MTech Capital, a Los Angeles, CA- and London, UK-based venture capital firm, held the initial closing of its InsurTech venture fund with $75m of capital commitments.
Three anchor investors including CNA Financial Corporation, NN Group, and a top-3 global insurance company participated in the fundraise which has a final target of $150m.
Founded by Kevin McLoughlin and Brian McLoughlin, MTech Capital focuses on technology-enabled investment opportunities with potential to transform the insurance industry.
Kevin McLoughlin spent 22 years in insurance investment banking, most recently as the Global Head of Insurance Investment Banking at Bank of America Merrill Lynch, and prior to that, as Global Head of Insurance Banking at Citigroup. He also spent 7 years as an executive at AIG.
Brian McLoughlin was a partner at Upfront Ventures for 14 years, specializing in investing in early-stage companies in the fintech sector. He and his partners at Upfront raised $375m across two funds and managed more than $700 million while he was at the firm. He has also invested directly in over 15 fintech and insurtech companies.