Besides Vienna Insurance Group, the other three investors and founders of VENPACE are: IDEAL Insurance Group, Provinzial Rheinland Versicherung AG and PrismaLife AG. Vienna Insurance Group holds a 25% interest in the new investment company and is thus taking the next step in its extensive digital transformation activities.
"We want to take advantage of the growing insurtech scene and its innovative ideas to further expand our range of digital products and services. We are intentionally investing in the early stage of future-oriented start-ups, in order to generate medium-term returns while spreading the risk over multiple investors," explains the CEO of VIG, Elisabeth STADLER.
VENPACE develops digital business models for the insurance industry and invests in pioneering ideas on the market. It promotes innovative solutions and help start-up teams with sustainable scaling.
The goal of the new company is to search for international start-ups operating in specified areas. VENPACE might also be used for corporate venturing aimed at realizing ideas with start-ups founded specifically for this purpose.
The initial focus will be on life insurance and digital points of contact with customers. Other criteria for the search include sales and marketing, new business models for mobility and living, and innovative insurance models.
"Start-ups pursue innovative ideas and are highly opportunity-oriented. Large companies operate based on functioning business models that often weigh possible opportunities against potential risks. We therefore see cooperation with start-ups as profitable investments and partnerships," added Elisabeth STADLER.
The new investment company will build up and manage equity investments in technology companies over a period of ten years. The minimum investment of the four shareholders is EUR 1 million over the next five years. In addition, investors can invest directly in companies of interest to them through VENPACE and thus efficiently leverage the start-up expertise and capacities of the investment company.