State Farm® doubles its venture capital efforts
Expands investment fund to $200 million
Bloomington, IL, Jan. 27, 2022, State Farm Ventures® announces the expansion of its venture capital investment fund to $200 million, up from the initial commitment of $100 million in September 2018. The fund focuses on start-up companies that align with the strategic goals of State Farm, which include helping meet customers’ needs in more ways.
“Throughout our 100-year history, continuous innovation and adaptation has positioned State Farm as the leader in a highly competitive industry. We recognize that investing in innovation is key to our continued success of serving our customers, and we look forward to discovering additional opportunities for investment in diverse and creative start-up companies that promote safety and security in our communities,” says Michael Remmes, Vice President, State Farm Ventures.
State Farm Ventures was established in 2018 and has made 21 investments to date.
State Farm Ventures Mission:
Inspired by our Ventures’ mission to Go Beyond Possible®, our goal is to meet the ever-growing needs of our diverse customer base. We invest in companies that disrupt conventional modes of operation to help each of us live smarter, safer and better lives.
We encourage start-ups to approach our team to discuss how we can assist their efforts to improve the lives of our customers. Go to: https://ventures.statefarm.com/
State Farm Ventures focus areas include, but are not limited to:
Mobility & Transportation – As the leading automobile insurer, we look to invest in technologies, services and capabilities that improve vehicle/pedestrian safety, enhance our ability to underwrite and handle claims more efficiently, and allow us to enter new markets, including connected vehicles, cyber-security, and payments.
Residential & IOT – As the leading homeowner insurer, we seek to invest in emerging technologies, including the Internet-of-Things (IOT) to help reduce claim frequency and severity and allow our customers to live safer and better lives.
Artificial Intelligence – We look to invest in new technologies, such as machine learning, natural language processing, and virtual reality that can bring improved simplicity and service to our customers, agents, and employees.
Insurtech/Fintech – We seek to invest in new technologies that expand our market leading ability to provide products and services to our customers.
See additional focus areas and a portfolio of investments: https://ventures.statefarm.com/
About State Farm Ventures, LLC
State Farm Ventures focuses on investing in start-ups developing technologies and products to fulfill customer needs in ways they may not expect from their insurance company. State Farm Ventures, LLC is a wholly-owned subsidiary and registered trademark of State Farm Mutual Automobile Insurance Company.
For 100 years, the mission of State Farm has been and continues to be 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 more than 19,400 agents and approximately 53,400 employees serve over 87 million policies and accounts – which includes auto, fire, life, health, commercial policies and 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. 42 on the 2022 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.