 2013 as the direct venture capital arm of American Family Insurance, AFV invests in early-stage startups that are redefining the future of the insurance industry. AFV aims to help create category-leading companies through minority equity positions, active partnership and collaboration, an extensive Insurtech network, and a comprehensive platform of value-add programs. To learn more, visit amfamventures.com.
Disclaimer
The information published and the opinions expressed in this article are provided for informational purposes only. This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Information provided reflects American Family Ventures’ views as of a particular time. Such views are subject to change at any point and American Family Ventures shall not be obligated to provide notice of any change.
