Northwestern Mutual announced on Thursday it designated $50 million to launch the Northwestern Mutual Future Ventures, which will be dedicated to engaged startups that’s technologies have the potential to transform how consumers experience and achieve financial security.
According to the insurance company, the venture fund’s multiyear commitment will focus on innovation to build greater digital relevance for clients, increase data-driven decision making and create back-end efficiencies with the goal of creating greater value for its more than 4 million clients. Each of the venture’s investment, which will range between $500,000 and $3 million, will fund digital solutions to help accelerate innovation and create value for the company’s clients.
Rebecca Porter, vice president of corporate strategy and chairperson of the investment committee for Northwestern Mutual Future Ventures, stated:
“We want to make it easier for Americans to know what financial security is and how to achieve it. We’re bringing together the strength and scale of a 160-year-old Fortune 100 company with leading-edge innovations of startups to transform financial planning through our trusted advisors and relevant digital tools.”
Northwestern Mutual noted that the venture fund would focus on four priority investment areas consumers’ changing preferences, reimagining the client experience, the digital health revolution and transformational analytics and technologies. The company also noted it has been ramping up investments in and relationships with early stage companies, following its 2015 acquisition of LearnVest. Porter added:
“We have already seen substantial benefits through LearnVest and other investments, and our goal is to continue tapping into innovators that share our passion for helping people through innovation.”