American Family Ventures (AFV) announced recently that it has launched AFV Fund III, a $213 million venture capital fund that focuses on early-stage insurance-related companies.

“The insurance industry is embarking on profound transformation,” American Family Ventures Managing Director Dan Reed said in a statement. “Through Fund III, we can help (limited partners) capitalize on this moment–both by understanding the potential of startups and by connecting them with the startup world in mutually beneficial ways.”

According to a blog post, the fund is supported by multiple limited partners that represent more than $100 billion in assets and bring expertise, scale and capabilities to the InsurTech startups. 

The AFV Fund III’s initial portfolio includes digital insurance companies, a smart home device manufacturer and a commercial insurance platform.