The venture capital arm of insurance giant MassMutual is planning to invest in up to 25 more tech startups after raising its second $100 million fund.
MassMutual Ventures announced on Tuesday that it has closed its second fund, doubling the capital under its management to $200 million. With the new fund, the firm plans to focus on early- and growth-stage companies in the U.S., Europe and Israel that operate in a variety of sectors, including cybersecurity, financial services, insurance and enterprise software.
To date, the firm has invested $80 million into several startups across 20 investments, including insurance comparison site Insurify and insurance software provider Apliant.
"We will continue to seek companies that have the potential to both disrupt and/or fundamentally change the industries in which MassMutual and its subsidiaries operate," Doug Russell, managing director of MassMutual Ventures, said in a statement.
The firm has hired Marybeth Egan, formerly of KKR & Co., as an associate to help with sourcing and conducting due diligence on deals, as well as managing its existing portfolio.
