AXA sets up €200m VC innovation fund
Written by Michelle Stevens
Insurance group AXA has launched a €200 million venture capital fund to invest in disruptive technologies within the financial sector.
AXA Strategic Ventures will dedicate money to “budding strategic innovations” in the insurance, asset management, FinTech and healthcare service industries.
The fund will be led by François Robinet, and have a presence in San Francisco, New York, London, Paris, Zurich and Berlin, with plans to extend to Asia in the near future.
AXA said it was launching the fund to harness technological disruption for the benefit of AXA Group companies. Alongside in-house developments, the division will look at startup companies who are developing new technologies and business models. AXA will then aim to provide these companies with funding expertise and market access.
Henri de Castries, chairman and CEO of AXA, explained: “Through AXA Strategic Ventures, we will leverage our global reach, capital and scale to serve as an accelerating force for startup companies which have the potential to bring new approaches to the insurance model. We are aiming through this investment to better serve our customers and improve our daily interactions with them.”
AXA has already invested in five startup companies in Europe through its ‘Seed Factory’ initiative, which launched in France in 2013. The Seed Factory will now be incorporated into AXA Strategic Ventures.