TruStage™ Ventures to expand portfolio with intentional investments in veteran-owned startups
MADISON, Wis. — TruStage Ventures, the venture capital arm of industry-leading insurance and financial services provider TruStage, today announced an expansion of eligibility in its Discovery Fund portfolio to include veteran-founded startups.
"We recognize veterans as a powerful yet underfunded force in driving innovation and community-first solutions. This expansion is an exciting next step in our mission to back bold leaders who are shaping the future of financial services," said Elizabeth McCluskey, managing director of the Discovery Fund. "This will strengthen our ability to not only meet veterans' financial needs but also empower veteran entrepreneurs to develop ideas and scale fintech solutions that can drive lasting economic impact for all."
Veteran-owned startups focused on fintech innovation can now apply for seed-stage funding through the TruStage Ventures Discovery Fund, which was launched in 2021 to address inequities in the financial sector by supporting and investing in underrepresented entrepreneurs. According to the US Small Business Administration, veteran-owned businesses are on the decline¹, despite veterans being 45% more likely to start a business than non-veterans, partially due to less access to funding.²
Over the past four years, the fund has invested in 25 early-stage startups, achieving a 100% survival rate³, including three acquisitions, far surpassing the fintech industry's survival rate. This track record has validated the Discovery Fund's model and underscores a tremendous opportunity for ambitious veterans ready to apply their leadership skills in civilian entrepreneurship.
"As a veteran myself, I can tell you that we are often overlooked and underfunded as entrepreneurs, despite our strong servant-leadership mindset and commitment to getting the job done," said Dennis Cail, a Navy veteran and co-founder of peer-to-peer lending platform Zirtue. Zirtue was initially funded by the Discovery Fund and given its continued success, is now part of the larger TruStage Ventures portfolio. "TruStage didn't just invest, they opened doors, made strategic introductions and empowered us to think long-term. Their early belief and ongoing support in our mission gave us the credibility and capital we needed to scale."
Additionally, there is a strong common connection between veterans and credit unions. TruStage not only has relationships with 93% of credit unions⁴, but it also has a strong partnership with military-aligned credit unions, including the Defense Credit Union Council, which is comprised of over 180 military credit unions.⁵ Meanwhile nearly a third of military personnel and veterans rely on credit unions for their primary financial services.
"We recognize a strong parallel between veterans and credit unions, with a shared focus on service, integrity and community," added McCluskey. "We are confident this alignment will lead to continued success."
Interested founders can learn more and connect with the Discovery Fund.
About TruStage Ventures
TruStage Ventures, LLC, is the venture capital arm of TruStage, a financially strong insurance and financial services provider. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. TruStage Ventures, LLC, houses two investment funds: A general fund focused on strategic investments and partnerships to connect fintechs with credit unions and financial institutions, and the Discovery Fund, focused on early-stage investments in fintechs with traditionally under-represented founding teams. TruStage Ventures, LLC, has invested in nearly 70 fintechs, including 19 in the Discovery Fund, and is committed to continuing to invest in fintechs that help make brighter financial futures accessible to all. For more information, visit www.trustage.com/ventures/discovery-fund.
About TruStage
TruStage is a financially strong insurance and financial services provider, built on the philosophy of people helping people, meeting the needs of middle-market consumers and the businesses that serve them since day one. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities and improving the lives of those we serve today and tomorrow. For more information, visit www.trustage.com.