CTBC Financial Holding Co, which acquired Taiwan Life Insurance Co in 2015, confirmed in a statement that the insurance company has subscribed to Bessemer Venture Partners Century Fund Institutional LP.
No other details were disclosed.
Headquartered in Taipei, Taiwan Life Insurance is the first life insurance company in the country. It has assets under management of about 1.7 trillion Taiwanese dollars ($54 billion).
Bessemer Venture Partners is one of the world’s top early-stage venture capital firms, with a portfolio of more than 200 companies, including Pinterest, Smule, Rocket Lab, and Fiverr.
The firm has backed more than 120 IPOs, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Wix, and MindBody. Bessemer’s 14 partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India.
In October 2018, the VC firm closed its largest fund – BVP X – at $1.85 billion. The fund invests in early-stage technology companies from seed to Series B levels through its 14 offices across the US, Israel, and India.
The venture capital firm invests through a single fund and makes investments across the board ranging from $50,000 to $100 million.
The latest fund follows Bessemer’s $1.6-billion ninth vehicle that it had raised in 2015 and another $1.6 billion fund in 2011. Since BVP IX’s launch in 2015, nine Bessemer-backed companies have gone public with multi-billion-dollar valuations, including Shopify, Twilio, SendGrid, DocuSign, MindBody, Box, Instructure, 2U, and Wix.
Thirty per cent of Bessemer’s current portfolio are companies outside the United States, reflecting the firm’s global footprint.
The firm’s heritage traces back to the founder of Carnegie Steel, who named the firm in honor of Henry Bessemer, a prolific 19th-century inventor who created a revolutionary process for manufacturing steel and transformed industries.