Erie Strategic Ventures invests in tech-enabled pet wellness and insurance, AI-powered insurance operations and digital estate planning startups
ERIE, Pa., Jan. 18, 2024 /PRNewswire/ -- Erie Strategic Ventures, the venture capital arm of Erie Insurance (ERIE), today announced investments in three new portfolio companies: Wagmo, Roots Automation and Trust & Will.
The Erie Strategic Ventures fund, launched in August 2022, focuses on investing in the personal and commercial insurance value chain, as well as adjacencies that offer potential to deliver value to ERIE, its agents and policyholders. ERIE works with the corporate venture capital firm Touchdown Ventures to help manage Erie Strategic Ventures. The three investments announced today support startups operating in tech-enabled pet wellness and insurance, AI-powered insurance operations and digital estate planning.
"We are excited to partner with Wagmo, Roots Automation and Trust & Will," said Keith Kennedy, senior vice president for Next Level Innovation at Erie Insurance. "Erie Insurance is a relationship company, and we believe that these three relationships create numerous opportunities for mutual benefit."
Erie Insurance is a Fortune 500 auto, home, business and life insurance company that generated $8.6 billion in direct written premium in 2022. Founded in 1925, ERIE is the nation's 12th largest homeowners insurer, 12th largest automobile insurer, and 13th largest commercial lines insurer based on direct premium written. ERIE is rated A+ (Superior) by A.M. Best and has more than six million policies in force and a network of over 13,000 independent agents across 12 states and Washington, D.C.
In addition to providing capital, Erie Strategic Ventures leverages ERIE's industry leadership and value proposition to support portfolio companies. With nearly 100 years of insurance expertise, ERIE can serve both as a customer and development partner for startups. ERIE seeks to identify and support additional projects in the years ahead to bring innovative products and services to market.
Learn more about Erie Strategic Ventures at www.erieinsurance.com/ventures.
About Erie InsuranceAccording to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 12th largest homeowners insurer, 12th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia. News releases and more information are available on ERIE's website at www.erieinsurance.com.
About Touchdown VenturesTouchdown Ventures partners with corporations to manage their venture capital programs. Touchdown works closely with each corporation to help achieve the financial and strategic benefits from venture capital investments. The firm maintains offices in Los Angeles, Philadelphia, and San Francisco. More information on Touchdown can be found at www.touchdownvc.com.
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SOURCE Erie Indemnity Company