Pennsylvania-based Erie Insurance has launched Erie Strategic Ventures to invest in innovations in risk avoidance, claims, underwriting, digital sales, agency productivity, and products and services for home, families and small businesses.
Erie said the venture fund is stage and geography agnostic but will focus primarily on early-stage investments in North America.
Erie Strategic Ventures will partner with Touchdown Ventures, a corporate venture capital firm that will work with senior executives at ERIE on fund operations.
The typical investment will range from $1 million to $3 million. The fund will reserve capital for future financing rounds and will flexible on leading or participating in rounds.
“We are excited to build upon our expanding innovation efforts with the launch of this venture fund,” said Keith Kennedy, senior vice president for Next Level Innovation at Erie Insurance.
In addition to capital, Erie hope to serve both as a customer and development partner for startups and be able to to leverage its network of independent agents across 12 states and Washington D.C.
Erie Insurance is a Fortune 500 insurance company that generated $7.9 billion in direct written premium in 2021.
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