Broker-led convening platform and accelerator programme BrokerTech Ventures (BTV) has teamed up with insurtech venture capital investor ManchesterStory Group to launch the $34m BrokerTech Fund.
This is claimed to be the first venture capital fund that is focused on early-stage insurtech companies which develop technology solutions for brokers.
Among the limited partners of the fund include M3 Insurance, Holmes Murphy, UNICO Group, IMA Financial Group, Baldwin Risk Partners, Christensen Group, and The Graham Company.
BTV co-founder and co-CEO, Holmes Murphy chairman and CEO Dan Keough said: “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.”
The fund’s general partner, ManchesterStory, is an early-stage venture capital firm.
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It handles more than $225m in committed capital across several funds focused on emerging technologies in insurance, financial services, and healthcare.
ManchesterStory founding partner Dave Miles said: “We are thrilled to team up with the owners and partners of BTV to manage the BrokerTech Fund.
“BrokerTech Ventures brought front and centre the voice of the broker community in insurtech innovation.
“With the 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.”
BTV co-founder and co-CEO, M3 Insurance CEO Mike Victorson said: “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.”