GCV Rising Stars 2022: Josh Lumer

Josh Lumer is a principal at US-based property and casualty insurer Allstate’s corporate venture capital (CVC) unit Allstate Strategic Ventures (ASV), having joined in 2019 as a senior associate. He concentrates on mobility, the internet of things (IoT) and the gig economy, among others.

Soon after beginning his exploration into the world of venture capital, Lumer quickly realised that CVC offered a unique platform that would allow him to learn from some of the world’s brightest entrepreneurs and shape corporate strategies to influence the evolution of markets and drive societal impact.

On the broader corporate venturing prospect, Lumer remarked: “With capital more readily available than ever, CVCs like ASV have never been better positioned to offer differentiated value to portfolio companies as key commercial and distribution partners with deep domain expertise, providing early-stage companies the competitive advantage they need to win at the next level.”

Tarik Galijasevic, managing director for ASV, said of Lumer: “Today, Josh is the team’s point person on new mobility models, connected home, connected vehicle and alternative distribution. In just two years, Josh has built a tremendous network in the entrepreneurial community bringing us significant deal flow in the spaces he focuses on.”

Lumer explained the early-stage investments he led on behalf of ASV have not only resulted in strong financial returns for the unit and commercial relationships with Allstate but also helped protect consumers data and privacy in the increasingly connected world.

“I have been especially proud to support our portfolio companies in raising follow-on rounds and developing strategies to emerge from the pandemic with more resilient business models while maintaining rapid growth,” Lumer continued. “I have also been fortunate to become a trusted strategic partner across Allstate’s businesses and have directly supported the development of strategies and product roadmaps for several teams now.

“Lastly, I would note that our portfolio continues to provide top-tier financial returns in addition to the substantial strategic value in the form of meaningful cost savings, increased revenue and elevated technological capabilities.”

To make the corporate venturing industry more competitive, he advised: “Codifying CVC best practices, standard terms, among others, will provide all participants in the ecosystem with greater transparency.

“This could reduce the barriers to entry for corporates considering launching a CVC group and eventually lead to standardisation globally where CVC teams become as common and indispensable as corporate development divisions. Greater transparency will also allow the best startups to find the right corporate partners and reduce reticence some financial VCs maintain toward working with corporates.”