Erie Insurance coverage has introduced the launch of a enterprise capital fund, Erie Strategic Ventures, to help entrepreneurs designing revolutionary services and products for its prospects and community of impartial brokers.
Erie Strategic Ventures’ focus will span the non-public and industrial insurance coverage worth chain in addition to different areas that supply potential worth to Erie prospects and brokers. The fund’s preliminary areas of curiosity embody insurance coverage innovation in danger avoidance, claims, underwriting, digital gross sales, company productiveness instruments, and services and products for houses, households and small companies. Whereas the fund is stage and geography agnostic, its preliminary focus will probably be on early-stage investments in North America.
“We’re excited to construct upon our increasing innovation efforts with the launch of this enterprise fund,” stated Keith Kennedy, senior vice chairman for next-level innovation at Erie Insurance coverage. “Erie is dedicated to a tradition of service, and our company values will translate nicely into supporting the founders we put money into.”
Along with capital, Erie Strategic Ventures will leverage Erie Insurance coverage’s business management and worth proposition to help portfolio firms. Erie will search to associate with start-ups bringing revolutionary services and products to market, leveraging its community of impartial brokers throughout 12 states and Washington, D.C.
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Erie Strategic Ventures will associate with Landing Ventures, a agency that makes a speciality of company enterprise capital.
“We’re thrilled to associate with a values-driven firm corresponding to Erie Insurance coverage that has the dimensions, sources and skill to make a optimistic affect on the company enterprise panorama,” stated Wealthy Grant, co-founder and managing director of Landing Ventures. “Our mixed Erie Strategic Ventures crew has vital insurance coverage business and company enterprise capital expertise. We are going to leverage this experience and Erie’s distinctive place available in the market to help entrepreneurs.”