PruVen Capital's first fund had one corporate backer. Its second sees contribution from multiple insurance companies.
PruVen Capital, a US venture fund targeting the financial services, insurance, property and healthcare sectors, has launched a second fund of $378.5m with the backing of multiple insurance companies.
When PruVen Capital was set up in 2020 with a $300m fund, US insurance company Prudential Financial was its sole backer. The new fund represents an expansion beyond the corporate. Investments are expected to start later in September.
New limited partners include US insurance companies TIAA, Lincoln Financial and Mutual of Omaha. Japanese insurer Nippon Life and and Italian insurer Generali also contributed, as did the US-UK company Willis Towers Watson.
The first fund invested globally, focusing on the US, Europe, Latin America and Southeast Asia, in startups across all stages.
Its portfolio companies include Pismo, a Brazilian fintech company which made a payments processing platform, and KarmaCheck, provider of software for making background checks on employees. Pismo was acquired by the US payments company Visa for $1bn in 2023.
