Munich Re Ventures (MRV) is the venture capital arm of Munich Re Group, one of the world's leading reinsurers. Headquartered in San Francisco, MRV focuses on investing in early-stage startups that operate at the intersection of risk and technology. With a global perspective, the firm aims to support innovative companies that are transforming industries through technological advancements.
MRV targets investments in sectors such as InsurTech, Cybersecurity & Privacy, HealthTech, Built World technologies, and Resilient Future initiatives.
The firm seeks out startups that are developing solutions to predict, prevent, and mitigate risks across various domains, including industrial operations, infrastructure, and digital ecosystems.
In May 2025, Munich Re Ventures announced the closing of its fifth fund, HSB Fund II, with $125 million in commitments from its founding limited partner, HSB. This fund brings MRV's total assets under management to $1.2 billion. HSB Fund II is dedicated to investing in Built World startups that focus on equipment and technology aimed at de-risking and optimizing performance in property, industry, and related supply chains. Additionally, the fund will target cybersecurity and technologies that drive toward a resilient future.
The fund's strategy includes supporting companies that enhance operational efficiency, durability, and predictive maintenance capabilities across built environments and industrial systems. Jennifer Place, Principal at MRV, will oversee the HSB Funds and lead investments in the Built World sector, while Adam Care, VP & Head of Portfolio Development for the HSB Funds, will cultivate partnerships between MRV portfolio companies and HSB.
Leadership
MRV is led by Managing General Partner Jacqueline LeSage, who brings a wealth of experience in venture capital and corporate innovation. The leadership team also includes Jennifer Place, Principal overseeing the HSB Funds and Built World investments, and Adam Care, VP & Head of Portfolio Development for the HSB Funds. Together, they guide MRV's strategic investments and foster partnerships that align with Munich Re's mission of advancing risk management solutions.
Investment Strategy
MRV typically writes initial checks ranging from $2 million to $10 million, often leading investment rounds and taking board seats. The firm emphasizes a collaborative approach, leveraging Munich Re's extensive network and industry expertise to accelerate the growth of its portfolio companies. Over half of MRV's portfolio has developed commercial relationships with Munich Re businesses, reflecting the firm's commitment to integrating innovative solutions within the broader insurance ecosystem.
Notable Investments
MRV's portfolio boasts several high-growth startups, including At-Bay, a cyber insurance and security provider; Augury, an industrial manufacturing intelligence company; and Helium Mobile, a telecommunications disruptor. Other notable investments include Mnubo, an IoT data analytics company acquired by AspenTech in 2019, and Runwise, a startup focused on real-time building-equipment monitoring. These investments exemplify MRV's focus on companies that are innovating at the nexus of technology and risk management.
Notable Exits
One of MRV's significant exits includes the acquisition of Mnubo, an IoT data analytics company, by AspenTech in 2019. This exit underscores MRV's ability to identify and support startups that deliver valuable solutions in the risk and technology sectors.
