Japan’s Sumitomo Life Insurance and SBI Investment Co have set up an 8 billion yen (US$76.8 million) venture capital fund that will invest primarily in companies that focus on wellness and new technologies.
The investment period of the new Sumisei Innovation Fund is ten years.
It will invest in companies that focus on physical, mental and social health, as well as “new technologies and services that can be utilised for the creation of a new contact point between customers and the insurance company”, Sumitomo Life says in a statement on November 21.
“Through the fund, Sumitomo Life aims to develop Sumitomo Life Vitality, a wellness ecosystem network that helps customers feel happy and live a bright life, and create customer experiences that familiarise customers with life insurance,” the insurer adds.
Osaka-headquartered Sumitomo Life had 39.7 trillion yen of total assets as of June 2020.
Tokyo-based SBI Investment is the venture capital arm of financial conglomerate SBI Group, which had 6.25 trillion yen of total assets as of September 2020. SBI Investment does not disclose its own asset data.