MassMutual Ventures (MMV) announced today a second $100 million fund with which it will continue to build on its successful strategy of investing in early- and growth-stage companies in the insurance, benefits, financial services, enterprise software and cyber security sectors.
The new funding, provided by parent company Massachusetts Mutual Life Insurance Company (MassMutual), doubles MMV's total capital under management to $200 million, and provides MMV the ability to back an additional 20 to 25 companies in North America, Europe and Israel.
"We're excited to be able to significantly expand the size and scope of our fund. This new capital allows us to invest in additional companies that have the ability to generate positive returns for MassMutual," said MMV Managing Director, Doug Russell. "We will continue to seek companies that have the potential to both disrupt and/or fundamentally change the industries in which MassMutual and its subsidiaries operate."
"This investment strategy aligns well with MassMutual's diversified, prudent long-term investment approach," added Russell. "Furthermore, MMV's active and ongoing participation in the innovation economy continues to provide valuable insights and partnerships for our parent company, which help to enhance its long-term market position and provide value for its policyowners and customers."
In the U.S., MMV acts as a lead investor or syndicate partner; outside of the U.S., MMV co-invests alongside top-tier, local lead investors that can provide portfolio companies with the "boots-on-the-ground" support many startups can benefit from. MMV, which was launched by MassMutual in 2014, has a current portfolio consisting of 20 investments representing nearly $80 million in invested and reserved capital.
Reflecting the increased capital under management, MMV has hired a new associate, Marybeth Egan. Egan will work with the team to both source and conduct due-diligence on potential investment opportunities and manage the existing MMV portfolio. Egan was previously an associate at KKR & Co. L.P., and began her career as an investment analyst with Prudential Capital Group.
About MassMutual Ventures
MassMutual Ventures backs entrepreneurial companies that are transforming the insurance and investment services markets through technology and business model innovation. Key areas of investment focus include insurance and benefits, financial services, enterprise software and cyber security technology. We lead or join investments into companies that are poised to create significant enterprise value through differentiated innovation and focused execution. Massachusetts Mutual Life Insurance Company (MassMutual) is the parent company of MassMutual Ventures. Entrepreneurs interested in working with MMV can contact the investment team directly at ventures@massmutual.com.
