State Farm Ventures expands investment fund to $200 million
State Farm Ventures is expanding its venture capital investment fund to $200 million, up from the initial commitment of $100 million in September 2018. The fund focuses on startups that align with the strategic goals of State Farm, which include helping meet customers’ needs in more ways.
State Farm Ventures was established in 2018 and has made 21 investments to date. The venture focuses on a variety of areas including mobility and transportation, residential and IoT, AI, insurtech and fintech.
“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.” – Michael Remmes, VP, State Farm Ventures.