CUNA Mutual Group’s venture capital entity, CMFG Ventures, LLC, is leading the venture-backing for Chicago-based ForeverCar, a full-service provider of extended service protection plans.
Launched earlier this year, CMFG Ventures focuses on insurance technology and financial technology investments that provide innovative products and services to credit unions and their members.
ForeverCar offers consumers a digital marketplace to research, compare, purchase and file a claim for extended service protection plans. This investment reinforces CUNA Mutual Group’s commitment to helping consumers and their families plan, protect and invest for their future.
CMFG Ventures is a part of CUNA Mutual Group’s innovation strategy platform, which identifies and invests in new ideas and opportunities to support credit unions and consumers for the future. CUNA Mutual Group actively explores critical trends affecting the credit union and insurance industries, including data analytics, emerging technology, mobile and new digital channels.
To date, CMFG Ventures has invested in a number of start-up companies, including ForeverCar, SpringboardAuto.com, Cumulus Funding, and SmartAsset.
“We never stop looking for better ways to provide consumers with easy and convenient products and services to empower their financial security,” said Robert N. Trunzo, CUNA Mutual Group president/CEO. “The technology and mobile landscape continues to evolve. CMFG Ventures brings innovative services to market more quickly, but in a way that fits how consumers prefer to engage and buy products and services from their credit union.”