Columbus, Ohio-based diversified insurance and financial services company Nationwide is expanding its venture capital investment fund to $350m.
The funding will be directed into high-growth potential insurance and financial services startups that directly advance Nationwide’s strategy and enable even greater customer value.
Nationwide’s venture capital investment initiative began in 2015 with the formation of the ventures team. In 2017, the company announced the creation of a $100m fund focusing on insurtech and fintech startups that support six thematic areas:
- Digital Infrastructure – Investing in the advancing infrastructure behind the insurance and financial services industries in the areas of underwriting, data & analytics, alternative distribution, and more.
- Home Solutions – Assisting members in protecting and managing their most valuable assets through alternative data and analytics, risk intervention technologies, and home services solutions.
- Living in Retirement – Delivering products and services to help consumers prepare for and live better in their next stage of life.
- Small-and-medium sized businesses – Enhancing current products and solutions that protect small and medium-sized businesses (SMBs) helping them operate efficiently.
- Telematics and Fleet Management – Provideing services for consumers or businesses utilizing new types of mobility, vehicle connectivity, and telematics.
- Cybersecurity and risk – Protecting businesses and consumers from new and evolving digital exposures, risks, and attacks.
To date, Nationwide’s venture capital team has invested in 25 companies and has helped facilitate 31 partnerships between startups and Nationwide business units.
Investments include HOVER, Indico, Deep Sentinel, Planck, Upstream Security, KINETIC, Vesta Health Care, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic, Flo Technologies, Vestwell, Snapsheet, Sure, and NewRetirement.
In addition to expanding the venture capital fund, Nationwide recently aligned Corporate Development capabilities to include the venture capital, mergers and acquisitions, and strategic partnership teams.