PruVen Capital closes new fund

VC firm PruVen Capital has closed a new $378.5 million Fund II to invest in financial services and enterprise-focused startups.

PruVen was launched in 2020 with the sole backing of Prudential Financial, which committed $300 million in capital to invest in emergent technology startups in North America, Europe, Japan, Singapore and Australia.

With this second fund, PruVen is expanding beyond a corporate fund with one main LP into one supported by multiple financial and insurance LPs. Prudential is the lead investors but the fund now includes TIAA, Lincoln Financial, Generali, Nippon Life, Mutual of Omaha and Willis Towers Watson.

Since launching, the VC firm invested in ~25 startups such as Newfront, Bilt Rewards, and Avibra.