Altai Ventures closes new insurtech and fintech fund

Altai Ventures , an early-stage venture capital firm, announced the closing of Altai Ventures Fund II, LP with $53 million in total commitments.

Investors of Altai’s latest fund consisted of financial and institutional Limited Partners (LPs), including Bain Capital Ventures, Century Equity Partners, and LPs across property and casualty insurance, life insurance and retirement, insurance brokerage, and commercial banking.

“One of the things that attracted us to Altai is that our investment philosophies are very much aligned. At Bain Capital Ventures, we help build iconic companies, not just back them. The same can be said for the team at Altai–they like to roll up their sleeves and work alongside startup founders. What also attracted us to Altai was their operating experience and knowledge of the InsurTech space. We’re looking forward to collaborating with them on early-stage opportunities and incubations in this area.” – Matt Harris, Partner, Bain Capital Ventures.

Altai Ventures, which has offices in Westport, CT, and New York City, focuses on insurtech, fintech and enterprise software for financial services. It mainly invests in Series Seed and Series A rounds.

“We deeply believe in a principles driven business model with customer centricity at the heart of it and, as a result, have constructed a platform that can drive substantial and differentiated value for our founders and strategic partners. Financial institutions represent a multi-trillion dollar industry that is still at the early stages of technological transformation. Now that we’ve closed on this new fund, we’re looking forward to working with inspiring entrepreneurs and our strategic LPs to solve some of the biggest challenges in financial services.” – Oleg Ilichev, Founder and Managing Partner of Altai Ventures.

Altai’s investments are primarily focused on the North American market, with investments in the range of $200K – $500K for Seed rounds and $1M – $3M for Series A rounds.