Erie Insurance has announced the launch of a venture capital fund, Erie Strategic Ventures, to support entrepreneurs designing innovative products and services for its customers and network of independent agents.
Erie Strategic Ventures’ focus will span the personal and commercial insurance value chain as well as other areas that offer potential value to Erie customers and agents. The fund’s initial areas of interest include insurance innovation in risk avoidance, claims, underwriting, digital sales, agency productivity tools, and products and services for homes, families and small businesses. While the fund is stage and geography agnostic, its initial focus will be on early-stage investments in North America.
“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.”
In addition to capital, Erie Strategic Ventures will leverage Erie Insurance’s industry leadership and value proposition to support portfolio companies. Erie will seek to partner with start-ups bringing innovative products and services to market, leveraging its network of independent agents across 12 states and Washington, D.C.
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Erie Strategic Ventures will partner with Touchdown Ventures, a firm that specializes in corporate venture capital.
“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,” said 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.”