Q&A with Veronica Gabriele, associate, Munich Re Ventures
1. First, just give us a quick overview of who you work for, what you do, and how long you have been doing it.
I am currently an associate at Munich Re Ventures (MRV), the global corporate venture capital (CVC) arm of a leading reinsurer, Munich Re. I have been with the team for almost two years and have enjoyed working with everyone and learning about the multitude of insurance applications. I cover mobility, life and health insurance, and cybersecurity. These are all extremely exciting areas that are growing quickly both from a macro/investment perspective as well as emerging areas of interest within our company.
2. What attracted you to CVC?
Corporate venture capital provides insight into what is going on behind the scenes. What are corporations actually thinking, what is their acquisition strategy, and what do they build in-house vs elect to partner on? Primarily, it lends insight into the initiatives they think will move the industry to its next generation. All of these questions pulled me towards CVC. I have come to learn how to think like a potential acquirer and corporate partner through the multitude of conversations and workshops we have with our business units which allowed me to imagine and understand a company’s journey from inception to exit in more detail. I have also learned that strategy is not a one-sided mandate, and through conversation with the investment team, the art of the possible can be expanded. I have enjoyed bringing partnership and investment opportunities into the conversation which have expanded our strategy horizons.
3. What have been your greatest successes at your unit?
This year has been extremely fast-paced – I have worked on multiple net-new deals both in the US and in Europe as well as multiple follow-on opportunities. I am particularly excited about our DayForward investment as it is MRV’s first foray into life insurance. I have also joined the Inshur board as an observer and I am excited to work with the company on the operational side of rideshare insurance. One of the benefits of working at an established CVC like MRV is getting exposure to a multitude of deal types. This year I also worked on a fund-of-funds investment in a top tier cyber VC in Israel which has provided a fresh perspective on investment structures.
4. What have been your biggest challenges?
As we entered the era of work-from-home, many investors thought CVC investment appetite would decline. However, that did not happen for many of us and it was especially far from the truth at MRV. We were incredibly active this year and adapted to a schedule where “normal” working days no longer had a limit. Looking back, I judged and spoke at a conference in the middle of the night and was on the phone with lawyers to close deals at all hours of the day – boundaries no longer existed. I feel grateful for this experience and exposure.
5. What is your main professional ambition for the future?
Simply put, my goal is to have my own venture fund one day.
6. What do you think all CVCs could do better to make it a stronger industry?
Deal execution speed is key to closing. Even though CVCs have a leg up when investing as they are bringing strategic value to the table, it is always important to remember that time kills all deals. Staying on pace with other investors is crucial. Having a developed thesis before talking to startups and being aligned on the strategic engagement style are important factors to a successful investment and reputational strategy – all of which Munich Re Ventures has worked hard to put in place before we enter any new market.
7. And, finally, for colour, what did you do prior to CVC or in your spare time?
Prior to joining Munich Re Ventures, I was a venture investor at Anthos Capital, looking at consumer-facing technologies as well as cybersecurity. I graduated from NYU Stern with a degree in business and political economy and had the opportunity to live and work at startups abroad in Europe and Asia.
I am also a part of the AllRaise program and the Emerging Venture Capital Association, which currently has over 780 members. In my spare time, I enjoy watching the Great British Baking show… wishing I was a contestant and attempting to learn K-pop dances.
