Avanta Ventures Announces $225M Fund II
Venture capital firm’s second fund brings assets under management to over $300M
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Avanta Ventures, the venture capital arm of CSAA Insurance Group, today announced a $225M early-stage Fund II, bringing its assets under management to over $300M.
Avanta Ventures’ primary investment sectors are insurtech, mobility, and risk-adjacent sectors such as fintech, cybersecurity, smart home, and applied artificial intelligence. Prioritizing innovative business models that attract emerging customer segments, Avanta Ventures invests $1M-$10M in early-stage companies at the Seed, Series A and Series B stages, with the ability to lead deals, while also reserving significant capital for follow-on investment to continue to support its portfolio.
“We’re looking to connect with new and aspiring companies that have built a differentiated product,” said Sanjiv Parikh, managing partner of Avanta Ventures. “We’re ready to talk with promising startups where we can add value and help them progress to their next stages, driving growth for the portfolio company and for CSAA.”
Avanta Ventures’ investment team brings 50+ years of combined venture capital and entrepreneurial operating experience. Parikh, as well as Avanta Ventures Partner Steve Bernardez, have been repeatedly included on the annual Global Corporate Venturing Powerlist of the top 100 corporate venture groups worldwide. Additionally, Avanta Ventures team members David Li and Pooja Shah have been named two of this year’s Global Corporate Venturing Top 50 Rising Stars, selected from almost 20,000 industry professionals.
“When we founded Avanta Ventures in 2017, I envisioned a venture arm that would leverage the external startup ecosystem to amplify CSAA’s innovation strategy and capabilities,” said Debbie Brackeen, chief strategy and innovation officer, CSAA Insurance Group. “Avanta Ventures has allowed us to invest in companies where we add unique value via partnership engagement with CSAA’s product, operations, marketing and distribution units.” Avanta Ventures is part of Brackeen’s strategy to bring all of CSAA’s innovation functions under one roof, enabling accelerated growth for CSAA.
Avanta Ventures’ Fund I was a $75M fund in 2017 focusing on early-stage companies in the Seed and Series A stages. The Fund I portfolio includes companies such as:
- Cowbell – Cowbell delivers standalone, state-admitted cyber insurance. Its AI-powered continuous underwriting platform maps threats and risk exposure to coverages and enables agents to deliver policies tailored to the unique needs of each customer in less than five minutes.
- Kin – Kin Insurance is an insurtech startup that uses public data and machine learning to simplify homeowners insurance, leveraging thousands of data points to recommend the appropriate coverage for every home.
- RapidSOS – RapidSOS provides an emergency platform connecting IoT devices to first responders and 911 dispatch centers across the United States. RapidSOS’s delivery of accurate location and other data to 911 dispatchers enables faster emergency responses to save lives.
In addition to its venture fund investments, Avanta Ventures operates an accelerator called Avanta Studios. The accelerator works with pre-seed companies to help them achieve key milestones, such as product market fit, customer and partner engagement, and initial institutional venture financing. Numerous Avanta Studios participants have gone on to raise venture capital, including Delos Insurance, which received seed investment from Avanta Ventures.
About Avanta Ventures
As the venture capital arm of CSAA Insurance Group, Avanta Ventures invests deep industry expertise, resources, and financial support to create products and services that offer extraordinary value to the AAA Members of today – and those of tomorrow. As an affiliate of CSAA Insurance Group, Avanta Ventures is aligned with one of the top personal lines property and casualty insurance underwriters in the United States, and part of the AAA ecosystem that serves over 61 million members.
Avanta Ventures is committed to transforming how AAA Members manage their risks, and providing new solutions to life’s uncertainties.
Liam Collopy, Stanton PR, [email protected] / 415-517-9760