Liberty Mutual Global Consumer Markets has formed a new venture capital initiative focused on technology and the insurance industry.
Liberty Mutual Strategic Ventures (LMSV), a $150 million early stage venture fund, is aligned with the innovation strategy of Liberty Mutual Global Consumer Markets, which centers on the connected home, next-generation vehicle and sharing economy.
LMSV’s first investment is August Home, a provider of smart locks and smarter home access products and services that promise to make life easier and more secure. August Home products allow users to create virtual keys to easily grant access to house cleaners, dog walkers, delivery services, guests, friends and family—and control how long that access lasts—all from a smartphone.
Liberty Mutual said its Smart Home Discount Program rewards customers with discounts on their home insurance for adopting self-monitored theft protection devices such as August Home products.
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