What American Family Ventures does

American Family Ventures (AFV) is the corporate venture capital arm of American Family Insurance, operating under the legal entity New Ventures, LLC. Founded in 2010 and headquartered in Madison, Wisconsin, AFV manages over $700 million in assets under management on behalf of limited partners whose insurance premium base represents $70 billion. The firm spent its first eight years as a single-LP vehicle backed by American Family Insurance and has operated for the past six-plus years as a multi-LP institutional venture platform, with a current roster of Fund IV as its latest capital vehicle.

AFV invests in early-stage insurtech and adjacent technology companies, with a stated focus on insurance technology innovation, AI, data analytics, digital distribution, and operational automation. Initial check sizes range from $250,000 to $10 million, and the firm is actively deployed across at least 80 portfolio companies while reviewing more than 1,500 companies annually. Recent disclosed activity includes backing Chamber Cardio (value-based cardiology), Venteur (ICHRA), Comeryx (AI-native MGA), Elysian (AI-native TPA), and Qumis (commercial insurance AI), spanning healthtech and insurtech infrastructure.

The firm's business model is standard institutional venture: it earns management fees on committed capital and carries a share of profits from successful exits. Beyond capital, AFV differentiates through a 24+ member Advisory Network that embeds portfolio founders into the American Family Insurance ecosystem, and the firm operates a multi-office US footprint spanning Madison, Boston, Chicago, Minneapolis, New York, and Philadelphia. AFV's strategic role is to bridge carrier-side expertise and distribution with startup innovation, making it both an investor and a commercial channel for its portfolio.

Name

American Family Ventures

Legal name

New Ventures, LLC

Website

http://amfamventures.com/

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

American Family Ventures (AFV) is the corporate venture capital arm of American Family Insurance, investing $250K-$10M in early-stage insurtech and adjacent technology companies. With over $700M AUM, 80+ portfolio companies, and a 24+ member Advisory Network, AFV bridges carrier-side expertise with startup innovation across the US.

Ownership category

akta.pro rank

Product category

Venture Capital (Insurance Technology Focus)

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)

akta.pro secondary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

Keywords

• Venture capital investing
• Insurtech investments
• Early stage funding
• Corporate venture capital
• Insurance technology

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment Management: American Family Ventures generates returns through equity investments in early-stage insurtech and adjacent technology companies. As a VC firm, revenue is derived from management fees on AUM and carried interest on successful fund returns.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

American Family Ventures is a corporate venture capital firm that invests equity capital in early-stage startups transforming the insurance industry and adjacent verticals. It deploys $250,000 to $10 million checks from incubation through growth stages via multi-LP funds, and supplements capital with the AFV Advisory Network of 24+ industry advisors providing strategic guidance, network access, and mentorship to portfolio founders.

Product overview

American Family Ventures is a venture capital firm specializing in insurance technology investments. The firm operates as a multi-limited partner model, providing investment capital through AFV Fund IV (with first checks ranging from $250,000 to $10 million) and supporting portfolio founders through the AFV Advisory Network, which offers strategic guidance, mentorship, and industry connections. The portfolio includes companies across core insurance, adjacent markets, and enabling technologies.

Differentiator

Problem solved

Functional benefit

Products and services

• AFV Fund IV AFV Fund IV is the fourth investment fund managed by American Family Ventures, deploying equity capital of $250,000 to $10 million into early-stage startups transforming the insurance industry and adjacent verticals. The fund is structured as a multi-LP institutional vehicle.
• AFV Advisory Network The AFV Advisory Network is a strategic advisory program that connects AFV portfolio founders with 24+ accomplished industry advisors offering strategic guidance, network expansion, coaching, and mentorship across insurance, healthcare, financial services, technology, real estate, and consulting sectors.

Quantifiable outcome

• Over $700M AUM with LPs representing $70B in premium
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MassMutual Ventures: Corporate venture arm of MassMutual focused on insurtech, fintech, and healthcare innovation with similar early-to-growth stage check sizes and carrier-strategic positioning directly comparable to AFV.
• Munich Re Ventures: Corporate venture arm of Munich Re Group investing globally in insurance technology, data analytics, and risk-focused startups with a comparable insurer-as-LP thesis to AFV.
• Liberty Mutual Strategic Ventures: CVC of Liberty Mutual Insurance investing in insurtech, mobility, and property innovation with similar strategic-bridge positioning and check sizes as AFV.
• Nationwide Ventures: Corporate venture capital arm of Nationwide focused on insurance innovation, financial services, and emerging technology with a directly comparable carrier-strategic investment model.
• MetLife Ventures: Corporate VC arm of MetLife investing in insurance, health, and employee benefits technology with analogous strategic positioning to AFV within the carrier ecosystem.
• Allianz Life Ventures: Corporate venture and innovation arm of Allianz Life focusing on insurtech, health, and digital experiences with structural parallels to AFV's carrier-strategic investment thesis.
• State Farm Ventures: CVC arm of State Farm focused on insurance innovation and emerging technology with comparable P&C carrier-strategic investment focus and direct comp to AFV.
• MTech Capital: Specialist venture capital firm focused exclusively on insurance technology worldwide; frequently co-invests alongside AFV (e.g., as lead on Qumis round), making it a directly comparable insurtech peer.

Broad incumbents

• IA Capital Group: Specialist insurtech venture capital and strategic advisory firm with insurance industry executive backing—broader incumbent offering fund management plus M&A advisory that overlaps with AFV's strategic-bridge role.
• Core Innovation Capital: Venture capital firm focused on financial services and insurtech innovation serving underserved markets; broader fintech-incumbent peer with thematic overlap to AFV's insurance and adjacent-vertical focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/american-family-insurance
• Xx.com/AmFamVentures

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments100 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about American Family Ventures