American Family shuts down Tenney 110
Based on information obtained by Coverager, American Family Insurance has shut down its venture studio Tenney 110. As a result, the entire build team, about 10 employees, were let go.
Tenney 110 was founded in 2019 with the goal of acquiring and building insurance-adjacent companies, specifically in the proptech space. The original plan was for American Family to own the ventures, but it was later decided to try and spin out each venture while the insurer provides funding and support. Entrepreneurs join the studio to build and launch their ventures in collaboration with the Tenney 110 team.
According to our sources, American Family is about to make a decision that might impact several of the incubated ventures. One option is providing bridge loans so the ventures have some runway to find external funding. Several of these ventures are already generating revenue.
Some of the ventures working with Tenney 110 include Barkably, a platform helping pet owners find pet-friendly apartments, and Homestake, a marketplace that connects investors with prospective home buyers.
We reached out to American Family and Tenney 110 for a comment.