Kamet Ventures

Kamet does not source — it builds. The firm identifies unsolved problems in insurance, health, and mobility, then recruits a founder or operator and embeds them inside Kamet with a dedicated team, legal structure, and initial capital. This internal incubation runs for 12 to 24 months before the venture seeks external co-investors.

Neither. Kamet is a venture studio: it creates and operates new companies itself rather than buying equity in existing startups. It originated as AXA's corporate venturing arm in 2016 but has since separated into an independent entity that retains a balance sheet approach to capital allocation.

Kamet typically retains a founding equity stake in the ventures it launches and may participate in follow-on rounds selectively, but the studio model is designed to hand operational and fundraising leadership to the recruited CEO once the startup reaches commercial traction. The exact follow-on policy is not publicly disclosed.

AXA provided the initial €100 million commitment and served as Kamet's sole backer at launch, but the studio has since operated independently. Kamet no longer functions as AXA's corporate venture arm, though historical ties remain; the firm now pursues deals and partnerships on their own commercial merits.

Kamet concentrates on areas where regulation, underwriting, and legacy IT create durable moats. The firm has shown no public interest in consumer social platforms, pure SaaS enterprise tools without insurance or health exposure, or deep-tech hardware without an insurance or care-delivery angle.

The absence of external LPs means Kamet does not report IRR or TVPI metrics publicly. Performance must be inferred from startup exits, subsequent institutional fundraises by portfolio companies, and the survival rate of incubated ventures — all of which the firm treats as private.

After the incubation window, Kamet actively brings in external VCs as co-investors to lead early-stage rounds and provide independent governance. The studio has syndicated with European fintech and insurtech specialists for companies including Anorak and Birdie.