Munich Re Ventures Celebrates Ten Year Anniversary with New $125 Million Fund from HSB

After a decade of investing in companies at the intersection of risk and technology, Munich Re Ventures closes its fifth fund

SAN FRANCISCO, May 21, 2025 /PRNewswire/ -- Munich Re Ventures (MRV), the venture capital arm of Munich Re Group, today announced a new $125 million fund from its founding limited partner, HSB, which will invest in Built World startups focusing on equipment and technology that de-risks and optimizes performance in property, industry, and related supply chains, as well as cybersecurity and technologies driving toward a resilient future. This new fund, the second from HSB and the fifth overall for the firm, brings MRV's assets under management to $1.2 billion.

With its 150-year history, and as part of Munich Re, HSB blends its engineering expertise, technology, and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change.

"Ten years ago, it was HSB Fund I that provided the initial capital which founded Munich Re Ventures as a firm," shares Jacqueline LeSage, Managing General Partner of Munich Re Ventures. "Now, a decade on, we feel immense pride in the accomplishments of the incredible founders we've supported, as well as the partnerships they've built with HSB that are accelerating new visions for insurance. We are more committed than ever to backing the companies and teams that are most thoughtfully innovating at the intersection of risk and technology."

Several investments from the inaugural HSB Fund I ultimately went on to reach unicorn status, including cyber insurance and security (InsurSec) provider, At-Bay, industrial manufacturing intelligence company, Augury, and telco disruptor, Helium Mobile. IoT data analytics company, Mnubo, was also acquired by AspenTech in 2019.

"HSB is constantly on the lookout for innovative technologies and business models that predict and prevent breakdown of the equipment that our customers rely on in their businesses and everyday lives," shares Greg Barats, President and CEO of HSB. "As part of this ongoing effort, we're delighted to see the launch of Munich Re Ventures' HSB Fund II, which will help us build upon our collaborations with bold entrepreneurs that are creating solutions for problems both new and old."

With HSB's focus on risk mitigation and the prevention of equipment breakdown, they have established successful partnerships with several MRV portfolio companies to support this endeavor. HSB worked with industrial AI solution provider, Augury, to create an innovative Production Loss Guarantee for Critical Rotating Assets product, along with HelixIntel's maintenance management platform, offering a solution for Equipment Breakdown policyholders. They also serve as capacity provider for InsurSec provider, At-Bay. Forward-thinking partnerships with innovative technology companies are a critical component of HSB's company roadmap.

With the new HSB Fund II, the MRV team builds upon its dedication to backing founders working at the intersection of equipment technology and resilience, focusing on solutions that enhance the operational efficiency, durability, and predictive maintenance of our built world, critical infrastructure, and industrial assets. Two recent additions to the Munich Re Ventures team will lead activities on behalf of the firm. Jennifer Place, Principal, will oversee the HSB Funds, as well as lead investments for the Built World sector, more generally. With ten years of experience investing in transformative technologies across the Built World, Energy, and Industrial sectors, Jennifer is uniquely positioned to lead these efforts. Adam Care, VP & Head of Portfolio Development for the HSB Funds, will cultivate partnerships between the MRV portfolio and HSB. Having spent 12 years working on client management and innovation at HSB, his skillset, network, and knowledge will prove a substantial asset for the MRV portfolio.

MRV's team of seasoned, industry-expert investors is uniquely positioned to help portfolio companies navigate the world of risk by providing capital, board leadership, risk solutions, industry and investor connections, operational support, and technical expertise. The new HSB Fund II further expands the team's capacity for supporting startups innovating at the intersection of risk and technology.

About Munich Re Ventures

Munich Re Ventures is the venture capital arm of Munich Re Group, one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions. With $1.2 billion in assets under management, Munich Re Ventures invests in the most innovative startups, transforming the future of risk and risk transfer. MRV's experienced investors are financially-driven while focused on the strategic interests of Munich Re and the broader insurance industry. MRV works closely with Munich Re Group businesses across the globe to fund and partner with the best emerging companies developing new technologies and business models – and risks – for tomorrow's world. For more information, visit https://www.munichre.com/mrv/en.html

About HSB

HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 159-year history HSB's mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company's highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, X and Facebook.

About Munich Re

Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients' business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as of 31 December 2024.

Media contact
Dennis Milewski
Phone: +1 (860) 722-5567
Mobile: +1 (860) 534-0623
Email: Dennis_Milewski@hsb.com 

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SOURCE Munich Re Ventures