Erie Insurance launches venture capital fund

Erie Insurance, an auto, home, business and life insurance company based in Erie, Pennsylvania, announced the establishment of Erie Strategic Ventures to support “visionary entrepreneurs.”

Erie Strategic Ventures’ focus will span the personal and commercial insurance value chain as well as natural adjacencies that offer potential to deliver value to Erie customers and agents. Initial areas of interest include insurance innovation in risk avoidance, claims, underwriting, digital sales, agency productivity tools, and products and services for home, families and small businesses. The fund is stage and geography agnostic but will focus primarily on early-stage investments in North America. The typical investment will range from $1M to $3M+.

In addition to capital, Erie Strategic Ventures will leverage Erie’s industry leadership and value proposition to support portfolio companies.

Erie Strategic Ventures will partner with Touchdown Ventures, a firm specializing in corporate venture capital, which will work closely with senior executives at Erie on fund operations.

“We are excited to build upon our expanding innovation efforts with the launch of this venture fund. Erie is committed to a culture of service and our corporate values will translate well into supporting the founders we invest in.” – Keith Kennedy, senior vice president for Next Level Innovation at Erie Insurance.

“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. 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.” – Rich Grant, co-founder and managing director of Touchdown Ventures.