Texas-based insurance distribution and underwriting company MarketScout have launched a $25m InsurTech-focused fund.
The initial $25m of the MarketScout InsurTech Venture Fund will be used to focus on technology-enabeld insurance distribution. This first wave of capital for the vehicle has been exclusively funding by MarketScout Corporation.
With this vehicle the company is expecting to make around 10 to 12 investments.
MarketScout founder and CEO Richard Kerr said, â€œMarketScout was founded as a web-enabled insurance exchange back in 2000. Over the past seventeen years, we have learned a lot about how to successfully deploy technology in the insurance space. We will use that experience to help MIT evaluate startup InsurTech companies seeking capital, guidance, and support.
This is the second insurance firm to take a punt at InsurTech investing, with last week State Auto Labs also launching a $25m venture vehicle to invest in the space. The companyâ€™s fund is in collaboration with Rev 1 Ventures and will back companies which connects, collects and communicates with people, vehicles and homes.
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