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July 24, 2014

MassMutual debuts $100M tech V-C fund

Massachusetts Mutual Life Insurance Co., with major operations in Enfield, says it pumped $100 million into its own venture-capital startup to invest globally in fledgling technologies that leverage the Springfield insurer’s core life, retirement and asset-management businesses.

MassMutual Ventures LLC was formed in Boston, with a pair of seasoned venture-fund executives hired as prospectors, Doug Russell, MassMutual‘s senior vice president for strategy and corporate development who manages the venture fund, said Thursday.

Newcomers Eric Emmons previously headed Siemens Venture Capital North America the last five years, while Mark Goodman started and ran two technology venture-capital funds, Terawatt Ventures and Brookline Ventures, both in Cambridge, Mass.

MMV will focus on investments in financial technology, consumer internet, digital health and cybersecurity, Russell said.

MMV’s Boston base, near Massachusett’s renowned “Route 128 technology corridor,’’ suggests MassMutual wants to plumb technologies being developed and refined there.

“By actively investing in those businesses that are innovating and leading change in our industries, MassMutual will gain valuable insight into new technologies and business models that will ultimately benefit our policy owners and customers,” Russell said in a statement.

“The insurance and investment services markets are on the cusp of significant technology-driven change, and MMV provides MassMutual an opportunity to help develop and implement new platforms and product offerings,” Emmons said in the statement.

Entrepreneurs interested in working with MMV can learn more about the fund at www.massmutualventures.com, and can contact the investment team directly at ventures@massmutual.com.

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