Erie Strategic Ventures, the venture capital arm of Erie Insurance, has made strategic investments in three portfolio companies: Wagmo, Roots Automation, and Trust & Will. These investments support startups operating in pet wellness and insurance, AI-powered insurance operations, and digital estate planning. Erie Strategic Ventures aims to invest in the personal and commercial insurance value chain and adjacent sectors that can deliver value to ERIE. The company partnered with venture capital firm Touchdown Ventures to efficiently manage Erie Strategic Ventures.
Wagmo offers a tech-enabled pet care solution that provides unique pet wellness and insurance products tailored for employers. Roots Automation uses artificial intelligence to automate manual processes in insurance operations, claims, and underwriting. Trust & Will operates as an online platform for digital estate planning and settlement.
Erie Insurance also shared that it generated $8.6 billion in direct written premium in 2022, solidifying its position as one of the largest homeowners and automobile insurers in the US. Erie Strategic Ventures aims to support portfolio companies by leveraging Erie Insurance’s industry leadership and value proposition. The company plans to serve as both a customer and development partner for startups in the future.
