# Northwestern Mutual: portfolio, investments and team > Northwestern Mutual is a private equity based in United States. 21 investments on record, 6 in the last 12 months, latest Oct 2026. Source: https://millionrounds.com/fund/northwestern-mutual-future-ventures (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # Northwestern Mutual Last cheque observed Oct 2026; 21 cheques on record. Email Deploying now New fund $75M, Jun 2026 Private equity Pre-seed Seed Series A Insuretech Insurtech Insur Tech Follow Northwestern Mutual and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fnorthwestern-mutual-future-ventures) Deploying now **100%** of best year **6** **cheques in 12 months**, 21 on record Since the last cheque **19** days **00** hrs **00** min **00** sec Median round **$16M** Cheque size, as they say **$500K – $5.0M** Rounds led **0 of 21** Exits **1 from the portfolio** Mostly in **United States, 90%** Pitch Northwestern Mutual ## Northwestern Mutual highlights - 01 6 cheques in the last 12 months - 02 Mostly Series C and Series B: 56% of its rounds - 03 1 exits from the portfolio ## What they do > Filed 3 private fund offerings with the SEC, the most recent in 2023-12 From their own website - **Type:** Private equity (from a list, unverified) - **Cheque size:** $500K – $5.0M as they say - **Stages:** Pre-seed Seed Series A Series B Growth - **Sectors:** Insuretech Insurtech Insur Tech - **Based in:** Milwaukee, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **21 appearances** - **2026** 5 rounds - **Oct** **[Leela](https://millionrounds.com/company/leela)** Seed · US · AlleyWatch **$4.6M** With 4 others - **Oct** **[Meanwhile](https://millionrounds.com/company/meanwhile)** Series B · BM · Pulse 2.0 **$38M** With 6 others - **Mar** **[Levitate](https://millionrounds.com/company/levitate)** US · Ventureburn **$16M** With 4 others - **Feb** **[Letter AI](https://millionrounds.com/company/letter-ai)** Series B · US · Ventureburn **$40M** With 5 others - **Jan** **[Atomic Insights](https://millionrounds.com/company/atomic-insights)** Seed · US · Firms' own news pages **$10M** With 2 others - **2025** 4 rounds - **Nov** **[Modern Life](https://millionrounds.com/company/modern-life)** Series A · US · TechStartups **$20M** With 7 others - **Oct** **[Meanwhile](https://millionrounds.com/company/meanwhile)** Series B · BM · TechStartups **$82M** With 7 others - **Aug** **[Inclined Technologies](https://millionrounds.com/company/inclined-technologies)** Series B · US · Crunchbase News **$8.0M** With 2 others - **Mar** **[Trust & Will](https://millionrounds.com/company/trust-and-will)** Series C · US · TechStartups **$25M** With 3 others - **2019** 3 rounds - **Jun** **[Splash Financial](https://millionrounds.com/company/splash-financial)** US · FinSMEs **$4.3M** With 1 other - **Jun** **[Liveoak Technologies](https://millionrounds.com/company/liveoak-technologies)** Series A · US · FinSMEs **$8.0M** With 5 others - **Mar** **[Ojo Labs](https://millionrounds.com/company/ojo-labs)** Series C · US · FinSMEs **$45M** With 3 others - **2018** 3 rounds - **Jun** **[Chime](https://millionrounds.com/company/chime)** Series C · US · FinSMEs **$70M** With 5 others - **May** **[Forever Labs](https://millionrounds.com/company/forever-labs)** US · FinSMEs **$2.0M** With 6 others - **Feb** **[Gabi](https://millionrounds.com/company/gabi)** Series A · US · FinSMEs **$9.5M** With 4 others - **2017** 2 rounds - **Sept** **[Liveoak Technologies](https://millionrounds.com/company/liveoak-technologies)** US · FinSMEs **$2.5M** With 3 others - **Apr** **[Amino](https://millionrounds.com/company/amino)** Series C · US · FinSMEs **$25M** With 4 others - **2015** 1 round - **Feb** **[Betterment](https://millionrounds.com/company/betterment)** Series D · US **$60M** With 4 others - **2014** 2 rounds - **Apr** **[Betterment](https://millionrounds.com/company/betterment)** Series C · US **$32M** With 5 others - **Apr** **[LearnVest](https://millionrounds.com/company/learnvest)** Series D · US **$28M** With 2 others - **2007** 1 round - **Jun** **[Brash Entertainment](https://millionrounds.com/company/brash-entertainment)** Growth · US **$400M** With 3 others An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **18 named** AT **Andrew T. Berlinski** Executive Officer i Filing they signed BL **Bonnie Lynn Tomczak** Vice President - Wealth i Form ADV BL **Bradley Leahy Eull** Secretary i Form ADV BT **Bradley T. Kunath** Executive Officer i Filing they signed BT **Brian T. Mcdonald** Executive Officer i Filing they signed DJ **Daniel J. Julka** Executive Officer i Filing they signed DM **Dawn Marie Kalinowski** Vice President - Chief Operations Officer i Form ADV DA **Deborah Allison Schultz** Vice President and Chief Risk Officer i Form ADV DD **Douglas D. Timmer** Executive Officer i Filing they signed JA **Jared A Ward** Treasurer/Finop i Form ADV JD **Jeffrey D. Behring** Executive Officer i Filing they signed LM **Laila M Valters** President and CEO i Form ADV MS **Mark S. Kishler** Executive Officer i Filing they signed MD **Michael D. Bay** Executive Officer i Filing they signed MS **Michael S. Leske** Executive Officer i Filing they signed NE **Nicole Ellen Lund** Vice President and Chief Compliance Officer i Form ADV QM **Quentin Michael Doll** Vice President - Risk Products i Form ADV TS **Timothy S. Collins** Executive Officer i Filing they signed We also hold **34** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **2+** funds on file numbered funds in its name **Registered** investment adviser full reporting to the SEC - **Legal name:** Northwestern Mutual Investment Services, LLC - **SEC number:** CRD 2881 ## What they claim to have backed From their own portfolio page (on their website) **0** of 3 we have independently watched raise FINRA FINRA BrokerCheck® SIPC Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded. ## Exits from the portfolio Companies it backed that were later bought or listed **1 in all** **[LearnVest](https://millionrounds.com/company/learnvest)** Bought by [Northwestern Mutual](https://millionrounds.com/fund/northwestern-mutual-future-ventures) **$250M** Mar 2015 An exit counts when it came after the firm's first round in the company. From historical deal records. ## Companies it bought Acquisitions by the firm itself **[LearnVest](https://millionrounds.com/company/learnvest)** **$250M** Mar 2015 New fund on file **$75M** raised in Jun 2026 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Pre-seed Seed Series A Median round joined **$16M** the round, not its cheque Led 0 of 21 rounds **0%** - **Said size:** $500K – $5.0M - **Sole investor:** Never alone - **Last cheque:** Oct 2026 - **Exits:** 1 from the portfolio Rounds by stage said on their site - Series C *5* - Series B said *4* - Series A said *3* - Seed said *2* - Series D *2* - Pre-seed said *-* - Growth said *-* Cheques by month Led Joined Nov 2023 Oct 2026 Often in the room with - [Anthemis](https://millionrounds.com/fund/anthemis-group) 3 - [Aspect Ventures](https://millionrounds.com/fund/aspect-ventures) 2 - [Bain Capital Crypto](https://millionrounds.com/fund/bain-capital-crypto) 2 - [Bessemer Venture Partners](https://millionrounds.com/fund/bessemer-venture-partners) 2 - [Broadhaven Capital Partners](https://millionrounds.com/fund/broadhaven-capital-partners) 2 - [Framework Ventures](https://millionrounds.com/fund/framework-ventures) 2 **Pitching Northwestern Mutual?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as Northwestern Mutual. A count of rooms they were both in, not a relationship either has claimed. [**Anthemis** VC firm **3** rounds together](https://millionrounds.com/fund/anthemis-group)[**Aspect Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/aspect-ventures)[**Bain Capital Crypto** Corporate VC **2** rounds together](https://millionrounds.com/fund/bain-capital-crypto)[**Bessemer Venture Partners** VC firm **2** rounds together](https://millionrounds.com/fund/bessemer-venture-partners)[**Broadhaven Capital Partners** Advisor **2** rounds together](https://millionrounds.com/fund/broadhaven-capital-partners)[**Framework Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/framework-ventures)[**Future Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/future-ventures-4)[**Haun Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/haun-ventures)[**Menlo Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/menlo-ventures)[**Pantera Capital** VC firm **2** rounds together](https://millionrounds.com/fund/pantera-capital) ## Recently backed The latest companies Northwestern Mutual put money into. [**Meanwhile** $38M · Oct 2026](https://millionrounds.com/company/meanwhile)[**Letter AI** $40M · Feb 2026](https://millionrounds.com/company/letter-ai)[**Atomic Insights** $10M · Jan 2026](https://millionrounds.com/company/atomic-insights)[**Modern Life** $20M · Nov 2025](https://millionrounds.com/company/modern-life)[**Trust & Will** $25M · Mar 2025](https://millionrounds.com/company/trust-and-will)[**Splash Financial** $4.3M · Jun 2019](https://millionrounds.com/company/splash-financial) ## On podcasts 1 episode naming Northwestern Mutual in the title, and 4 more that mention it. - [Fintech Insider](https://millionrounds.com/podcasts/fintech-insider) 28 Jul 2017 · 31 min Ep. 117. Interview: Tim Schaefer Northwestern Mutual Mentions [Northwestern Mutual](https://millionrounds.com/fund/northwestern-mutual-future-ventures) Apple PodcastsShow page ### Mentioned in - [TechSurge](https://millionrounds.com/podcasts/techsurge) 17 Oct 2024 · 35 min FinTech & InsurTech: Industries at the Intersection Series Apple PodcastsShow page - [The Pitch](https://millionrounds.com/podcasts/the-pitch) 24 Jul 2024 · 37 min #138 The Exit: Selling LearnVest for $375 Million Apple PodcastsShow page - [In Depth](https://millionrounds.com/podcasts/in-depth) 29 Feb 2024 · 40 min Scaling and selling AI products for enterprise | May Habib (Co-founder and CEO of Writer) Apple Podcasts - [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 31 Jan 2020 · 38 min 20VC: Alexa Von Tobel on Raising NYC's Largest Ever Female Led Fund, Portfolio Construction, Compression of Fundraising Timelines, Reserves Management & Personal Branding in Venture Apple PodcastsShow page ## Quick answers about Northwestern Mutual ### What does Northwestern Mutual invest in? Northwestern Mutual invests most often at Series C and Series B (56% of the rounds on record), in sectors such as Insuretech, Insurtech and Insur Tech. ### How active is Northwestern Mutual? 21 investments on record, 6 of them in the last 12 months. The most recent was in Oct 2026. ### What has Northwestern Mutual invested in recently? Its most recent investments on record: Leela (Seed, Oct 2026), Meanwhile (Series B, Oct 2026) and Levitate (Mar 2026). ### How big are Northwestern Mutual's cheques? The median round it joins is $16M. It says it writes cheques of $500K to $5.0M. ### Does Northwestern Mutual lead rounds? Rarely, if at all: none of its 21 investments on record names it as the lead. ### Where does Northwestern Mutual invest? Most of the companies it backs are in the United States (90%) and Bermuda (10%). ### Is Northwestern Mutual investing now? Yes: it is actively investing, with 6 investments in the last 12 months. ### Who does Northwestern Mutual invest alongside? Most often Anthemis (3 rounds together), Aspect Ventures (2 rounds together) and Bain Capital Crypto (2 rounds together). ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=northwestern-mutual-future-ventures) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=northwestern-mutual-future-ventures)