A new fintech, healthcare and insurtech-focus venture capital fund ManchesterStory is launching with an initial $31m to invest.
According to an SEC filing, the Des Moines, Iowa-based firm is targeting $125m for its first venture fund.
The size of the final close can grow to $200m.
Founded by active healthcare and fintech investor Matt Kinley and insurance investment veteran Dave Miles, the firm is backed by a consortium of insurance companies.
ManchesterStory will target early to growth-stage companies in FinTech sub-sectors including lending, institutional and capital markets, personal finance and wealth management, money transfer, crowdfunding and blockchain.
In the insurtech space the firm looks to back startups in customer engagement, core systems, home automation, telematics, big data customer analytics, cybersecurity, IoT, regulatory technology, digital distribution, underwriting and claims processing.
Kinley said: “we see tremendous investment opportunity in our target sectors, which together comprise 25% of the US economy.
“Each has significant potential for digital transformation, and both are integrally connected to and impacted by insurance.”
Miles added: “Across the financial services landscape, traditional players are adopting and/or being disrupted by digital innovations that are being demanded by their customers.
“Technologies that improve customer engagement, decision-making, and back-end efficiencies, are improving the entire value chain.”
The firm says it is actively seeking investment opportunities around the US.
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