The new fund will invest in “transformational” tech startups.

PruVen Capital, a multistage venture firm backed by Prudential Financial (NYSE: PRU), has launched its first fund.

The $300 million capital of the fund will invest in tech startups in insurtech, fintech, healthtech, real estate tech, and enterprise IT verticals. The fund will also look at horizontal enterprise tech enablers such as data/ML, cloud, DevOps, security, automation, and digital CX.

Geographically, it will scout for opportunities across North America, Europe, Japan, Singapore, and Australia. (Reinsurance News)

Ramneek Gupta

PruVen Capital will be led by venture capital industry leader Ramneek Gupta.

He previously led early-stage investments in Square, Jet.com, DocuSign, and Honey as a co-founder of the venture investing efforts at Citigroup (NYSE: C).

Other members of Gupta’s core team include Travis Skelly, Victoria Cheng, and Adi Sivaraman.

The new fund

“PruVen Capital is driven to create both financial and strategic value for its stakeholders. Our multi-stage approach allows us to support leading entrepreneurs from garage to IPO,” says Gupta. “We offer the best of both worlds in being a completely autonomous fund that’s backed by the resources of Prudential, the largest life insurer in the U.S. with more than $4 trillion of gross life insurance in force (i) and more than $1.5 trillion in assets under management as of Sept. 30, 2020.”

The fund characteristics are as follows:

• Five year investment period
• Annual investment pace of $50 to $75 million a year
• Investment stage: post-product on the early side to growth and pre-IPO on the late side
• The maximum investment in any single company is $30 million
• Investment range $5 million on the low end with a target of $10 million to $15 million on average over the lifecycle of the company

Investments

PruVen Capital has already invested in Newfront Insurance, a digital insurance brokerage, and DataRobot, an e2e machine learning platform for enterprises.

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