InsurTech-focused venture capital firm IA Capital Group has raised a total of $150m for three funds to invest in the various sectors of the insurance technology market.
The three funds include Inter-Atlantic Stonybrook Insurtech Ventures, which will focus on property and casualty InsurTech; Inter-Atlantic G Fund, a single LP fund investing in life, annuity and retirement InsurTech; and Inter-Atlantic Ivy, another single LP fund focusing on later-stage opportunities in InsurTech and FinTech.
The New York-based firm has not disclosed how much was raised for each of the funds, which represent the IA Capital’s sixth, seventh and eighth investment vehicles respectively.
Stonybrook Capital served as placement agent for the Stonybrook Insurtech Ventures fund.
IA Capital targets revenue generating companies in North America and typically participates in Series A, B, and C funding rounds. The firm also occasionally launches and incubates its own startups.
IA Capital managing partner Andrew Lerner said, “Our insurance company investors benefit from our cornerstone focus on financial returns coupled with strategic insight into InsurTech.
“Our entrepreneurs appreciate working with a financially-motivated independent VC firm while capitalizing on strategic connections into our insurance company partners.”
IA Capital was founded in 1992 and initially went by Inter-Atlantic Group. The VC has previously backed InsuTechs such as Authentic4D, Compstak, Wellthie and Credit Sesame.
Earlier this year, IA Capital joined other investors in a $43m Series B round for Auto insurance platform Clearcover.
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