BrokerTech Ventures (BTV), a broker-led convening platform and accelerator program, has joined hands with InsurTech venture capital investor ManchesterStory Group to launch the BrokerTech Fund, LP.
The venture capital fund is focused on early-stage InsurTech companies developing broker-centric technology solutions. This marks the first fund of its type.
The $34m fund has received support from several Limited Partners, including Holmes Murphy, M3 Insurance, Baldwin Risk Partners, UNICO Group, IMA Financial Group, Christensen Group, and The Graham Company. The BrokerTech Fund will provide capital infusion and act as a catalyst to bring to market leading-edge ideas and solutions to change and innovate the insurance industry further.
New insurtech VC fund created to boost industry innovation
BTV was founded in 2019 and provides a venue for the best minds in insurance and technology to collaborate and bring to market leading-edge ideas and solutions. The BrokerTech Fund, LP is expected to act as a catalyst for innovation and drive the development of broker-centric technology solutions in the insurance industry.
Last year, Insurtech Gateway, a champion of early-stage InsurTech startups, completed the first close of its Seed Fund II, which will support 20 teams over the next four years from pre-seed to Series A. The launch of the BrokerTech Fund is expected to provide additional support for early-stage InsurTechs to drive innovation and growth in the insurance industry.
Dan Keough, Holmes Murphy chairman and CEO and BTV co-founder and co-CEO, said, “This is an exciting time for Holmes Murphy, BTV, and all of our partners who have worked tirelessly to get the BrokerTech Fund off the ground. We believe we’ve harnessed something special through the power of BTV. Now, using this new Fund as a catalyst for capital infusion, we’re even more bullish around the possibilities to change and innovate our industry even further and to impact the client experience even greater.”
Dave Miles, Founding Partner of ManchesterStory, added, “We are thrilled to team up with the owners and partners of BTV to manage the BrokerTech Fund. BrokerTech Ventures brought front and centre the voice of the broker community in InsurTech innovation. With today’s launch of the BrokerTech Fund, BTV once again breaks new ground with the first-ever venture fund backed by a consortium of leading insurance brokers dedicated to helping insurance brokers better serve the needs of their insurance customers through technology.”
Join ManchesterStory at Insurtech Insights USA 2023
You can meet the investment experts at Insurtech Insights USA 2023, on June 7th and 8th at the Javits Center in New York. Jason Gross is the Vice President and Head of Platform for ManchesterStory, and he will be taking part in and the expert panel session: ‘Identifying the Next Insurtech Unicorn’.
For more information on registering – and the expert speakers taking part, click here
