Venture capital fund Erie Insurance will focus on seed investments – InsuranceNewsNet

Based in Erie Erie Insurance found another way to invest.

The company, which pumped around $50 million at the federal level Opportunity Zone projects, which offer special tax incentives to invest capital gains in designated low-income areas, announced on Thursday the creation of another type of investment fund.

Erie Strategic Ventureswhich is expected to invest millions of dollars, is a fund designed to support what the company calls visionary entrepreneurs.

The fund is global but will primarily focus on early-stage investments in North America that have a link with the insurance sector.

According to a press release from Erie Insurancethe fund will focus on the personal and commercial insurance value chain as well as natural adjacencies that offer potential to create value for ERIE clients and agents. productivity tools and products and services for home, family and small business. »

Matthew Cummingsa company spokesperson said in a statement: “Erie Strategic Ventures will provide Erie Insurance with another mechanism to partner and align with entrepreneurs, shaping the future of the insurance industry and related space.”

Based on company size, Cummings said the fund’s investments are likely to vary between $1 million and $3 million and that the company would probably make four or five investments a year.

Expand its efforts

“We are excited to continue our expanding innovation efforts with the launch of this venture capital fund,” Keith KennedySenior Vice President for Next Level Innovation at Erie Insurance, said in a statement. “ERIE is committed to a culture of service and our corporate values ​​will translate well to supporting the founders in whom we invest. »

Erie Strategic Ventures will partner with Touchdown Venturesa firm specializing in corporate venture capital.

Erie InsuranceErie County’s largest employer, has raised its investor profile in recent years, investing $40 million with Boston-based Arctaris Impact Investorswhich focuses on social impact investing.

The company has also invested in the Erie Downtown Development Corp., International Recycling Group and Erie-based Whitethorn Digital, a digital game company.

Jim Martin can be reached [email protected].

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