$100 million in funding to focus on venture capital activities
State Farm® Announces Launch of State Farm Ventures LLC
State Farm, the largest insurer of cars and homes in the U.S., has announced the launch of a $100 million venture capital initiative through its newly formed State Farm Ventures.
State Farm Ventures will focus on investing in startups developing technologies and products in order to fulfill customer needs in ways they wouldn’t think possible with their insurance company. State Farm continually looks to evolve toward the future by finding new ways to provide more value to customers.
Led by Michael Remmes, Innovation Executive, State Farm Ventures will focus on several key areas, with the goal of providing new and innovative products and solutions to customers.
“Throughout our history, continuous innovation and adaptation has positioned State Farm as the leader in a highly competitive industry,” says Remmes. “In today’s rapidly changing marketplace, we recognize that even more innovation and adaptation are required to be relevant to customers in the future.”
To inquire, contact: StateFarmVentures
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its 19,200 agents and 59,000 employees serve approximately 84 million policies and accounts – over 81 million auto, fire, life, health and commercial policies and over 2 million financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2020 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.