Aflac

Aflac is a financial services company based in Columbus, Georgia, that specializes in supplemental and renewable insurance solutions for individuals and businesses in the United States and Japan. Founded in 1955, Aflac provides a diverse range of insurance products, including accident, cancer, critical illness, life, hospital, short-term disability, dental, and vision insurance. The company markets its offerings primarily through independent distributors, with a significant focus on direct sales to consumers at their workplaces. In addition to its insurance products, Aflac offers various services to employers, such as cafeteria plans, policyholder change plans, COBRA administration, and enrollment solutions. Aflac also has a venture capital arm, Aflac Corporate Ventures, which invests in early-stage companies in both the United States and Japan, fostering innovation in the insurance sector.

Eric M. Kirsch

EVP and Global Chief Investment Officer

Bharat Rajaram

Managing Director and CFO, Aflac Global Ventures | Corporate VC and Innovation

11 past transactions

Tree Line Capital Partners

Private Equity Round in 2024
Tree Line Capital Partners, LLC is a private equity firm based in San Francisco, California, with additional offices in New York, Austin, and Malibu. Founded in 2014, the firm specializes in direct lending and investment strategies, focusing on lower middle-market companies across various sectors, including consumer goods, niche manufacturing, software, health care, and financial services. Tree Line Capital Partners typically engages in acquisitions, refinancing, and growth capital, offering financing solutions such as senior secured loans, unitranche term loans, and mezzanine financing. The firm aims to invest in companies with EBITDA ranging from $3 million to $30 million, with investment sizes between $5 million and $150 million. Tree Line seeks to build strong partnerships with management teams to understand their operations, enabling tailored credit solutions and fostering mutual benefits throughout economic cycles. The firm generally looks to exit its investments within three to six years.

Covr Financial Technologies

Convertible Note in 2020
Covr Financial Technologies, Inc. operates as a digital brokerage general agency, providing life, long-term care, and disability insurance solutions tailored for financial institutions, their advisors, and clients. The company's offerings include the Covr Advisor platform, which enables financial advisors to efficiently meet their clients' insurance needs by selecting appropriate products, and the Covr Consumer platform that allows banks and credit unions to sell insurance directly to customers online. Additionally, Covr Insights assists in managing and analyzing existing life insurance policies. Founded in 2013 and based in Boise, Idaho, Covr serves over 24,000 financial advisors and 13 million customers across various financial institutions, including wealth management firms, banks, and credit unions. The company is supported by notable venture capital investors and features an advisory board that includes prominent figures from the financial services industry.

Cellspect

Venture Round in 2019
Cellspect is a biotechnology company focused on developing biomarker-sensing technology and in-vitro diagnostic agents aimed at improving the prognosis of endometriosis progression. The company creates analytical instruments and medical devices designed for point-of-care testing, facilitating timely diagnosis and treatment. By leveraging cloud technology, Cellspect enables the seamless sharing of diagnostic results, allowing patients to receive prompt and appropriate consultations regarding endometriosis and cancer treatment. This innovative approach aims to enhance the transition from clinical settings to health tech markets, ultimately contributing to better patient outcomes.

Limelight Health

Series C in 2019
Limelight Health, Inc. specializes in developing a cloud-based platform designed to streamline quoting, underwriting, and proposal processes within the employee benefits sector. The platform supports health insurance carriers, general agents, and brokers by automating manual workflows, enhancing sales efficiency, and facilitating plan distribution. It offers a suite of configurable microservices, including quoting, rating, proposal generation, renewals, and data analysis, which enable users to manage their operations more effectively. Additionally, the platform features an integrated API to ensure seamless connectivity with various industry systems, allowing for comprehensive integration across different functions. Founded in 2014 and headquartered in San Francisco, California, Limelight Health operates additional offices in Redding, California, and Des Moines, Iowa, and is a subsidiary of FINEOS Corporation Holdings plc.

Singlife

Series B in 2018
Singapore Life is a digital life insurance provider based in Singapore, offering a range of services tailored for both high net worth individuals and the retail segment. The company specializes in universal life solutions that cater to clients seeking to manage their wealth within the Singapore regulatory framework. Additionally, Singapore Life provides protection solutions available through digital platforms and financial advisers, streamlining the insurance purchasing process. By integrating various InsurTech innovations, the company enhances the customer experience, promoting financial freedom and control over personal financial well-being. Overall, Singapore Life represents a modern approach to life insurance, making it easier for customers to secure their financial future.

NXT Capital

Venture Round in 2018
NXT Capital is a structured financing provider focused on the U.S. middle market, founded in 2010 and headquartered in Chicago. As a wholly-owned subsidiary of ORIX Corporation USA, NXT Capital specializes in offering a range of financing solutions through its Corporate Finance and Real Estate Finance divisions. The company has successfully originated over $18 billion across more than 600 transactions, leveraging its extensive experience in the lower-middle market. With approximately $11.4 billion in committed capital, NXT Capital serves a diverse investor base, including public and private pension plans, insurance companies, endowments, and foundations, by providing access to primarily first lien senior secured loans. The firm’s senior management team has a long-standing history in middle-market direct lending, having worked together for over 25 years and navigating multiple credit cycles. NXT Capital maintains a strong presence with offices in several major U.S. cities, including Atlanta, Dallas, Los Angeles, Nashville, New York, and Phoenix.

Empowered Benefits

Acquisition in 2017
Empowered Benefits, a subsidiary of Aflac Benefits Advisors, Inc. since October 2015, specializes in providing benefits administration software aimed at simplifying the insurance enrollment process. Founded in 2000, the company recognized the challenges faced by brokers, HR managers, and employees in navigating complex insurance systems. By focusing on a user-friendly and transparent enrollment experience, Empowered Benefits has developed solutions that allow individuals to easily select the best benefits for themselves and their families. The company has consistently prioritized customer needs, positioning itself as a leader in the benefits administration sector.

Continental American Insurance Company

Acquisition in 2009
Continental American Insurance Company (CAIC), originally established in 1980 as Carolina Continental Insurance Company, specializes in providing voluntary group insurance products designed to offer personal and family protection to working Americans. The company’s offerings include critical illness, accident, life, and disability income insurance, along with benefits consulting, enrollment services, and employee communication. CAIC distributes its products through insurance brokers at the worksite, ensuring accessibility for employees. The company has received an A- (Excellent) rating from A.M. Best, reflecting its financial stability. In recent years, CAIC's financial performance has been consolidated under the Aflac U.S. reporting segment for Aflac Incorporated and subsidiaries, indicating its integration within a larger insurance framework.

Peopleclick Authoria

Series C in 2000
Authoria, Inc. provides integrated talent management software, performance management, recruiting software, and compensation management software. Its products provide talent management solutions that help companies to recruit, develop, compensate, retain, and engage employees. The company’s products include recruiting, performance, incentive, salary, succession planning, and communications software. Authoria was formerly known as Foundation Technologies, Inc. and changed its name to Authoria, Inc. in 1999. The company was founded in 1997 and is headquartered in Waltham, Massachusetts with additional offices in Austin, Texas; Santa Barbara, California; and Bangalore, India.
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