PruVen Capital launches as an independent venture firm in partnership with Prudential Financial
PruVen Capital, backed by Prudential Financial (NYSE: PRU), has launched its inaugural fund with $300 million to invest in emerging technology startups across North America, Europe, Japan, Singapore, and Australia. Led by industry expert Ramneek Gupta, this multistage venture fund targets investments in insurtech, fintech, healthtech, real estate tech, and enterprise IT. The fund aims to support entrepreneurs from early-stage to pre-IPO with an annual investment pace of $50 million to $75 million. PruVen has already made investments in Newfront Insurance and DataRobot.
- Launch of $300 million fund for investments in technology startups.
- Experienced leadership under Ramneek Gupta with a successful investment track record.
- Strategic partnerships with Prudential’s resources to support startups.
- None.
NEWARK, N.J.--(BUSINESS WIRE)--PruVen Capital, a global, multistage venture firm backed by Prudential Financial, Inc. (NYSE: PRU), has formally launched its first fund with
Led by Ramneek Gupta, an industry leader who previously led early-stage investments in Square, Jet.com, DocuSign and Honey as a co-founder of the venture investing efforts at Citigroup, PruVen Capital will invest in transformational startups in the insurtech, fintech, healthtech, real estate tech and enterprise IT verticals.
“PruVen Capital is driven to create both financial and strategic value for its stakeholders. Our multi-stage approach allows us to support leading entrepreneurs from garage to IPO,” said Gupta. “We offer the best of both worlds in being a completely autonomous fund that’s backed by the resources of Prudential, the largest life insurer in the U.S. with more than
In addition to Gupta, the core investment team includes Travis Skelly, Victoria Cheng and Adi Sivaraman. The Fund will have a five-year investment period and an annual investment pace of
PruVen will strategically partner with Prudential’s “catalyst network”—a capability that provides entrepreneurs access to Prudential’s thought leaders and experts.
“PruVen Capital supports Prudential’s efforts to bring the kind of innovative products and services to the marketplace our customers expect,” said Charles Lowrey, Prudential’s chairman and CEO. “Having an experienced venture capital executive like Ramneek Gupta along with access to the resources and deep experience of Prudential is a clear competitive advantage for early stage firms.”
PruVen Capital, which has already made investments in Newfront Insurance, a digital first insurance brokerage focused on midmarket clients in the commercial insurance and employee benefits space, and DataRobot, an e2e machine learning platform for enterprises, looks to partner with visionary founders with a desire to create enduring companies. PruVen Capital’s model offers the independence and decision-making speed of a traditional venture fund, while channeling Prudential’s global scale and domain expertise to help PruVen’s portfolio companies grow into becoming the household names of tomorrow.
“We seek to work with founders who have the vision and the zeal to create lasting companies,” said Gupta.
About PruVen Capital
PruVen Capital is a global, multistage venture firm backed by Prudential Financial, Inc. (NYSE: PRU) and founded by Ramneek Gupta, an industry leader who founded and led the venture investing efforts at Citi for a decade. PruVen’s first fund is a
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than
(i) Gross life insurance in force worldwide as of 12/31/19, includes closed block policies.
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