Nationwide has introduced that it’s increasing its enterprise capital funding fund to $350 million. The funding shall be directed to high-growth-potential insurance coverage and monetary companies start-ups that advance Nationwide’s technique.
“We’ve got had super curiosity from start-ups to associate with us and assist them speed up their success – not solely by way of our capital but additionally our model and experience,” mentioned Nationwide CEO Kirt Walker. “Nationwide’s historical past is constructed on quite a few breakthroughs. We’re excited in regards to the alternatives to establish and speed up insurtech and fintech options that may assist higher shield individuals, companies and futures with extraordinary care.”
Nationwide’s enterprise capital initiative started in 2015. In 2017, the insurer introduced the creation of a $100 million enterprise capital funding fund, specializing in insurtech and fintech start-ups that supported six areas:
- Digital infrastructure
- Residence options
- Residing in retirement
- Small and medium-sized companies
- Telematics and fleet administration
- Cybersecurity and danger
“Nationwide’s preliminary enterprise capital investments proceed to unlock new sources of worth – each to Nationwide and the start-ups with which we associate,” mentioned Mike Mahaffey, chief technique and company growth officer. “Our ventures workforce has developed and applied a profitable technique of figuring out the strongest firms by which to take a position – ones which have already begun producing merchandise and options to assist our clients and distribution companions. These extra funds will allow the enterprise workforce to broaden and speed up that work.”
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Since launching its enterprise capital initiative, Nationwide has invested in 25 firms and has helped facilitate 31 partnerships between start-ups and Nationwide enterprise models.
“Our sturdy relationships with our enterprise companions give us a transparent benefit in our enterprise capital investments,” mentioned Erik Ross, chief of Nationwide’s enterprise capital workforce. “We deal with start-ups that may assist meet the ever-changing wants of Nationwide’s clients. Along with delivering sturdy monetary returns, the enterprise capital workforce has confirmed to be a trusted associate to Nationwide’s enterprise models, collaborating with nice entrepreneurs to deliver mutually useful partnerships to life. Our enterprise companions and our founders are our clients and finest references. We’ll proceed to do our greatest to assist them each achieve success.”