A new fund for insurtech, fintech startups launches with $53m backing

Altai Ventures, an early-stage venture capital firm, has closed a new insurtech and fintech fund with $53 million backing from financial and institutional partners.

Bain Capital Ventures and Century Equity Partners invested in the fund alongside a number of limited partners (LPs) across property and casualty insurance, life insurance and retirement, insurance brokerage, and commercial banking.

The fund will focus primarily on the North American market, with investments in the range of $200,000 to $500,000 for Seed rounds and $1 million to $3 million for Series A rounds.

Some of the companies Altai has backed and has provided strategic guidance to include EvolutionIQ, LULA and Newfront. Last year, Altai partnered with Accelerant, Bain Capital Ventures, and Runyon Design to launch Reserv, a third-party claims administrator (TPA) using AI and automation technology to bring efficiency and simplicity to the claims handling process.

“At Bain Capital Ventures, we help build iconic companies, not just back them. The same can be said for the team at Altai–they like to roll up their sleeves and work alongside startup founders,” said Matt Harris, partner, Bain Capital Ventures.

“What also attracted us to Altai was their operating experience and knowledge of the insurtech space. We’re looking forward to collaborating with them on early-stage opportunities and incubations in this area.”

Oleg Ilichev, founder and managing partner of Altai Ventures, said: “We deeply believe in a principles driven business model with customer centricity at the heart of it and, as a result, have constructed a platform that can drive substantial and differentiated value for our founders and strategic partners.

“Financial institutions represent a multi-trillion dollar industry that is still at the early stages of technological transformation. Now that we’ve closed on this new fund, we’re looking forward to working with inspiring entrepreneurs and our strategic LPs to solve some of the biggest challenges in financial services.”

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