American Family Ventures launches insurance industry-backed fund
American Family Ventures (AFV) announced the launch of AFV Fund III, a $213 million venture capital fund supported by multiple limited partners that focuses on early-stage startups impacting the insurance industry. In total, AFV Fund III’s limited partners (LPs) represent over $100 billion in assets and over $25 billion in annual premium across Personal Home and Auto, Commercial Lines, Life and Annuity, and Employee Benefits.
AFV invests in early-stage startups focused on insurance and adjacent industries, such as artificial intelligence, mobility, and enterprise software. Originally formed in 2013 as the venture capital arm of American Family Insurance, AFV has invested $172 million in 65 startups over the past eight years with 16 successful exits, including an IPO and acquisitions by Google, Amazon, and Apple.
“Our LPs bring impressive expertise, scale, and capabilities,” added Reed. “We believe their partnership on Fund III accelerates our ability to support the amazing Insurtech startups being built and grown today.”
AFV’s initial Fund III portfolio includes digital insurance companies Branch and Clearcover; Wyze, a smart home device manufacturer; and Bold Penguin, a commercial insurance platform.