Insurance conglomerate IAG is backing a new $75 million venture capital fund to invest in early startups for its VC arm, Firemark Ventures.
The insurer, best known for NRMA Insurance, launched its first fund in 2016 through Firemark.
It invested in 18 startups in 33 rounds, including cybersecurity firm UpGuard, satellite Internet of Things creator Myriota, data science analytics company Hyper Anna, Tim Fung’s ASX-listed jobs marketplace Airtasker and the child tracking app Life360.
Late last year Firemark recruited former Fintech Australia CEO Rebecca Schot-Guppy as its new manager of leverage and portfolio management.
The venture fund has already deployed the cash from fund two to invest in a US 3D imaging startup Plnar.
The Texas-based venture allows users to generate accurate measurements for 2D floor plans and 3D room models using smartphone images. The result has a range of uses, including for home improvements and the auto repair, and car and property insurance sectors.
IAG is already using Plnar in a pilot program with NRMA for property claims.
Firemark looks to invest in fintech, insurtech, big data, cybersecurity, the Internet of Things, artificial intelligence and machine learning.