LOS ANGELES & LONDON--(BUSINESS WIRE)--MTech Capital is pleased to announce the initial closing of the firm’s InsureTech venture fund with $75 million of capital commitments from three anchor investors including CNA Financial Corporation, NN Group, and a top-3 global insurance company.
MTech Capital is a venture capital firm with offices in Los Angeles and London, founded by Kevin McLoughlin and Brian McLoughlin. The firm is focused on technology-enabled investment opportunities with potential to transform the insurance industry.
MTech Capital’s founders believe the insurance industry is at the very beginning of a digital transformation and that it will be comprehensive. It will likely entail technology redefining the customer experience, automating many business processes, enabling deeper insight for more accurate insurance pricing and providing the foundation for entirely new models of insurance. As a result, over the next decade MTech Capital has an opportunity to generate attractive financial returns by executing its strategy on behalf of the Fund’s investors.
Kevin McLoughlin commented: “Insurance executives understand their industry is being transformed by technology and want to be in front of developments. Insurance companies are our investors and we look forward to welcoming more of them into our InsureTech Fund. Brian and I designed the Fund with their strategic goals in mind. Our ambition is to become the preeminent venture capital firm for InsureTech entrepreneurs globally.”
MTech Capital has created parallel funds, structured as limited partnerships, based in the US and EU (Luxembourg). Brian commented: “We have three great anchor investors. We aim to take the Fund to $150 million in the course of the next 12 months as other insurance companies join us. We’re creating a highly attractive ecosystem for entrepreneurs.”
About MTech Capital
MTech Capital is a venture capital firm with offices in Los Angeles and London. We focus primarily on technology-enabled investment opportunities -- generally in early stages but not exclusively -- which we believe can transform one or more elements of the insurance industry.
Kevin McLoughlin spent 22 years in insurance investment banking, most recently as the Global Head of Insurance Investment Banking at Bank of America Merrill Lynch, and prior to that, as Global Head of Insurance Banking at Citigroup. He also spent 7 years as an executive at AIG. Kevin maintains senior level relationships across the insurance industry globally, having advised many of the largest companies during his banking career.
Brian McLoughlin was a partner at Upfront Ventures for 14 years, specializing in investing in early-stage companies in the financial technology (“FinTech”) sector. He and his partners at Upfront raised $375 million across two funds and managed more than $700 million while he was at the firm. Brian has also invested directly in over 15 Fintech and InsureTech companies.