Background: IAG is the largest general insurance company in Australia and New Zealand. It underwrites over $12.6 billion of premium per year. And insurers like NRMA, CGU and SGIO sit under its wing.
What happened: IAG launched its first startup investment fund back in 2016... and now it's time for round 2. This crew are sinking $75 million into a second venture capital fund.
What else: The new fund is all about two things: giving IAG exposure to new technologies and - of course - making it rain 💸💸. So far, the VC fund has made 33 investments across 18 companies.
💡Corporate venture capital (or CVC for short) is when a corporate invests their own company funds into external startup companies.
💡Generally, this is because that small company has something the CVC wants. Ya know, like an innovative products...special skills...you name it.
💡In return, the startup gets cash to grow the business, management guidance, marketing expertise... And IAG ain't the only ones. Seek has Seek Investments, Telstra's got Telstra Ventures and CBA has its x15 division.
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