Global, multistage venture fund led by Ramneek Gupta to
invest $300 million in transformational startups in insurance,
financial services, real estate, digital health care and enterprise
tech
PruVen Capital, a global, multistage venture firm backed by
Prudential Financial, Inc. (NYSE: PRU), has formally launched its
first fund with $300 million in capital to invest in emergent
technology startups in North America, Europe, Japan, Singapore and
Australia.
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Ramneek Gupta, Founder & Managing
Partner, PruVen Capital (Photo: Business Wire)
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 $4 trillion of gross life
insurance in force (i) and more than $1.5 trillion in assets under
management as of Sept. 30, 2020.”
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 $50
million to $75 million a year. It will target companies from
post-product on the early side to growth and pre-IPO on the late
side. It will invest $5 million on the low end with a target of $10
million to $15 million on average over the lifecycle of the company
with a maximum of $30 million invested in any single company.
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 $300 million
multistage investment vehicle focused on partnering with founders
building enduring businesses in the largest verticals of the global
economy including insurance, financial services, health care IT,
real estate and asset management as well horizontal enterprise tech
enablers such as data/ML, cloud, DevOps, security, automation and
digital CX. For more information please visit pruvencap.com.
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a financial wellness
leader and premier active global investment manager with more than
$1.5 trillion in assets under management as of Sept. 30, 2020, has
operations in the United States, Asia, Europe, and Latin America.
Prudential’s diverse and talented employees help to make lives
better by creating financial opportunity for more people.
Prudential's iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more
information, please visit news.prudential.com.
(i) Gross life insurance in force worldwide as of 12/31/19,
includes closed block policies.
1042956-00001-00
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those regarding the expected timing and results of the investments
and transactions described herein, constitute forward-looking
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“anticipates,” “includes,” “plans,” “assumes,” “estimates,”
“projects,” “intends,” “should,” “will,” “shall” or variations of
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Forward-looking statements are made based on management’s current
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affecting Prudential Financial, Inc. and its subsidiaries will be
those anticipated by management. These forward-looking statements
are not a guarantee of future performance and involve risks and
uncertainties, and there are certain important factors that could
cause actual results to differ, possibly materially, from
expectations or estimates reflected in such forward-looking
statements. Certain important factors that could cause actual
results to differ, possibly materially, from expectations or
estimates reflected in such forward-looking statements can be found
in the “Risk Factors” and “Forward-Looking Statements” sections
included in Prudential’s Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Prudential does not undertake to update any
particular forward-looking statement included in this document.
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MEDIA CONTACT: Jennifer McDermott (201) 306-1141
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