HDFC Life invested in Z3Partners’ new Z3Partners Technology Fund, which focuses on digital investments, the insurer said on July 11, but the parties did not disclose the amount invested.

Founded by Gautam Patel in 2019, Z3Partners is an early investor in companies including online grocery store BigBasket, genomics research and diagnostics startup MedGenome, business-to-business commerce and lending platform of business, and online furniture retailer Pepperfry.

“HDFC Life is one of India’s most respected and credible financial institutions. We are delighted that HDFC Life has participated in this investment journey in the best technology and digital companies backed by world-class entrepreneurs,” said Managing partner Patel at the fund.

Z3Partners said the new fund would invest between Rs 35 and 80 crore in each startup. “Z3Partners has done an excellent job building a portfolio of 8-10 companies, of which unicorn DealShare is already in the portfolio,” the fund said. DealShare is a social commerce platform.

The fund announced a second closing of Rs 250 crore in 2021 and is on track to complete the final closure this year. The VC firm, raising Rs 500 crore, has also invested in cybersecurity firm Cyfirma, agtech firm Gramophone, Shipsy (a software-as-a-service platform for shipping and logistics companies) and celebrity fan engagement startup True-Fan.

Z3Partners invests in market-leading technology and digital startups focused on exponential growth and mature unit economies and serve large addressable markets by leveraging top-tier execution and disruptive technology solutions, the statement said.