Nationwide, a Columbus, Ohio-based diversified insurance and financial services company, is expanding its Venture Capital Fund to $350 million. The funding will be directed into higher-growth potential startups based on insurance and financial services to advance Nationwide’s strategy and enable even greater customer value.
“We have had tremendous interest from start-ups 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.
He further added, “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.”
In 2015, Nationwide began its capital initiative and became successful in creating a $100 million venture capital in 2017. The 100 million venture capital fund focused on insurtech and fintech start-ups that supported six areas which include Digital Infrastructure, Home Solutions, Living in Retirement, Small-and-medium sized businesses, Telematics and Fleet Management & Cybersecurity and risk
“Nationwide’s initial venture capital investments continue to unlock new sources of value – both to Nationwide and the start-ups 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.” Nationwide’s venture capital has invested in 25 companies and helped facilitate 31 startups and Nationwide business units partnerships which helped them grow and become successful.