Nationwide Insurance continues its commitment of more than $100 million of venture-capital investments for startup companies.
The company announced last week that it will invest in BlueVine, which provides online working capital financing for small and medium-sized businesses.
"This investment aligns with our mission to help business owners protect what's most important and plan for a secure financial future," said Erik Ross, head of Nationwide's venture capital team.
BlueVine's services provide quick access to funds to startups to purchase inventory, cover expenses or expand operations, according to Nationwide officials.
The Redwood City, Calif.-based financial technology firm developed an online cloud-based platform that allows businesses to receive cash advances on outstanding invoices. It has raised more than $500 million in equity and debt funding.
"We're thrilled to have Nationwide as one of our new investors. It's exciting for us to partner with a company that's been instrumental in providing the insurance needs of thousands of businesses," said Eyal Lifshitz, BlueVine's chief executive officer and founder. "BlueVine and Nationwide clearly share a similar vision: to help small-business owners thrive and succeed."
Nationwide announced its venture-capital investments program in August, stressing the future of insurance protection and financial planning will continue to change over the next several decades and that the company will stay at the forefront by focusing on "customer-centric solutions," according to a company press release.
Such solutions include comfortable retirement life, new and digital ways to meet customer's insurance and financial needs, protecting data and digital assets and protection in the area of mobility.
In early 2016, the company launched Nationwide Ventures to invest in other startups, which include blooom, Insurify, Next Insurance, Sure, Matic, Nexar and Betterview. The insurance company also adjusted and expanded its organization to handle the initiative.
Terrance Williams, Nationwide's chief marketing officer since 2015, was selected in August to lead the efforts with Nationwide Ventures and the company's Refinery 191, an innovation laboratory.
"This organizational change allows us to focus on emerging businesses and invest in startups that align to that mission. At the same time, we want to anticipate the future needs of our members and improve current processes and offerings to remain best in class," said Steve Rasmussen, Nationwide chief executive officer, in a statement at the time.
Scott Sanchez joined Nationwide in September as its chief innovation officer.
The Harvard and Princeton graduate who was the vice president of innovation at First Data in Atlanta spearheads Nationwide's venture capital, business innovation and incubation.
"As Nationwide nears its 100-year anniversary, we have a tremendous opportunity to help our members in ways they've never imagined," said Scott Sanchez, Nationwide's chief innovation officer. "Investments in companies like BlueVine allow us to learn, establish mutual value and pave the way for a new wave of solutions."