In this report, we explore the 10 top insurtech funding rounds that have made significant strides in shaping the future of insurance. From AI-powered underwriting to blockchain-based claims processing to providing safety nets for seniors and special needs children, these companies are pushing the boundaries of what’s possible in the industry and exploring ways to improve the lives of their customers too.
10. Koltin
Raised: US$7.3 million
Sector: Healthcare for seniors
Founders: Eduardo Ortiz and Carmen Rosillo
Lead investor: Left Lane Capital
Koltin is a Mexican insurtech focused on providing private health insurance for seniors, and recently raised US$7.3 million in a Series A funding round led by Left Lane Capital.
The insurtech was founded by Eduardo Ortiz and Carmen Rosillo after their grandparents were denied private health insurance due to their age. The company has since partnered with a major insurance carrier, granting members access to medical coverage, personalised health plans, and a team-based care approach.
The newly secured funding will enable Koltin to further its mission of improving the health and financial security of aging Mexicans and their families.
9. Juno
Raised: US$8.5 Million
Sector: Child disability
CEO and co-founder: Jordan Epstein
Lead investor: Spero Ventures
Juno – the first company in the US to provide child disability insurance closed a US$8.5 million Series A round to expand the reach of its new employee benefit.
The pioneering US company will use the capital to expand its client base and broker network, and increase product flexibility to accommodate the budgets of various companies interested in offering this innovative employee benefit.
Through Juno, parents can receive up to $1 million ($500,000 per qualifying child) in tax-free cash, distributed in monthly installments over 10 years. This benefit covers children from birth to age 26 and can be used for any family needs, such as supplementing lost income, hiring specialized caregivers, or covering medical costs not included in health insurance..
Jordan Epstein, CEO and co-founder of Juno, said: “Child disability insurance protects parents from their largest uncovered financial risk, and this latest investment will enable more companies to offer this truly meaningful benefit for their employees.”
8. CarePay
Raised: €10 Million
Sector: Health insurance
CEO and co-founder: Pieter Prickaerts
Lead investor:RGA
Next Gen healthcare innovator CarePay International, has raised €10 million in fresh funding to boost the company’s international expansion and innovation. The investment will enable CarePay to extend its health insurance platform to new regions and markets, boosting its ability to reduce healthcare costs and facilitate a direct connection with the individual.
The insurtech addresses data access and data quality challenges faced by health insurers and their insured members.
Pieter Prickaerts, CEO of CarePay, stated, “Securing this fresh funding is a significant milestone for CarePay. It underscores the growing emphasis on leveraging high-quality data for AI-driven disruptions in healthcare. Our goal is to make healthcare more accessible and efficient for people globally.”
7. Onsurity
Raised: US$21 million
Sector: Employee benefits
CEO and co-founder: Yogesh Agarwal
Lead investor:Creagis
SME-focused insurtech startup Onsurity raised an additional $21 million, led by private equity firm Creaegis, to complete its Series B funding round at $45 million.
The startup plans to use the fresh capital to launch new digital product lines tailored to small and medium enterprises (SMEs), enhance its tech stack, and improve the claims experience for its customers.
Founded in 2020 by Kulin Shah (COO) and Yogesh Agarwal (CEO), Onsurity provides healthcare benefits to employees of over 8,000 companies across 26 states and three union territories in India. The company’s offerings include hospitalisation coverage, at-home healthcare, and pre- and post-hospitalisation services. Onsurity aims to expand its client base to 50,000 companies by 2026.
“Onsurity Plus, our suite of business risk insurance solutions, will also gain from this boost, enabling us to launch more innovative products soon,” Shah said.
6. Companion Protect
Raised: US$20.25 million
Sector: Pet insurance
CEO and Founder: Chuck Laue
Lead investor: Avanta Ventures
Companion Protect, a Kansas City-based company specialising in pet insurance and wellness administration, raised $20.25 million in its Series A extension round.
The funding follows a $27 million Series A round completed in 2023, and the newly secured funds will be directed towards expanding product offerings and partnerships, as well as driving digital innovation aimed at enhancing the customer experience. Founded in 2015, Companion Protect has made significant strides in the pet insurance industry, launching programs for major insurers like Liberty Mutual, Safeco, and CSAA Insurance Group.
Chuck Laue, founder and CEO of Companion Protect said: “This level of investment from our strategic partners demonstrates incredible belief in our purpose to ensure better outcomes for pets because pets make us happy.”
5. Nirvana
Raised: US$20.25 million
Sector: Pet insurance
CEO and Co-founder: Akshay Venkitasubramanian
Lead investor: Avanta Ventures
Nirvana, a pioneering health tech company specialising in insurance verification and eligibility with machine learning and artificial intelligence, raised $24.2 million in a Series A funding round led by Northzone, with participation from Inspired Capital, Eniac Ventures, and Surface Ventures.
Nirvana’s platform aims to bring unprecedented transparency to the complex world of healthcare benefits.
Founded by Akshay Venkitasubramanian, Urvish Parikh, and Kelvin Chan, Nirvana was created in response to the financial challenges patients and providers face due to insurance eligibility complexities.
“Healthcare providers and patients alike have suffered from the opaque and inefficient insurance verification process for far too long,” Venkitasubramanian said.
4. NEAT
Raised: €50 million
Sector: Embedded
CEO and Founder: Maximilien Dauzet
Lead investor: Hedosophia
NEAT Protect, a leading provider of embedded insurance solutions based in Paris, raised €50 million in a Series A funding round, led by Hedosophia, with support from Mundi Ventures, ETFS Capital, Athletico Ventures, and existing investors.
The fresh capital will boost NEAT’s mission to transform the insurance experience for both businesses and consumers by making protection more accessible and integrated at the point of need.
Neat’s CEO, and Founder, Maximilien Dauzet, highlighted the company’s commitment to sustainable growth. He said: “I always felt that fundraising was considered too much of an economic model. This is why we were keen to achieve profitability before reinvesting in development: Milestone achieved! I join the 50 Neaters to proudly announce that Neat Protect has secured €50 million in Series A funding!”
3. Gradient AI
Raised: $56.1 million
Sector: AI solutions
CEO and Founder: Stan Smith
Lead investor: Centana Growth Partners
Gradient AI, a leading provider of artificial intelligence (AI) solutions for the insurance industry, raised $56.1 million in its latest Series C funding round.
The round was led by Centana Growth Partners, with continued support from existing investors MassMutual Ventures, Sandbox Insurtech Ventures, and Forte Ventures.
The newly secured funds are earmarked for enhancing product development, advancing innovation, and improving efficiency within the insurance industry.
Stan Smith, CEO of Gradient AI, commented on the round, saying: “Now it’s up to us to use this funding wisely, enhancing our platform and delivering unparalleled value to our customers. Insurers are becoming increasingly sophisticated in their risk assessment and are focused on improving their operational efficiencies. We are helping them achieve these goals by automating processes, reducing costs, and significantly improving results.”
2. Centivo
Raised: US$75 Million
Sector: Employee benefits/healthcare
CEO and Founder: Ashok Subramanian
Lead investors: Cone Health Ventures and MemorialCare Innovation Fund
Centivo, a leading healthcare and employee benefits insurtech completed a $75 million financing round earlier this month.
The investment included participation from new strategic investors Cone Health Ventures and MemorialCare Innovation Fund, as well as existing financial backers and will fuel Centivo’s mission to address the rising healthcare costs faced by employers and employees in the United States.
In 2023 alone, Centivo’s health plans achieved a remarkable 71% reduction in member out-of-pocket costs compared to their previous plans. Additionally, these plans typically saved employers 15% or more while increasing use of primary and specialty care.
“We are thrilled to have this level of financial support toward the continued growth of our radically affordable healthcare solution in America”, said Ashok Subramanian, CEO and Co-Founder of Centivo.
1. Akur8
Raised: US$120 million
Sector: Pricing
CEO and Founder: Samuel Falmagne
Lead investors: One Peak
Akur8, the AI-powered insurance pricing and reserving platform, has raised $120 million in its latest Series C funding round, bringing its total funding to $180 million.
The round was led by growth equity firm One Peak, with additional participation from Partners Group and existing investor Guidewire Software, Inc.
The funding will support the development of two new modules: Optim, which helps insurers refine pricing strategies, and Deploy, a rating engine that simplifies bringing rates into production. The acquisition of Arius, a reserving platform, will also accelerate Akur8’s entry into the insurance reserving market, bridging the gap between reserving and pricing.
The capital infusion will also enable Akur8 to expand its product portfolio and drive its growth across global markets, particularly in North America. Since its launch in 2019, Akur8 has transformed non-life insurance pricing by leveraging machine learning to help insurers price faster and enhance risk assessments. Its cloud-based platform allows insurers to optimise pricing strategies, improving financial outcomes.
Humbert de Liedekerke Beaufort, Co-Founder and Managing Partner of One Peak, said: “Akur8 offers a truly unique cloud-based end-to-end actuarial platform, which leverages proprietary machine learning algorithms to inject speed and accuracy to insurers’ pricing process, whilst ensuring full transparency, auditability and control over the models created.”
“We look forward to collaborating closely with our new investors One Peak and Partners Group, two leading investment firms that share our vision for innovation and excellence. With their support, we are committed to accelerating our product development efforts and staying ahead of industry trends to offer an unparalleled, integrated actuarial platform for insurers globally,” stated Samuel Falmagne, CEO and Co-Founder of Akur8.
Report by Joanna England
