Insurance group Axa has provided $150m for the second early-stage fund to be run by its corporate venturing subsidiary, following its $110m AVP Early Stage I fund in 2015.

Axa Venture Partners (AVP), the corporate venturing arm of France-headquartered insurance group Axa, has raised $150m for the first close of its second early-stage fund.

AVP Early Stage II has already collected more capital than its predecessor, which closed at $110m in 2015 with commitments from undisclosed new and existing investors.

Formerly known as Axa Strategic Ventures before rebranding in April 2018, AVP now manages $600m in assets and has backed more than 40 companies. It invests through growth…