Feb. 1, 2022—State Farm has continued making news.
After announcing it would hire 3,000 new employees, the company announced last week it has expanded its venture capital investment fund to $200 million, up from the initial commitment of $100 million in September 2018. State Farm Ventures has made 21 investments to date. The fund focuses on start-up companies that align with the strategic goals of State Farm, which include helping meet customers’ needs in more ways.
Among the company’s focus areas are mobility and transportation, telematics, artificial intelligences and insurtech/fintech.
“Throughout our 100-year history, continuous innovation and adaptation has positioned State Farm as the leader in a highly competitive industry. We recognize that investing in innovation is key to our continued success of serving our customers, and we look forward to discovering additional opportunities for investment in diverse and creative start-up companies that promote safety and security in our communities,” says Michael Remmes, Vice President, State Farm Ventures.
