(Image credit: Tim Kiser.)
BrokerTech Ventures (BTV, Des Moines), the industry’s first broker-led convening platform and accelerator program, has partnered with Des Moines-based InsurTech venture capital investor ManchesterStory Group 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.
“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,” comments, 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 an 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,” says Dave Miles, Founding Partner, 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.”
Fulfillment of the Vision
“Standing up a broker-focused venture fund has been M3’s vision since 2017, even before BTV fully came to life,” comments Mike Victorson, CEO, M3 Insurance 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.”