COMMITTED TO SHAPING THE INSURANCE OF THE FUTURE, PROMUTUEL INSURANCE INVESTS IN THE PORTAGE VENTURES III FUND
Quebec, March 23, 2022 – Promutuel Insurance is investing in Portage Ventures III, the third venture capital fund of Portage Ventures, intended to propel start-ups in the fields of financial technology (fintech), insurance (insurtech) and wealth management. This investment will allow Promutuel Insurance to be on the lookout for innovative and emerging solutions developed by bold entrepreneurs who are keen to challenge the insurance and finance ecosystem.
"As we celebrate 170 years of existence, this investment will allow us to identify and invest in new technologies that can accelerate the development of our product and service offering to meet the ever-changing needs of our insured members. We are excited to participate in this fund, which will allow Promutuel Insurance to have direct access to a solid pipeline of innovations in our field, while allowing us to exercise a privileged view of the business opportunities that will result. This strategic investment is perfectly in line with the profitable growth strategy we have adopted,” said Promutuel Insurance CEO Geneviève Fortier.
In just over five years, Portage Ventures has become one of the world's leading early-stage venture capital firms in fintech, with 62 portfolio investments made in 13 countries as of December 31, 2021. The Caisse de dépot et placement du Québec as well as the Public Sector Pension Investment Board are among the investors.
"We look forward to partnering with Promutuel Insurance, well-reputed in the insurance sector, to accelerate the scaling of startups with the potential to disrupt the finance and insurance sector in the coming years. We appreciate their trust in us as stewards of their capital," added Adam Felesky, Co-founder and CEO of Portage Ventures.
About Promutuel Insurance
Promutuel Insurance is one of the biggest damage insurers in Québec. Renowned for its financial stability, superior quality products, and outstanding customer service, Promutuel Insurance boasts 2,000 employees serving some 650,000 insured members. Promutuel Insurance’s mission is to promote and provide insurance products that meet the needs of its clients. In doing so it provides exceptional, personalized service while fostering the mutualist values that have guided it for 170 years.
About Portage Ventures
Portage Ventures, the venture capital arm of multi-asset class alternative investment firm Sagard, is an early-stage investor dedicated to supporting financial technology companies. Its team has deep entrepreneurial and industry experience and provides its portfolio company founders with privileged access to its partners, in-house experts, and a broader global ecosystem. Portage Ventures has a presence in Montreal, Toronto, New York, San Francisco and Paris.
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For media requests:
Jean-Pascal Lavoie
Senior Consultant
NATIONAL Public Relations
418 208-4937[email protected]
For further information:
Lyne Gagné
Vice-presidente, Communication and Public Affairs
Promutuel Insurance
418 840-1188, #2358[email protected]