Groupe IMA

Groupe IMA is jointly owned by three French mutual insurance companies: MACIF, MAIF, and MATMUT. Unlike a single family office or a traditional institutional investor with external limited partners, IMA funds its investment activities from the retained earnings of its operating businesses—primarily its European roadside-assistance, home-repair, and health-teleconsultation services. This structure provides a permanent capital base, though investment capacity fluctuates with the profitability of the assistance division.

IMA's venture arm, anchored by IMA L@b and the French AssurTech accelerator, focuses on early-stage and growth-stage European startups in insurtech, mobility services, and adjacent digital platforms. The group takes minority direct equity stakes and prefers companies that offer strategic relevance to its insurance parentage—such as claims automation, connected vehicle technology, or customer experience tools for mutual insurers. IMA has also participated in consortium-style co-investments alongside other European mutual insurance groups through its Euresa membership.

IMA is primarily a direct investor. Its deployment model combines direct corporate venture capital investments in startups and scale-ups, direct ownership of commercial real estate, and limited partnership stakes acquired through its industry networks. The group does not operate a public-facing fund-of-funds program or solicit third-party capital. Most equity positions are held directly on IMA's balance sheet, with co-investment occurring through insurance-mutual clubs like Euresa rather than through external fund commitments.

IMA concentrates on sectors with a clear link to its mutual-insurance DNA: insurtech, mobility and transportation, financial services technology, and digital health. It generally avoids sectors unrelated to insurance value chains—such as deep tech hardware, pharmaceuticals, or heavy industrials—unless a deal arises through a co-investment relationship. Real estate holdings are primarily operational properties supporting IMA's assistance business rather than speculative commercial development.

IMA sources proprietary deal flow through three channels: its in-house IMA L@b innovation unit in Niort, which scouts early-stage European insurtech; the French AssurTech accelerator it co-founded, which provides visibility into seed and Series A startups; and its membership in Euresa and ICMIF, networks that facilitate deal-sharing among cooperative and mutual insurers globally. This sourcing model gives IMA access to companies that often raise capital within the mutual-insurance ecosystem before approaching conventional venture funds.