IAG Firemark Ventures

IAG Firemark Ventures is the corporate venture capital arm of Insurance Australia Group (IAG), Australia's largest general insurer. Established in 2016, it focuses on strategically partnering with and investing in startups that have the potential to significantly impact IAG's business operations. The fund manages approximately $170 million and has made 62 investments across 28 portfolio companies, with 26 commercial agreements between these companies and IAG. Its mission is to bring external innovation into IAG by investing in and collaborating with startups to transform insurance delivery.

The fund's investment approach includes backing companies at various stages, from seed to Series B, with typical investments ranging from A$1 million to A$5 million. It seeks to invest in companies that accelerate innovation in insurance and adjacent sectors aligned with IAG's strategic priorities. Firemark Ventures typically co-invests alongside other venture investors rather than leading rounds. The fund also operates an Early Stage Fund (ESF) focusing on pre-seed and seed-stage companies, with investments around A$250,000, targeting frontier technologies with the potential to reshape insurance.

Firemark Ventures has a proven track record of supporting founders, with over 30 follow-on investment deals and 26 commercial agreements between portfolio companies and IAG. The fund provides direct access to IAG's leading general insurance business, offering key stakeholders' involvement through the investment process and commitment to exploring strategic options. Portfolio companies benefit from support from IAG's technical team and global insurance networks, assisting in testing and scaling strategic opportunities, ensuring enterprise readiness, and connecting with a global network of insurance VCs and CVCs. Notable portfolio companies include UpGuard, ActivePipe, and Planck, reflecting the fund's diverse focus across different technologies and industries.