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Israeli venture capital firm FinTLV raised $120 million for a new fund investing in global growth-stage insurance and financial technology companies.
Investors include Japan’s MS&AD Insurance Group, FWD Ltd. of Hong Kong and a few of Israel’s biggest investment houses, according to a statement on Sunday.
An earlier FinTLV fund invested about $200 million in the past year, including $50 million each into two insurtech unicorns — Hippo Insurance and Next Insurance. It also participated in software firm Unqork’s $200 million round of fundraising led by BlackRock Inc.
Insurtech investments have surged in recent years as startups introduced more efficient services. Capturing revenue in the heavily regulated industry will be an uphill climb, however, with most tech companies pursuing partnerships with large insurance outfits, according to Bloomberg Intelligence.