Swiss insurer Helvetia said in a recent statement that it has set up a venture capital fund to invest in start-ups whose technology and business goals are aligned with the company’s.
The newly established digital ventures department will operate under its corporate development division and will be responsible for the proper investment of the £44 million fund.
It has already identified 25 companies that will receive funding through the venture capital (VC) initiative. The firm has plans to set up a fund management company in Luxembourg to perform VC functions.
Further, Helvetia said that its investments will target start-ups that will enhance the value of its traditional value chain, and at the same time have business models that complement that of the insurer.
“Helvetia aims for operational cooperation with all start-ups. The investments are therefore made primarily in countries in which (the firm) operates, (namely) Switzerland, Germany, France, Italy, Austria and Spain,” the insurer further said in its statement.
Group chief executive Philipp Gmür also noted, “The Helvetia venture fund will make a substantial contribution to the successful implementation of the Helvetia 20.20 strategy. In order to make use of business model innovations, we want to invest in the appropriate startups and work together with them.”
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