![]() With the help of Touchdown and how broad their visibility and network is, I think it’ll improve our ability to know who’s doing what across a wide range of things within the insurance business,” said Kennedy. “We’ve always paid attention to what’s going on in the insurance business and who’s doing what. Having the support of a seasoned firm like Touchdown to manage the fund gives Erie a reach they would likely not have otherwise. “If you think about underwriting or claims management or loss prevention – there are a number of different themes and we’re seeing a lot of activity across the board.” So it’s a pretty vibrant market across the entire value chain,” Grant told Global Corporate Venturing. “If you look at just the overall venture ecosystem, I think close to a quarter – around 20% – of all venture deals were in the financial services space. It has, however, already been in talks with companies outside North America that want to expand their relationships in the region.įor Touchdown, the fund marks the first time it does direct work within the insurance sector, though it does have experience in its team from investing in the space, according to Touchdown Ventures co-founder and managing director Rich Grant (pictured right), who notes significant venture activity in the sector. That flexibility also extends to its strategy in terms of investment stage and geography – both of which the fund is generally agnostic on but will lean towards early-stage investments in North America-based companies. By executing, we’ll learn and will evolve from there,” he said. One of the things that we want to do is make sure that we retain the flexibility to execute this in a way that’s most effective. “We’re taking step one here as we’re doing this formally for the first time. The open-ended structure of the vehicle is such that it allows flexibility to try different things and find the best approach, according to Kennedy. Currently, the team is looking to make between three and five investments each year to begin with. Typical investments will range between $1m and $3m, with reserved capacity for follow-ons. Past performance is no guarantee of future results.“As we looked at options to continue to mature how we do that, more of a formal approach to a venture fund seemed like a good next step, consistent with our desire to support startups and entrepreneurs, and also recognising that we’re going to be most effective creating the future together, both within our insurance space as well as some spaces that are adjacent to that.”Įrie had already made a handful of venture investments in recent years, which will be rolled over into the new fund, and is already in talks with new prospective investees. Investing involves the risk of loss of some or all of an investment. ![]() Nothing herein constitutes investment advice, performance data or a recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. We reserve the right to change any part of these materials without notice and assume no obligation to provide updates. While all information presented, including from independent sources, is believed to be accurate, we make no representation or warranty as to accuracy or completeness. The views reflected in the commentary are subject to change at any time without notice. It is only intended to provide education about the financial industry. The opinions expressed here are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual on any security or advisory service. Unless otherwise indicated, commentary herein reflects the personal opinions, viewpoints and analyses of the authors and should not be regarded as a description of services provided by Touchdown or its affiliates. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |