Altai Ventures, an early-stage venture capital firm, announced the closing of Altai Ventures Fund II.
The fund closed with $53 million in total commitments, surpassing its goal of $50 million. Investors of Altai’s latest fund consisted of financial and institutional Limited Partners, including Bain Capital Ventures, Century Equity Partners, and LPs across property/casualty insurance, life insurance and retirement, insurance brokerage, and commercial banking.
Altai Ventures, which has offices in Westport, Connecticut, and New York City, specializes in InsurTech, FinTech, and enterprise software for financial services. The mission of Altai is to empower extraordinary founders to reinvent financial services through technology, according to a company press release.
The company mainly invests in Series seed and Series A rounds, where it believes it can leverage its operating expertise, industry knowledge, and strategic LPs to drive value creation.
“We deeply believe in a principles driven business model with customer centricity at the heart of it and, as a result, have constructed a platform that can drive substantial and differentiated value for our founders and strategic partners,” said Oleg Ilichev, founder and managing partner of Altai Ventures, in the release. “Financial institutions represent a multi-trillion dollar industry that is still at the early stages of technological transformation. Now that we’ve closed on this new fund, we’re looking forward to working with inspiring entrepreneurs and our strategic LPs to solve some of the biggest challenges in financial services.”
Altai’s investments are primarily focused on the North American market, with investments in the range of $200,000 – $500,000 for seed rounds and $1 million – $3 million for Series A rounds. Along with its core venture capital strategy, Altai also incubates businesses focused on pain points not addressed in the marketplace. Last year, Altai partnered with Accelerant, Bain Capital Ventures, and Runyon Design to launch Reserv, a third-party claims administrator using artificial intelligence and automation technology within the claims handling process.
Source: Altai Ventures