MassMutual Ventures (MMV) has establisihed a $50m fund - MassMutual Ventures Southeast Asia (MMV SEA) - which will make investments in 10 to 15 startup companies throughout the region over the next three years.
MMV SEA, based in Singapore, is targeting Series A and Series B round investments in digital health, InsurTec, FinTech, and enterprise software. MMV SEA’s funding is being provided through the general investment account of parent company Massachusetts Mutual Life Insurance Company (MassMutual).
The new funding brings the total capital under management for four-year old MMV – a return focused fund investing in dynamic and innovative seed to growth stage companies in North America, Europe, Israel, and now Southeast Asia – to $250m.
MMV SEA will also work with MassMutual International – MassMutual’s international insurance holding company – leveraging its relationships in the region, to identify potential investments and opportunities for MMV’s portfolio companies.
“This new fund underscores our commitment to building a true global MassMutual Ventures platform, which will identify successful start-up companies that align with MassMutual’s prudent investment strategy, providing the best returns for our company,” said Mr Doug Russell, MMV managing director, who will oversee MMV SEA’s operations. “As venture capital continues to flow through all sectors around the globe, we are poised to take advantage of global products, solutions and trends.”
Mr Eddie Ahmed, chairman, president and CEO of MassMutual International, said, “The establishment of MassMutual Ventures Southeast Asia reinforces MassMutual’s steadfastness to the region – expanding our footprint into Singapore and many other key areas throughout Southeast Asia."
MMV SEA is led by two managing directors – Mr Ryan Collins and Mr Anvesh Ramineni – both of whom are experienced investment professionals in the region, and who will be charged with sourcing and executing investment opportunities.
“With its rapidly growing digital economy and ongoing development of the startup ecosystem, the investment climate in Southeast Asia offers tremendous opportunities,” said Mr Collins.
Mr Ramineni added, “MassMutual Ventures has an outstanding track record of identifying companies with the potential to disrupt the industry. We look forward to building upon that success.”
Singapore is making efforts to become a FinTech hub in the region. On KPMG's 2018 Fintech 100 list, highlighting dynamic FinTechs from around the world that are transforming the financial services industry, from digital payments and lending, to InsurTech, there were six companies from Singapore, five from other ASEAN states, 15 from East Asia and eight from Australia/New Zealand.