MTech Capital holds $75m first close for debut fund

InsurTech-focused venture capital firm MTech Capital has held the $75m first close for its debut fund.

The capital for the fund has been supplied by three anchor investors including CNA Financial Corporation, and NN Group. The other investor is an unnamed ‘top-3 global insurance company’.

MTech is hoping to raise up to $150m over the course of the next 12 months. Earlier in the year, FinTech Global reported that the firm had launched the fund.

The firm has also created parallel funds, structured as limited partnerships, based in the US and EU.

Through this new vehicle, the firm will look to invest in technology-enabled companies transforming the insurance industry.

MTech Capital co-founder Kevin McLoughlin said, “Insurance executives understand their industry is being transformed by technology and want to be in front of developments. Insurance companies are our investors and we look forward to welcoming more of them into our InsureTech Fund.”

The firm, which has offices in Los Angeles and London, invests in global InsurTech companies. MTech was founded in 2016 by former FinTech Collective venture partner Brian Mcloughlin and former Bank of America Merrill Lynch managing director Kevin McLoughlin.

Prior to launching MTech, Kevin McLoughlin served at Bank of America Merrill Lynch as a managing director and head of global insurance investment banking for just over two years. In this position he advised global insurance groups on M&A, strategy, capital raising, and investor and market issues.

Brian Mcloughlin recently served as a special advisor at Thayer Street Partners from 2014 up until the end of 2017. Prior to the role, he was a venture partner at FinTech Collective, and a partner at Upfront Ventures, where he served for 13 years.

Copyright © 2018 FinTech Global

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