The new fund, HSB Fund II, will target investments in Built World startups, with a focus on technologies that mitigate risk and improve performance in property, industrial operations, and associated supply chains. Additional areas of interest include cybersecurity and innovations supporting long-term infrastructure resilience.
HSB Fund II is the second fund sponsored by HSB and the fifth overall for MRV, bringing the firm’s total assets under management to US$1.2 billion.
According to Jacqueline LeSage (pictured above), managing general partner at Munich Re Ventures, the firm remains committed to supporting founders and teams innovating at the intersection of risk and technology.
"Ten years ago, it was HSB Fund I that provided the initial capital which founded Munich Re Ventures as a firm," LeSage said. "Now, a decade on, we feel immense pride in the accomplishments of the incredible founders we've supported.”
Investments from the original HSB Fund I included startups that have since reached unicorn status, such as cyber insurance and security company At-Bay, industrial analytics platform Augury, and communications provider Helium Mobile. IoT data company Mnubo, another portfolio firm, was acquired by AspenTech in 2019.
HSB has previously partnered with MRV portfolio companies on several initiatives. These include the development of a production loss guarantee for critical rotating assets in collaboration with Augury, and support for HelixIntel’s maintenance management platform, used by equipment breakdown policyholders. HSB also provides capacity for At-Bay’s insurance offerings.
The HSB Fund II initiative is expected to focus on startups developing technologies that increase operational efficiency, durability, and predictive maintenance capabilities across built environments, industrial systems, and infrastructure.
Two recent appointments to the MRV team will lead the fund's operations. Jennifer Place, principal, will oversee the HSB Funds and guide investments in the Built World sector. Adam Care, vice president and head of portfolio development for the HSB Funds, will facilitate strategic partnerships between MRV portfolio companies and HSB.
Outside of this deal, MRV has also been active in direct investments. In October, it led a US$5.26 million funding round for Inspectify, a Seattle-based property inspection and underwriting platform.
This investment made MRV the largest external shareholder in Inspectify, with MRV's managing director, Matt McElhattan, joining the company's board. Inspectify aims to modernize property inspections across various sectors, including real estate, lending, and insurance
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