Crystal Venture Partners closes $33m Fund I

Crystal Venture Partners has closed $33 million Fund I, aimed to back early-stage companies modernising insurance, risk, and other complex systems through artificial intelligence (AI) and sector-specific innovation.

Founded by solo GP Jonathan Crystal, Crystal Venture Partners specialises in ‘complex, highly regulated markets’, where new technology, like AI, is poised to drive significant change.

The firm targets sectors where trust is paramount and the cost of failure is high, from insurance and financial services to healthcare and emerging risk categories.

“The development of generative AI has created an opportunity to transform one of the largest industries in the world,” said Jonathan Crystal, Founder and Managing Partner at Crystal Venture Partners.

He continued: “At a time when technological change and shifts in global financial markets are reshaping the entire landscape of risk, we see the chance to deploy the capital, insight, and connectivity we’ve gained from two decades in the insurance sector to back founders building extraordinary companies.”

Crystal Venture Partners has already made six investments out of Fund I: Sixfold, WithCoverage, Advance, Bright Harbor, Novella, and Charter.

The firm plans to support a total of 15 companies from Fund I, offering long-term support across go-to-market, regulatory strategy, executive hiring, and positioning.