New York Life Ventures

New York Life Ventures (NYL Ventures) is the corporate venture capital arm of New York Life Insurance Company, founded in 2012 and headquartered in New York City. The unit was launched by Joel Albarella, Senior Vice President and Head of NYL Ventures, who is regarded as one of the insurance industry's earliest and most prominent corporate venture capitalists. NYL Ventures started with approximately $200 million in committed capital and has grown to roughly $1.2 billion in assets under management, delivering a 10-year internal rate of return of nearly 30% and top-quartile returns since inception. At its 10-year milestone the fund had crossed $1 billion in AUM and completed more than 250 proof-of-concept tests with portfolio companies. NYL Ventures invests from seed to growth stages, with checks ranging from $1 million to more than $10 million, concentrating on fintech, insurtech, enterprise software, digital health, and proptech. The investment team includes Tim Del Bello as Head of Investments, John Masson as Director, and Senior Associates Madison Cuthbertson and Alan Day. The fund has executed more than 65 VC investments, maintaining an active portfolio of roughly 34 companies including 4 unicorns. Notable investments include Norm Ai, a regulatory-AI platform that raised a $27 million Series A in 2024; ValidMind, a model-risk management platform that raised an $8.1 million seed; Empathy, a bereavement platform that raised a $47 million Series B and became NYL's first insurance-industry partnership; and Scribe, a $25 million round participant. NYL Ventures functions as a strategic as well as financial partner, offering portfolio companies direct access to New York Life's distribution capabilities, actuarial expertise, and relationships across the insurance and wealth management industry.