Northwestern Mutual is increasing its focus on disruptive technologies in the financial services industry. The company has launched a $150 million VC fund to form Northwestern Future Ventures Fund II — a lofty extension of its venture capital fund launched in 2017.
The new fund is slated to advance the company’s investment strategy and attract startups whose technologies transform how people experience and achieve financial security.
“We’re committed to transforming the client experience to drive change within the financial services industry,” said Souheil Badran, Northwestern Mutual executive vice president and chief innovation officer. “This additional capital will allow us to build on the success of Northwestern Mutual Future Ventures and invest in new technologies that have the ability to accelerate growth and advance innovation so we can create what’s next for our clients, financial representatives and employees.”
Investments will range from $500,000 up to $5 million. Beyond capital, Northwestern Mutual is seeking to bring its expertise and resources to startups in Series A or B funding rounds.
The partnerships will focus on four strategic investing areas:
- Consumers’ changing financial preferences
- Reimagining the client experience
- Transformational analytics and technologies
- The digital health revolution
“Changing client expectations are driving the need to reevaluate how all financial firms do business,” said Northwestern Mutual Venture Partner Craig Schedler. “To deliver on these expectations, we must invest in the right innovations that will have the greatest positive impact for our clients and empower them to take control of their personal finances.”
Since launching two years ago, Northwestern Mutual Future Ventures has completed investments in 14 startups and deployed more than $43 million in capital.
