Munich Re Ventures announces new $125 million fund from HSB

Munich Re Ventures, the venture capital arm of Munich Re, announced a new $125 million fund from its founding limited partner, HSB, which will invest in Built World startups focusing on equipment and technology that de-risks and optimizes performance in property, industry, and related supply chains, as well as cybersecurity and technologies driving toward a resilient future.

This new fund, the second from HSB and the fifth overall for the firm, brings MRV’s assets under management to $1.2 billion.

Several investments from the inaugural HSB Fund I ultimately went on to reach unicorn status, including cyber insurance and security provider, At-Bay, industrial manufacturing intelligence company, Augury, and telco company, Helium Mobile. IoT data analytics company, Mnubo, was also acquired by AspenTech in 2019.

Two recent additions to the Munich Re Ventures team will lead activities on behalf of the firm. Jennifer Place, Principal, will oversee the HSB Funds, as well as lead investments for the Built World sector, more generally. With ten years of experience investing in transformative technologies across the Built World, Energy, and Industrial sectors, Jennifer is uniquely positioned to lead these efforts. Adam Care, VP & Head of Portfolio Development for the HSB Funds, will cultivate partnerships between the MRV portfolio and HSB. Having spent 12 years working on client management and innovation at HSB, his skillset, network, and knowledge will prove a substantial asset for the MRV portfolio.

“Ten years ago, it was HSB Fund I that provided the initial capital which founded Munich Re Ventures as a firm. Now, a decade on, we feel immense pride in the accomplishments of the incredible founders we’ve supported, as well as the partnerships they’ve built with HSB that are accelerating new visions for insurance. We are more committed than ever to backing the companies and teams that are most thoughtfully innovating at the intersection of risk and technology.” – Jacqueline LeSage, Managing General Partner of Munich Re Ventures.

“HSB is constantly on the lookout for innovative technologies and business models that predict and prevent breakdown of the equipment that our customers rely on in their businesses and everyday lives. As part of this ongoing effort, we’re delighted to see the launch of Munich Re Ventures’ HSB Fund II, which will help us build upon our collaborations with bold entrepreneurs that are creating solutions for problems both new and old.” – Greg Barats, President and CEO of HSB.