MassMutual headquarters in Springfield, Massachusetts / Photo credit: MassMutual
A 167 year-old US insurance company is getting in on Southeast Asia’s booming tech scene by launching its own venture capital fund in the region.
The Massachusetts Mutual Life Insurance Company (MassMutual) today unveiled MassMutual Ventures Southeast Asia (MMV SEA), the regional arm of its VC unit MassMutual Ventures.
Launching with US$50 million in capital, MMV SEA expects to invest in 10 to 15 startups over the next three years. It’s mainly targeting tech companies that are raising their series A and B rounds in the financial services, insurance, healthcare, and enterprise software fields.
The fund’s initial US$50 million is provided out of MassMutual’s general investment account.
MMV SEA is based in Singapore and is led by managing directors Ryan Collins – previously head of Asia at Lab of Forward Thinking, insurance firm Manulife’s incubator – and Anvesh Ramineni, former head of investments at Openspace Ventures.
MassMutual Ventures’ existing US-based fund currently has US$200 million under management, which is invested across North America, Europe, and the Middle East. Its one disclosed exit to date was the US$88 million sale of Israeli cybersecurity startup Solebit to UK cloud services firm Mimecast in July this year.
MassMutual is also the parent of OppenheimerFunds, an asset management firm which has invested in Singapore-based ride hailer Grab’s ongoing series H round.
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
