Corporate venture capital fund established to invest $100 million in innovative financial services businesses
(Springfield, MA) – Massachusetts Mutual Life Insurance Company (MassMutual) announced today the formation of MassMutual Ventures LLC (MMV), a $100 million corporate venture capital firm with the mandate to back startups and entrepreneurial businesses whose technologies have the potential to transform MassMutual’s core insurance, retirement and asset management businesses.
MMV is managed by Doug Russell, MassMutual’s Senior Vice President, Strategy and Corporate Development; Eric Emmons, who joins MMV after serving as the head of Siemens Venture Capital North America for the past five years, and Mark Goodman, who founded and managed two technology-focused venture capital funds, Terawatt Ventures and Brookline Ventures. MMV will manage its worldwide investments from its offices in Boston.
“By actively investing in those businesses that are innovating and leading change in our industries, MassMutual will gain valuable insight into new technologies and business models that will ultimately benefit our policyowners and customers,” said Russell. “MMV enables MassMutual to build meaningful and long-term relationships with these potential business partners, and to keep abreast of the rapid technological changes affecting our industries.”
MMV will focus on investments in financial technology, consumer internet, digital health and cybersecurity.
“The insurance and investment services markets are on the cusp of significant technology-driven change, and MMV provides MassMutual an opportunity to help develop and implement new platforms and product offerings,” said Emmons.
Entrepreneurs interested in working with MMV can learn more about the fund at www.massmutualventures.com.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.