Global Corporate Venturing Rising Stars Awards 2017: Russell MacTough

The power of good role models is hard to overstate. For Russell MacTough, managing director at Liberty Mutual Strategic Ventures (LMSV), the $150m corporate venture capital unit of US-based insurer Liberty Mutual’s global consumer markets business, he was “fortunate enough to work alongside one of the best CVCs in the business, Bill Taranto of Merck GHI, while I was at Silicon Valley Bank”.

He added: “Seeing how CVC married corporate strategy with venture capital investing was really exciting and since that time I have wanted to get into a CVC role.”

It took MacTough a little time to find his way into corporate venturing but joined LMSV in July 2015 ahead of its launch.

Previously, he spent about 18 months as a vice-president at fintech specialist Morgan Partners having previously spent six years at Silicon Valley Bank becoming founder and head of CVC advisory services business in the Boston region near Taranto’s office.

Daniel Robinson, managing director of mergers and acquisitions and venture investments at Liberty Mutual Insurance, said: “Russ played a critical role in the launch of LMSV this past year. He has been instrumental in crafting a vision and embodying a culture/approach that supports both the start-up ecosystem and Liberty Mutual’s innovation efforts alike. Russ will continue to be the driving force to continue expanding our venture efforts as we deepen LMSV’s presence within the venture community.”

MacTough added: “Since we are brand new in the market our greatest success is that entrepreneurs and other investors like working with us, and that has opened many doors for us. Launching the fund and closing our first four investments were all tactical wins, but for us to truly succeed long-term our reputation amongst our peers is critical.

“Any CVC, and especially a new one without a track record, needs to be 100% transparent with the market and if you say you are going to do something you had better deliver.”

These four deals included auto claims assistant Snapsheet’s $20m series C round, home awareness sensor maker Notion’s $3.2m seed round and smart locks maker August’s round.

But with technology helping out around the house might be useful given MacTough’s family life. “Before I had kids I had a lot of interests. I cannot quite remember what they were because, happily, I now invest whatever free time I have in my family.”