State Farm Launches State Farm Ventures

State Farm has announced the launch of a $100 million venture capital initiative through its newly formed State Farm Ventures. Led by Michael Remmes, State Farm Ventures will focus on investing in startups developing technologies and products in order to fulfill customer needs “in ways they wouldn’t think possible with their insurance company.”

“Throughout our history, continuous innovation and adaptation has positioned State Farm as the leader in a highly competitive industry. In today’s rapidly changing marketplace, we recognize that even more innovation and adaptation are required to be relevant to customers in the future.” – Innovation Executive at State Farm, Michael Remmes.

Recall insurer-backed VCs here.