Change may be coming, but at least one financial services firm isn't just going to sit around and wait for it to happen. Instead, Massachusetts Mutual Life Insurance Company (MassMutual) is going out to help make it happen.
The company has announced the formation of a $100 million corporate venture capital firm, MassMutual Ventures LLC (MMV). According to MassMutual, the new firm will be seeking out startups and entrepreneurial businesses with product offerings that can support MassMutual's core businesses.
MMV, which will manage investments across the globe from its offices in Boston, will be on the lookout for groundbreaking businesses and technologies that can provide advancements for MassMutual's insurance, retirement and asset management businesses. Of primary focus will be investments in financial technology, consumer Internet, digital health and cybersecurity.
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"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 policyowners and customers," said Doug Russell, senior vice president, strategy and corporate development. "MMV enables MassMutual to build meaningful and long-term relationships with these potential business partners, and to keep abreast of the rapid technological changes affecting our industries."
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