American Family Ventures, the venture capital arm of Madison-based insurance firm American Family Insurance, has invested in a Mumbai-based insurance technology startup.
Turtlemint, which offers an online search-to-purchase system for buying car insurance, bike insurance, health insurance, and term life insurance, recently closed a Series D, $30 million round of funding that included AmFam, according to TechCrunch.
The round was led by California-based GGV Capital. Other investors in the round included MassMutual Ventures, SIG, Blume Ventures, Sequoia Capital India, Nexus Venture Partners and Dream Incubator.
American Family Ventures has a venture portfolio of more than 70 companies. Investments are made in the range of $250,000 to $5 million in startups focused on innovation in insurance-related services, artificial intelligence and data analytics, and internet-of-things technology, primarily around home automation.
AmFam recently raised over $200 million for a latest and third fund. The company, which is the new naming rights sponsor of the Milwaukee Brewers' home stadium in Milwaukee, reported revenue of 12.6 billion in 2019.
American Family is also the main sponsor for the Summerfest music festival in Milwaukee. The company is also opening a building on North Dr. Martin Luther King Jr. Drive in Milwaukee to be a new multi-purpose site with space for 400 employees working in claims, high-tech and community roles.
