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Liberty Mutual Launches Venture Capital Group

Liberty Mutual Group headquarters in Boston.Liberty Mutual Group headquarters in Boston.
Liberty Mutual Group headquarters in Boston.Courtesy of Liberty Mutual

Liberty Mutual Group has launched an in-house venture capital group to invest in early-stage companies whose products lie at the intersection of technology and services for the insurance industry. The insurance industry giant has committed an initial $150 million to the effort, whose first investment is in smart-lock maker August Home.

“We’ll have three core focus areas,” says Russ MacTough, a managing director with Liberty Mutual Strategic Ventures. “The connected home, next-generation vehicles and the on-demand economy.”

MacTough adds that the group’s goal is to invest between $1 million and $5 million per deal ― usually as a co-investor ― which could range from institutional seed rounds through Series B.

In addition to MacTough, who previously was a VP with Morgan Partners, the group’s team includes managing director and Liberty Mutual vet Dan Robinson, associate Josh Cohen (also from Liberty Mutual) and senior analyst Annabel Ye (ex-Progress Partners).

Liberty Mutual Strategic Ventures isn’t providing any details about the investment in August, except to say that it is separate from the San Francisco-based startup’s $38 million Series B funding from last year.