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Erie Insurance's corporate venture capital arm announces three new investmentsErie 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 Insurance About Touchdown Ventures View original content to download multimedia:https://www.prnewswire.com/news-releases/erie-insurances-corporate-venture-capital-arm-announces-three-new-investments-302038688.html SOURCE Erie Indemnity Company |