Erie Insurance launches venture capital fund

Erie Insurance has launched Erie Strategic Ventures to invest in startups focused on personal and commercial insurance.

Erie Strategic Ventures' areas of interest include risk avoidance, claims, underwriting, digital sales, products and agency productivity tools, amongst others. The fund will primarily focus on early-stage North American-based companies. 

"We are excited to build upon our expanding innovation efforts with the launch of this venture fund," said Keith Kennedy, senior vice president for Next Level Innovation at Erie Insurance, in a statement. "ERIE is committed to a culture of service and our corporate values will translate well into supporting the founders we invest in."

ESV will also use its industry connections to support its portfolio companies and plans to serve as both customer and development partner for the startups. The fund will also partner with Touchdown Ventures, a corporate venture capital firm, on operations.

"We are thrilled to partner with a values-driven company such as Erie Insurance that has the scale, resources and ability to make a positive impact on the corporate venture landscape," noted Rich Grant, co-founder and managing director of Touchdown Ventures, in a statement. "Our combined Erie Strategic Ventures team has significant insurance industry and corporate venture capital experience. We will leverage this expertise and ERIE's unique position in the market to support entrepreneurs."