IA Capital announces initial close of Inter-Atlantic Opportunity Fund I
VC firm IA Capital Group announced the initial close of Inter-Atlantic Opportunity Fund I, its 11th fund. The fund is anchored by QBE Insurance Group through QBE Ventures, the group’s corporate venture development and investment arm.
The Opportunity Fund targets what IA Capital sees as a widening gap in late-stage fintech and insurtech: as generalist and corporate investors have shifted their attention elsewhere, well-run companies with real revenue have fewer natural sources of growth capital and liquidity.
The fund invests in companies in fintech, insurtech and adjacent sectors, primarily at Series B and later. It makes primary investments in companies IA Capital knows well through its portfolio, its network of funds and limited partners, and long-standing founder relationships, and buys secondary positions from existing holders seeking liquidity, including corporate venture programs that have stepped back from the sector. IA Capital’s investment team, led by General Partner Ravi Shah, has closed two Opportunity Fund investments to date: Panacea, a US-based financial platform built for doctors, dentists and veterinarians and their practices, and Aurora, a UK-based algorithmic underwriting platform that automates P&C underwriting.
IA Capital launched its first fund in 2000 and has had strategic investing relationships with insurers since 2014. In addition to the Opportunity Fund, the firm manages three multi-LP funds for 23 insurers and two single-LP funds for Prudential Financial and Goldman Sachs Alternatives.
“We believe there is a significant opportunity to build a more flexible model for corporate venture investing. We bring infrastructure, network, and investment experience to partners seeking meaningful exposure to innovation, complementing what they already do well.” – Andy Lerner, Managing Partner at IA Capital Group.
“A number of corporate venture programs have retrenched over the past few years, often because the investments were disconnected from the core business and strategy. Our thesis has always been to work closely with our business and invest in strategic partnerships that have the potential to significantly accelerate the delivery of our core priorities. The Opportunity Fund complements this approach – it lets us move quickly and enables us to back strong companies as other investors step back.” – James Orchard, Chief Executive Officer of QBE Ventures.
