State Farm has announced the launch of a $100 million venture-capital initiative through its newly formed State Farm Ventures.
State Farm Ventures will invest in start-ups developing technologies and products that fulfill customer needs in ways customers wouldn’t think possible with an insurance company, according to the firm. State Farm Ventures will be led by Michael Remmes, innovation executive, and will focus on providing innovative products and solutions to State Farm customers.
“Throughout our history, continuous innovation and adaptation has positioned State Farm as the leader in a highly competitive industry,” Remmes said. “In today’s rapidly changing marketplace, we recognize that even more innovation and adaptation are required to be relevant to customers in the future.”