BrokerTech Ventures (BTV), the industry’s first broker-led convening platform and accelerator program, has partnered with leading insurtech venture capital investor ManchesterStory Group (ManchesterStory) to launch the BrokerTech Fund, LP, the first venture capital fund focused on early-stage insurtech companies developing broker-centric technology solutions. Limited Partners of the $34 million Fund include Holmes Murphy, M3 Insurance, Baldwin Risk Partners, UNICO Group, IMA Financial Group, Christensen Group, and The Graham Company.
Collectively, BTV represents 13 of the largest independently owned insurance brokerages and 14 of the largest insurance companies in North America, with a combined multi-billion dollars in annual distribution capacity. The Partners Group (TPG) was accepted into BrokerTech Ventures (BTV) as a collaborator in 2021. As TPG’s CFO Jake Shafer said at the time, “BTV will be a driving force to meet the challenges of technology development and adoption while improving the experience our customers have with the industry. Being invited to join the journey of BTV and its members is an honor and aligned with TPG’s vision of the future for the industry.”
About the BrokerTech Fund
“This is an exciting time for Holmes Murphy, BTV, and all of our partners who have worked tirelessly to get the BrokerTech Fund off the ground,” said Dan Keough, Holmes Murphy Chairman and CEO and BTV Co-Founder and Co-CEO. “We believe we’ve harnessed something special through the power of BTV. Now, using this new Fund as a catalyst for capital infusion, we’re even more bullish around the possibilities to change and innovate our industry even further and to impact the client experience even greater.”
ManchesterStory, the Fund’s General Partner, is a premier early-stage venture capital firm that manages more than $225 million in committed capital across multiple funds focused on emerging technologies in insurance, financial services, and healthcare.
“We are thrilled to team up with the owners and partners of BTV to manage the BrokerTech Fund,” said Dave Miles, Founding Partner of ManchesterStory. “BrokerTech Ventures brought front and center the voice of the broker community in insurtech innovation. With today’s launch of the BrokerTech Fund, BTV once again breaks new ground with the first-ever venture fund backed by a consortium of leading insurance brokers dedicated to helping insurance brokers better serve the needs of their insurance customers through technology.”
“Standing up a broker-focused venture fund has been M3’s vision since 2017, even before BTV fully came to life,” said Mike Victorson, M3 Insurance CEO and BTV Co-Founder and Co-CEO. “To see the BrokerTech Fund come to fruition in collaboration with Holmes Murphy and several of our BTV broker partners is nothing short of a dream come true.”
About BrokerTech Ventures
Based in the insurance nucleus of Des Moines, IA, BrokerTech Ventures (BTV) is the first broker-led convening platform and accelerator program focused on delivering innovation to the insurance broker industry. Founded in 2019, BTV provides a venue for the best minds in insurance and technology to collaborate and bring to market leading-edge ideas and solutions. BTV invests in the research and testing for each of the chosen startups, provides access to veteran industry mentors, and helps scale the technology to market through broker distribution channels. Learn more at brokertechventures.com or follow them on Twitter (@BrokerTechVen), LinkedIn, or Facebook.
Backed by more than $225 million in committed capital from insurance carriers and brokers, financial services firms, and health care institutions, ManchesterStory is a preeminent lead investor in early-stage startups driving technological innovation in insurtech, fintech, and healthtech across North America and internationally. Learn more at manchesterstory.com.