11 Insurtech Funding Rounds Boosting Growth in the Marketplace
11 Insurtech Funding Rounds Boosting Growth in the Marketplace
Raising capital in these challenging times is an impressive achievement. Insurtech Insights rounds up the latest investment events in Insurtech

In August, Gallagher Re released its Global InsurTech Report, revealing that new funding for the global insurtech sector has fallen to $916.71 million during the second quarter of 2023, down 34% from $1.39 billion last year. 

However, Andrew Johnston, Global Head of Insurtech at Gallagher Re and author of the report, said that despite the seeming slump, the overall prospect for the insurtech industry is positive, and that the sector is simply experiencing a “correction process” whereby “insurtech ihas become more synonymous with precise business outcomes”

In a press statement, he said: “We’re actually below a billion dollars for the first time in a few years, but I don’t see that as being any kind of alarm quite honestly, partly because I have the benefit of seeing the data, I can see where the money is going and it seems very healthy.”

The past few weeks have seen a number of impressive insurtech finding drives, many of them located in emerging markets – along with significant investment into India’s startup space. Insurtech Insights reviews the recent capital events of the past few weeks. 

Allium Data, Inc.

Amount: US$750,000

CEO: Michael Rost

Investors: Markd

Launched last year (2022), Allium Data, Inc. has swiftly established itself as a standout platform company with a diverse product portfolio. Among its notable offerings, the data analytics tool is a standout, excelling in sourcing and digitising real-time policy and premium data. With an exhaustive analysis covering nearly 40,000 policies and a substantial $10 billion in premiums, Allium empowers industry players – agents, brokers, and carriers – with invaluable insights for prospecting and risk pricing.

Taking a significant leap forward, Allium introduces a revolutionary technology designed to automate the parsing, analysis, and structuring of insurance data. This innovation marks a departure from manual policy data entry and cumbersome quote comparisons, enhancing efficiency for agents. Driven by state-of-the-art machine learning and generative artificial intelligence, this transformative product streamlines client administration processes, ushering in a new era of precision in the insurance industry. 


Amount: US$1 million

CEO:  Shady ElTohfa

Investors: Alter Global, Digital Venture Partners (DVP)

Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa, Egyptian insurtech Amenli specialises in delivering a range of insurance services, with a primary focus on medical, car, home, and business offerings. Operating under the license of Egypt’s Financial Regulatory Authority (FRA), the startup streamlines client claims with insurance companies, acting as a liaison on behalf of its customers.

According to reports, the new capital positions Amenli to expand its product line, catering to both existing and new customer segments, while exploring innovative distribution channels to enhance efficiency and reach. With an impressive five-fold growth compared to the same period last year, the startup strategically emphasizes dominating the B2B2C space, leveraging its insurance API.


Amount: US$2.5 million

CEO: Justin Villiers

Investors: Markd, Greenlight Re, Connetic Ventures, Sidedoor Ventures, Ank Partners, Hustle Fund, and Startup TNT

Scription specialises in solving issues surrounding hourly billing for equipment repairs, a model that often financially favours maintenance companies during equipment downtimes. Scription’s subscription-based maintenance model effectively addresses challenges related to pricing and insurance. The recently unveiled programme guarantees consistent servicing costs for equipment owners, concurrently minimising equipment breakdowns. This ensures ongoing aftermarket revenue for service companies while granting them exclusive repair rights.

Empowered by a significant capital injection, the insurtech will, most likely, expedite the launch of its pricing platform and integrate prominent customer brands. Industry experts view this strategic move as a much-needed remedy for sectors eager to transition from traditional repair contracts to more cutting-edge service models, anticipating positive transformations in the maintenance landscape.


Amount: US$2.4

CEO:  Jonathan Jackson

Investors: VC investor 24Haymarket (24H), Foresight Group

Founded in 2019 as a spinoff from Loughborough University, Previsico recently secured substantial backing at a significant premium compared to its previous funding round. 

According to reports, the investors were drawn to Previsico’s impressive traction with major corporations such as Network Rail, National Grid, and The Guinness Partnership, as well as leading insurers including Zurich, Liberty Specialty Markets, and Generali. Recognizing the world-leading live flood forecasting technology, investors saw the vast commercial potential and the substantial positive environmental and social impact of Previsico. The management team’s technical and commercial expertise further impressed the backers, solidifying Previsico’s position as a key player in the innovative landscape of live flood forecasting.

BeSafe Group

Amount: US$3.1 million

CEO: Alessandro Bartolucci

Investors: PranaVentures, Azimut Digitech Fund, CDP Venture Capital SGR and angel 

Italian travel insurtech startup, BeSafe was launched in 2018 and has become a notable player in the travel insurance sector, offering coverage to over 250,000 travellers. The company boasts a robust network of more than 1,600 clients, including hotels, tour operators, travel agencies, and over 50 technology partners and insurance companies.

The latest funding injection will assist BeSafe Group to advance its claims management platform and enhance its suite of tailored insurance solutions. Additionally, the company plans to strengthen its sales team to accelerate expansion efforts both within Europe and on a global scale. BeSafe Group’s commitment to innovation and its proven track record of serving a diverse clientele position it strategically for continued growth and success in the ever-evolving landscape of travel insurance.


Amount: US$5.5 million

CEO: Cole Riccardi

Investors: Altai Ventures, MGV, Upper90, Clocktower, Commerce Ventures, Mischief Ventures, and Core Innovation Capital

Headquartered in New York, Authentic has solidified its reputation in the marketplace with a team of seasoned professionals who bring expertise from distinguished technology and insurance companies within the industry. The talent pool at this insurtech includes individuals with extensive backgrounds at renowned organizations such as Next Insurance, Amazon, Canary Consulting, and Aquiline Capital Partners.

The recently introduced platform, Captive Insurance, serves as a transformative financial tool, offering a myriad of benefits. These include generating additional revenue streams for parent companies, providing tailor-made insurance coverage, and reducing insurance premiums. Despite its numerous advantages, the accessibility of establishing a captive insurance company has historically been limited due to its complex and cost-intensive nature, primarily catering to large corporations over the past half-century.


Amount: US$10.7 million

CEO: Jules Veyrat

Investors: Munich Re Ventures and Opera Tech Ventures

Stoïk has secured a total of $26.6 million in funding since its launch in 2021. The company collaborates with independent brokers to distribute its cyber insurance product, backed by a consortium of insurers and reinsurers, including Acheel, Axeria, Swiss Re, and Tokio Marine HCC.

Specialising in serving Small and Medium-sized Enterprises (SMEs) primarily in France and Germany, Stoïk offers comprehensive coverage of up to €5 million. Their services encompass round-the-clock incident response by their in-house team, CERT-Stoïk, and access to legal and crisis communication experts for seamless assistance during critical situations.


Amount: US$34.9 million

CEO: Michael Chan

Investors: Sun Life Hong Kong Limited, Mitsui & Co., Ltd.

Hong Kong-based Bowtie is focused on elevating product innovation and creating deeper collaborations with healthcare providers, aiming to introduce distinctive elements that significantly enhance the overall customer experience.

The insurtech’s growth has been instrumental in expanding the online channel, resulting in a notable threefold increase in the direct channel market share within the insurance industry. Bowtie attributes its success to its competitive digital insurance and health offerings, emphasising their capacity to deliver an optimal blend of affordability, convenience, and service quality to their customers. This strategic approach positions Bowtie as a formidable force in the evolving landscape of digital insurance.


Amount: US$50 million

CEO: Rob Schimek

Investors: LeapFrog

Launched in 2020, bolttech is a global insurtech company that connects insurers, distribution partners, and customers to revolutionise the process of buying and selling insurance. At the heart of their ecosystem lies their insurance exchange—a technology-enabled platform, the world’s largest of its kind, quoting premiums amounting to $55 billion annually.

The $50 million investment is pivotal for advancing bolttech’s global expansion, particularly in emerging markets. It will also drive the improvement of its technology-driven ecosystem, offering tailored protection and insurance solutions for emerging consumers. A key goal of the capital injection is to expedite bolttech’s mission of tackling the significant $1.8 trillion global protection gap in the insurance industry. This aligns with the broader objective of fostering financial inclusion by providing access to essential and affordable insurance solutions.


Amount: US$60 million

CEO: Ish Babbar

Investors: Japan’s Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif, Beams Fintech Fund, and the Yogesh Mahansaria Family Office

Founded in 2017 by Ankit Agrawal and Ish Babbar, InsuranceDekho has exhibited robust growth in the insurtech sector. The company is poised to achieve a premium target of INR ₹3,600 crore for the current financial year (FY24) and envisions further growth to INR ₹6,000 crore over the next 12 months, according to Ankit Agrawal, the co-founder and CEO.

Distinguishing itself with a focus on Tier-II cities and beyond, InsuranceDekho operates in a competitive landscape featuring industry players like Acko, Turtlemint, and PolicyBazaar. The company asserts its presence in over 1,500 towns, with more than 90% of its premium originating from tier-II regions and beyond, showcasing its commitment to expanding its footprint beyond major urban centres.


Amount: US$100 million

CEO: Ty Harris

Investors: Eden Global Partners, Gradient Ventures, Clocktower Technology Ventures and Trinity Capital

Founded in 2021, Openly has distinguished itself in the insurance sector by exclusively distributing home insurance products through an extensive network of independent agents. The company’s innovative strategy has proven successful, highlighted by its 2022 performance, where it achieved an impressive $167 million in premiums for its underwriter, Rock Ridge Insurance Company.

Operating in 21 states, Openly’s services are accessible to a broad and expanding customer base. Remarkably, beyond its unique distribution model, the startup takes pride in owning its insurance carrier. This dual strength in distribution and ownership contributes to Openly’s notable presence and success in the insurance landscape, positioning it as a key player with a comprehensive and self-sufficient approach.

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