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TruStage Ventures
Sam Das runs TruStage Ventures, the corporate venture arm that has deployed over $500M into 250+ fintech and insurtech startups since 2016.
TruStage Ventures
TruStage Ventures launched in 2016 as the dedicated venture capital division of CUNA Mutual Group (now TruStage), the mutual insurance and financial services company. Sam Das leads the fund, which operates from offices in Madison, San Francisco, Seattle, Brooklyn, and San Carlos. The parent company serves credit unions and its members, and the venture arm was built to invest in technologies that expand financial access and modernize credit-union infrastructure. The firm writes early-stage checks ranging from seed to Series B, with a heavy concentration in fintech and insurtech. Portfolio companies span payments infrastructure, consumer financial platforms, and digital health — with confirmed positions in C2FO, Lendio, and Steady. TrueStage Ventures co-invests alongside traditional institutional VCs, often acting as a strategic bridge between portfolio companies and the credit-union ecosystem. Geographic coverage is concentrated in North America, with a secondary focus on companies operating in the United Kingdom and European markets. The team includes investment professionals who previously held operating roles at fintech companies and large financial institutions. TruStage Ventures also operates CUNA Mutual Group's broader innovation program, which includes partnerships, accelerator access, and a commitment to impact investments in underserved communities. In September 2022, the firm promoted Sam Das to Managing Director to lead the expanded mandate. What distinguishes TruStage Ventures from other insurance-company CVCs is its focus on true early-stage company building rather than late-stage balance-sheet investing. The parent company's mutual structure removes external shareholder pressure, which allows the venture team to take longer investment horizons and align with the credit-union mission of financial inclusion rather than short-term return maximization.
General information
Firm type
Asset Manager
Year founded
2016
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Madison
Corporate office
Madison, WI, United States
Additional offices
San Francisco, CA · Seattle, WA · Brooklyn, NY · San Carlos, CA
Principals
Sam Das
Managing Director
Sector focus
Frequently asked questions
What is TruStage Ventures' relationship to CUNA Mutual Group?
TruStage Ventures is the dedicated corporate venture capital arm of CUNA Mutual Group, which rebranded to TruStage in 2023. The parent is a mutual insurance and financial services company that serves credit unions and their members. The venture unit was established in 2016 to invest in technologies that align with the credit-union mission of expanding financial access.
Does TruStage Ventures invest directly or through fund commitments?
TruStage Ventures invests directly into early-stage companies, typically leading or participating in seed through Series B rounds. It does not operate as a fund-of-funds; the firm takes equity positions in operating companies. Its capital comes from the parent company's balance sheet.
Who makes investment decisions at TruStage Ventures?
Sam Das has led the firm as Managing Director since at least 2022 and is the primary decision-maker for investment commitments. He manages a team of investment professionals with prior experience in fintech operating roles and institutional investing.
Which sectors does TruStage Ventures target?
Fintech and insurtech form the core of the portfolio, given the parent company's base in credit-union financial services. The firm also invests in enterprise software, digital health, climate technology, and artificial-intelligence startups that serve or could integrate with the financial services ecosystem.
How does TruStage Ventures source deals?
The firm sources through its network of credit unions, its own industry relationships, and co-investor referrals from traditional institutional VCs. Its multi-city office footprint — including San Francisco, Seattle, and Brooklyn — gives it access to the major US startup hubs, while the Madison headquarters connects it to the credit-union industry's center of gravity.
Does TruStage Ventures have a specific impact or mission mandate?
Yes. The parent company is a mutual, not a publicly traded corporation, which means the venture team operates without external quarterly-earnings pressure. TruStage Ventures has publicly committed to investing in companies that advance financial inclusion and serve underserved communities, consistent with the credit-union movement's founding principles.
Is TruStage Ventures a single family office?
No. TruStage Ventures is a corporate venture capital division of a mutual insurance and financial services company. It deploys balance-sheet capital from CUNA Mutual Group (TruStage) and is not structured as a family office.
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