Vienna Insurance Group (VIG) has formed an insurtech investment company VENPACE together with three other insurers to financially support international technological start-ups.
VIG holds a 25% interest in the new investment company, with the remaining stake being held by IDEAL Insurance Group, Provinzial Rheinland Versicherung and PrismaLife.
“We are intentionally investing in the early stage of future-oriented start-ups, in order to generate medium-term returns while spreading the risk over multiple investors,” chief executive Elisabeth Stadler said.