Business

MassMutual unveils venture capital firm

Massachusetts Mutual Life Insurance Co. is launching a venture capital firm to invest in financial technology startups that will help the company improve its primary insurance and investment business.

The Springfield company will use $100 million from its general investment account to start MassMutual General Ventures LLC.

Advertisement

The venture capital arm will invest in entrepreneurs who are working on digital health, cybersecurity, online financial advisory, and data analytic products, said Doug Russell, a senior vice president of the insurer.

Financial institutions, which have seen online and technology-based firms such as Google and PayPal eat into their market dominance, are increasingly putting their resources into developing new technology.

Get Business Headlines in your inbox:
The Globe's latest business headlines delivered every morning, Monday through Friday.
Thank you for signing up! Sign up for more newsletters here

“We have a responsibility to policyholders to position the firm for continued success,” Russell said.

MassMutual will invest between $1 million to $5 million in the startups over about a four-year period, Russell said.

The technology companies will hopefully develop products that MassMutual and its competitors will be able to use, he said.

Advertisement

The $100 million fund is a small portion of MassMutual’s $126.5 billion total general investment account, he said.

Deirdre Fernandes

Deirdre Fernandes can be reached at deirdre.fernandes@globe.com. Follow her on Twitter @fernandesglobe.
Loading comments...
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.