Last updated on July 2nd, 2019 at 09:05 pm
Milwaukee-based Northwestern Mutual Life Insurance Co. announced Thursday it is planning $50 million in venture capital investments in startups that “have the potential to transform how consumers experience and achieve financial security.”
The company is forming Northwestern Mutual Future Ventures to make the investments over multiple years. Each investment will range from $500,000 to $3 million and will be focused on consumers’ changing preferences, re-imagining the client experience, the digital health revolution and transformational analytics and technologies.
“We want to make it easier for Americans to know what financial security is and how to achieve it,” said Rebecca Porter, vice president of corporate strategy and chairperson of the investment committee for Northwestern Mutual Future Ventures. “We’re bringing together the strength and scale of a 160-year-old Fortune 100 company with leading-edge innovations of startups to transform financial planning through our trusted advisors and relevant digital tools.”
The company said it was increasing its focus on early stage companies in light of its 2015 acquisition of LearnVest, a personal finance software company.
“We have already seen substantial benefits through LearnVest and other investments, and our goal is to continue tapping into innovators that share our passion for helping people through innovation,” Porter said.