AXA Venture Partners (AVP), the venture capital arm of insurer AXA, has raised $150m for its s Early Stage Fund (AVP Early Stage II), as part of a strategy to invest in early-stage insurtech start-ups.

Earlier in 2015, the company through its first Early Stage Fun raised a $110m capital that has been successfully used.

The company plans to use the funds to invest in pre- and early-revenue start-ups, in enterprise SaaS, consumer platform and SME solutions, with a special focus on fintech and digital health.

AVP Early Stage II will invest up to $6m per company with a focus on start-ups operating in North America, Europe and Israel.

AXA Venture Partners managing partner Francois Robinet said: “This fundraise was completed at a record speed with existing and new investors.

“This is a strong vote of confidence for our team and strategy, and a recognition of what has been achieved with our first Early Stage Fund.

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“We plan to hold a second closing with additional new investors. This fundraise strengthens AVP’s positioning as a leading player for ambitious entrepreneurs across Europe and North America.”

As of now, AVP has invested in 40 companies such as Hackajob, K4Connect, Futurae and growth stage companies like Zenjob, Phenom People and Happytal.