New $34m insurtech VC fund to invest in broker-centric technology
BrokerTech Ventures, a broker-led platform and accelerator programme, has partnered with insurtech venture capital investor ManchesterStory Group to launch a new VC fund focused on investing in early-stage insurtechs developing broker-centric technology solutions.
Limited Partners of the $34 million BrokerTech Fund include Holmes Murphy, M3 Insurance, Baldwin Risk Partners, UNICO Group, IMA Financial Group, Christensen Group, and The Graham Company.
ManchesterStory manages more than $225 million in committed capital across multiple funds focused on emerging technologies in insurance, financial services, and healthcare.
Dave Miles, founding partner of ManchesterStory, said: “We are thrilled to team up with the owners and partners of BTV to manage the BrokerTech Fund. BrokerTech Ventures brought front and center the voice of the broker community in insurtech innovation. With today’s launch of the BrokerTech Fund, BTV once again breaks new ground with the first-ever venture fund backed by a consortium of leading insurance brokers dedicated to helping insurance brokers better serve the needs of their insurance customers through technology.”
Dan Keough, Holmes Murphy chairman and CEO and BTV co-founder and co-CEO,commented: “This is an exciting time for Holmes Murphy, BTV, and all of our partners who have worked tirelessly to get the BrokerTech Fund off the ground. We believe we’ve harnessed something special through the power of BTV. Now, using this new Fund as a catalyst for capital infusion, we’re even more bullish around the possibilities to change and innovate our industry even further and to impact the client experience even greater.”
Mike Victorson, M3 Insurance CEO and BTV co-founder and co-CEO, added: “Standing up a broker-focused venture fund has been M3’s vision since 2017, even before BTV fully came to life. To see the BrokerTech Fund come to fruition in collaboration with Holmes Murphy and several of our BTV broker partners is nothing short of a dream come true.”
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