Altai Ventures Launches Fund to Help Insurtech, Fintech Founders

Altai Ventures, an early-stage venture capital firm, announced the closing of Altai Ventures Fund II, LP.

The fund closed with $53 million in total commitments “surpassing its goal of $50 million.”

Investors of Altai’s latest fund “consisted of leading financial and institutional Limited Partners (LPs), including Bain Capital Ventures, Century Equity Partners, and LPs across property and casualty insurance, life insurance and retirement, insurance brokerage, and commercial banking.”

Matt Harris, Partner, Bain Capital Ventures, said:

“One of the things that attracted us to Altai is that our investment philosophies are very much aligned. At Bain Capital Ventures, we help build iconic companies, not just back them. The same can be said for the team at Altai–they like to roll up their sleeves and work alongside startup founders. What also attracted us to Altai was their operating experience and knowledge of the InsurTech space. We’re looking forward to collaborating with them on early-stage opportunities and incubations in this area.”

Altai Ventures, which has offices in Westport, CT, and New York City, “specializes in InsurTech, FinTech, and enterprise software for financial services.”

The mission of Altai is “to empower extraordinary founders to reinvent financial services through technology.”

Altai Ventures mainly “invests in Series Seed and Series A rounds, where it can leverage its operating expertise, deep industry knowledge, and strategic LPs to drive immediate, meaningful value creation.”

Oleg Ilichev, Founder and Managing Partner of Altai Ventures, said:

“We deeply believe in a principles driven business model with customer centricity at the heart of it and, as a result, have constructed a platform that can drive substantial and differentiated value for our founders and strategic partners. Financial institutions represent a multi-trillion dollar industry that is still at the early stages of technological transformation. Now that we’ve closed on this new fund, we’re looking forward to working with inspiring entrepreneurs and our strategic LPs to solve some of the biggest challenges in financial services.”

Altai’s investments are primarily “focused on the North American market, with investments in the range of $200K – $500K for Seed rounds and $1M – $3M for Series A rounds.”

Some of the companies Altai has backed and has provided strategic guidance to include:

  • EvolutionIQ, a leader in AI-driven claims guidance that helps injured and disabled individuals return to the workforce (tripled its revenue three years in a row)
  • LULA, an integrated suite of insurance infrastructure tools used to build and maintain insurance programs (recorded over 900% year over year revenue growth in 2022)
  • Newfront, a tech-enabled commercial insurance and benefits brokerage, which raised $200M in its Series D round ($2.2B Valuation)

Along with its core venture capital strategy, Altai also “incubates businesses focused on pain points not addressed in the marketplace.”

Last year, Altai partnered with Accelerant, Bain Capital Ventures, and Runyon Design “to launch Reserv, a third-party claims administrator (TPA) using AI and automation technology to bring efficiency and simplicity to the labor-intensive claims handling process.”

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