The venture firm has launched a new $100 million dollar fund
MassMutual Ventures, the funding arm of Springfield-based parent company Massachusetts Mutual Life Insurance Company (better known as MassMutual), announced the creation of a new fund this week, focused on investing in “early and growth – stage companies” in the insurance, benefits, financial services, enterprise software and cyber security sectors.
“We’re excited to be able to significantly expand the size and scope of our fund. This new capital allows us to invest in additional companies that have the ability to generate positive returns for MassMutual,” said MMV Managing Director, Doug Russell. “We will continue to seek companies that have the potential to both disrupt and/or fundamentally change the industries in which MassMutual and its subsidiaries operate.”
“This investment strategy aligns well with MassMutual’s diversified, prudent long-term investment approach,” added Russell. “Furthermore, MMV’s active and ongoing participation in the innovation economy continues to provide valuable insights and partnerships for our parent company, which help to enhance its long-term market position and provide value for its policyowners and customers.”
This injection of cash doubles MMV’s total capital amount under management
With the addition of the second $100 million fund, MassMutual Ventures (MMV) now boasts $200 million of total capital under management. The additional fund will now allow MMV to back an additional 20-25 companies throughout North America, Europe and Israel.
MMV was launched by MassMutual in 2014 and currently boasts a portfolio of 20 investments with approximately $80 million in invested and reserved capital.
MMV also announces a new hire to help with the second fund
As a result of the increased capital under management, MMV has announced the hiring of Marybeth Egan. Ms. Egan joins the venture fund as an associate and will work to both source and conduct due-diligence on both existing as well as potential new investments opportunities for the fund.
Prior to joining MMV, Ms. Egan was an associate at KKR & Co. L.P. Her career first began as an investment analyst with Prudential Capital Group.
MMV’s investments in Massachusetts
While MMV says it currently has approximately $80 million invested in 20 investments, the following is a list of the companies MMV has as featured investments on its website:
Of these 17 start-ups, seven are based in Massachusetts:
Agency Checklists has profiled two of these startups, Apliant and Insurify: