COLUMBUS, Ohio, Feb. 11, 2021 /PRNewswire/ -- Nationwide is announcing it is expanding its venture capital investment fund to $350 million. 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.
"We have had tremendous interest from startups to partner with us and help them accelerate their success – not only through our capital but also our brand and expertise," said Nationwide CEO Kirt Walker. "Nationwide's history is built on numerous breakthroughs. We're excited about the opportunities to identify and accelerate insurtech and fintech solutions that will help better protect people, businesses and futures with extraordinary care."
Nationwide's venture capital journey
Nationwide's venture capital investment initiative began in 2015 with the formation of the ventures team. In 2017, Nationwide announced the creation of a $100 million venture capital investment fund, focusing its investments on insurtech and fintech startups that support six thematic areas:
"Nationwide's initial venture capital investments continue to unlock new sources of value – both to Nationwide and the startups with which we partner," said Mike Mahaffey, Chief Strategy and Corporate Development Officer. "Our ventures team has developed and implemented a successful strategy of identifying the strongest companies in which to invest – ones that have already begun producing products and solutions to help our customers and distribution partners. These additional funds will enable the venture team to expand and accelerate that work."
To date, Nationwide's venture capital team has invested in 25 companies and has helped facilitate 31 partnerships between startups and Nationwide business units.
"Our strong relationships with our business partners give us a clear advantage in our venture capital investments. We focus on startups that can help meet the ever-changing needs of Nationwide's customers," said Erik Ross, leader of Nationwide's venture capital team. "In addition to delivering strong financial returns, the venture capital team has proven to be a trusted partner to Nationwide's business units, collaborating with great entrepreneurs to bring mutually beneficial partnerships to life. Our business partners and our founders are our customers and best references - we'll continue to do our best to help them both be successful."
Nationwide's venture capital 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.
Nationwide's Corporate Development mission
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. These groups look for unique collaboration opportunities that help business units meet new or developing customer needs. These collaborations are enabled by Nationwide's best-in-class digital infrastructure, which allows Nationwide to provide a unique digital experience for partners and their customers.
Tech startups interested in partnering with Nationwide can visit https://www.nationwide.com/cps/nw-ventures.html for more information.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
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