February saw a large number of funding rounds take place in the insurtech space, across a wide spectrum of sectors. From health and caregiver cover, to AI facilitators and vehicle trackers for the auto insurance market. We’ve rounded up the investment winners.
Coverdash
Raised: US$13 Million – Series A
Lead investors: Nyca Partners
CEO: Ralph Betesh
Business insurance provider insurtech Coverdash announced their raise of US$13 Million, hot on the heels of the company’s $2.5 million Seed round – secured in 2023 as Coverdash states its aim to become an insurtech leader for startups and SMEs.
The financing round was spearheaded by Nyca Partners, a leading investment firm, with participation from a consortium of existing investors such as Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures, among others.
Ralph Betesh, co-founder and CEO of Coverdash, commmented on the capital raise saying that the insurtech acts as a virtual risk management arm, and their service goes beyond coverage, providing support to smaller firms.
“… in today’s challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash is dedicated to empowering both our partners and our customers with these capabilities.”
Intenseye
Raised: US$64 Million – Series B
Lead investors: Lightspeed Venture Partners
CEO: Sercan Esen
Intenseye, a leading provider of workplace safety solutions, successfully closed a Series B funding round totalling US$64 million.
The investment was spearheaded by Lightspeed Venture Partners and saw participation from Insight Partners, Point Nine, and Air Street Capital.
Established in 2018 and headquartered in New York, Intenseye specializes in leveraging existing camera infrastructure within facilities to proactively identify safety hazards that could potentially result in injuries and illnesses. With its cutting-edge technology, Intenseye’s solutions have been deployed across “thousands of sites” spanning over 25 countries, safeguarding the well-being of more than 100,000 workers.
Sercan Esen, Intenseye CEO, said: “The scope, scale, and costs of workplace incidents are escalating rapidly, underscoring the critical need for AI-driven solutions that help pinpoint and mitigate hazards while aligning to the highest standards of accuracy, privacy, and enterprise readiness.
Yurtle
Raised: £1.37 Million – Seed Funding
Lead investors: Insurtech Gateway and Mustard Seed Maze
CEO: Antonio Ribeiro
Taking on the care industry and addressing a yawning protection gap, is Yurtle, which raised £1.37 Million in Seed funding to address caregiver curnout
Yurtle, a London-based insurtech focused on alleviating caregiver burnout in workplaces, has successfully concluded a Seed funding round amounting to £1.37 million.
The funding round was co-led by Insurtech Gateway and Mustard Seed Maze. The primary objective behind this financing is to expand Yurtle’s team and introduce the world’s inaugural digital care ally.
The overarching vision of Yurtle is to foster a global environment where individuals retain the autonomy to live independently as they age. Central to this vision is the empowerment of informal social care networks to administer care support in a manner that is both sustainable and efficient.
Yurtle’s founder, Antonio Ribeiro, draws from personal experiences witnessing the strain of caregiving within his family. His grandfather received familial and professional support in battling ALS, while his grandmother currently relies heavily on family assistance in confronting age-related frailty and vascular dementia.
He said: “We believe there is no single systemic challenge more pressing or fascinating to solve for than our ageing population. We are thrilled to have secured funding that allows us to continue building the tools families need to meet their obligations of care for loved ones without sacrificing their health.”
Embea
Raised: €4 Million – Seed Funding
Lead investors: Atlantic Labs and astorya.vc
CEO: Dr Johannes Becher
Berlin-based insurtech Embea successfully concluded its seed funding round, securing €4 million in investments.
Leading the funding round are Atlantic Labs and astorya.vc, with notable contributions from Jamie Hale, founder and CEO of Ladder, Daniel Khachab, founder of Choco, and Michael Cassau, founder of Grover.
Embea, known for its pioneering work in embedded insurance, extends this innovation from gadget coverage to life insurance protection. The company’s approach allows individuals and families to seamlessly obtain coverage during non-insurance activities like booking travel or securing loans, eliminating the need for brokers or dedicated websites.
In response to the growing demand for embedded insurance solutions, Embea enables digital platforms such as digital banks and fintech firms to diversify revenue streams by integrating life insurance offerings. This integration process is made efficient and accessible through Embea’s highly customizable, no-code embedded checkout technology.
Co-founder and CEO of Embea, Dr Johannes Becher, also commented, saying: “We are delighted to have secured this funding showing that the future of insurtech is far from dead.”
Loovi
Raised: US$9 Million
Lead investors: Marçal Holding and Oliveira Participações
CEO: Quézide Cunha
Brazilian insurtech Loovi raised US$9 million in funding from prominent investors Marçal Holding and Oliveira Participações.
Specialising in vehicle tracking, security, theft warranty, and fleet management services, Loovi, which was founded by Quézide Cunha and William Naor, aims to expand its team to over 220 while doubling its revenue by 2025. The investment will also bolster its technological infrastructure.
The infusion of funds marks a pivotal moment for Loovi, allowing the company to extend its footprint across Brazil while fortifying its position within the competitive market landscape. With ambitious plans on the horizon, the insurtech intends to enhance its customer base and diversify its distribution channels.
“The insurance market, especially in the automotive sector, is highly rigid, bureaucratic, and undemocratic. According to the National Confederation of General Insurance Companies only 30% of vehicles in the country are insured, as many see it as a ‘luxury.’ The problem lies in the fact that, often, the car is the family’s most valuable asset,” said Quézide Cunha, Founder and CEO of Loovi.
Armilla AI
Raised: US$4.5 Million Seed Funding
Lead investors: Mistral Venture Partners
CEO: Karthik Ramakrishnan
Armilla AI concluded a US$4.5 million seed funding round, led by Mistral Venture Partners, and with significant support from key players such as MS&AD Ventures, SixThirty Ventures, Morgan Creek Digital, and Y Combinator.
Armilla AI’s warranty product sets a new standard for responsible AI adoption, assuring enterprises that their chosen AI solutions adhere to regulatory requirements and function as intended. This initiative marks a significant stride in reshaping perceptions of responsible AI deployment within the business landscape.
Karthik Ramakrishnan, CEO and co-founder of Armilla AI , said, “With the introduction of our warranty product, we’re giving enterprises a guarantee that the AI products they choose are compliant, function as advertised, and because AI is susceptible to errors, they are protected when failures do happen. We believe this will fundamentally reshape the understanding of responsible AI, and the backing from our investors will help us explore additional insurance policies that limit risk for Enterprises.”
RASA
Raised: US$30 Million – Series C Funding
Lead investors: Andreessen Horowitz, Accel, and Basis Set Ventures
CEO: Melissa Gordon
Rasa, a leading conversational AI platform that is partnered with Lemonade, successfully raised US$30 million in a Series C funding round. The investment round was co-led by StepStone Group and PayPal Ventures, with notable participation from Andreessen Horowitz, Accel, and Basis Set Ventures.
The infusion of capital will be instrumental in advancing Rasa’s technology and expanding its market footprint. The company remains steadfast in its mission to empower major brands with flexible and customisable AI assistants.
She said: “I’m excited to announce that we have successfully raised $30 million in our Series C funding round. This significant achievement is a testament to the hard work, dedication, and vision of our entire team. It also reflects the strong belief our investors have in our mission to revolutionize the way businesses engage with their customers through conversational AI. This funding is a vote of confidence in our technology, our people, and our strategy to lead the conversational AI space.”
CAKE
Raised: US$1.3 Million in Pre-seed Funding
Lead investors: Marks
CEO: Adam Bowe
Cake, a transactional marketplace tailored for independent insurance agents, closed a pre-seed funding round, raising US$1.3 million last month. The financing was led by venture capital firm Markd, with participation from sponsors including 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and other industry-specific partners. This funding round is a significant step forward for Cake as it aims to reshape Insurance M&A, democratize access, and expand its services to agents at all levels.
Adam Bowe, Co-Founder, and CEO, said: “As we witness a shift away from private equity dominance, our platform makes it progressively simpler for agents to adapt to the changing insurance landscape. We offer a unique opportunity for agents to buy and sell their books of business, or even fractional sales with slices of their books, with each other.”
“Our focus on innovative technology, connectivity, and independent agents makes us exceptional.”
MediConCen
Raised: US$6.85 Million – Series A Funding
Lead investors: HSBC Asset Management
CEO: William Yeung
MediConCen is an insurtech company that specialises in AI and blockchain-driven insurance claims automation, and recently secured US$6.85 million in its Series A round.
Led by HSBC Asset Management, the funding round also saw participation from existing investors G&M Capital and ParticleX, as well as new investor Wings Capital Ventures. With this latest funding, MediConCen’s total funding reaches $12.7 million.
Speaking about the capital raise, William Yeung, CEO and co-founder of MediConCen, said: “We always aim to create a 10x better customer experience, and we believe that insurance claims are the most pressing area to address. MediConCen’s capability to deliver extraordinary solutions lies in our profound understanding of insurance and state-of-the-art technology.”
Wisedocs
Raised: US$9.5 Million in Series A Funding
Lead investors: Information Venture Partners
CEO: Connor Atchison
Insurtech Wisedocs raised an impressive $9.5 million in its Series A Funding Round recently, in an oversubscribed round led by Information Venture Partners, a respected early-stage B2B FinTech investment firm, with additional contributions from Thomson Reuters Ventures and ManchesterStory, highlighting robust investor confidence in Wisedocs’ potential.
Specialising in machine learning software-as-a-service (SaaS) for medical record review, indexing, and summarisation, Wisedocs is reshaping how the insurance industry manages medical claims with enhanced efficiency and accuracy.
Wisedocs CEO Connor Atchison commented on the funding, saying, “This latest financing round proves the success of our most recent technological advancements. The claims ecosystem has long remained a siloed and slow-moving machine.”
Hellas
Raised: €30M Million
Lead investors: London’s ETF Partners
CEO: Robert Genieser
Hellas Direct, the Athens-based insurtech firm, secured a substantial €30 million investment last month, aimed at bolstering its climate-focused insurance offerings.
The funding, spearheaded by London’s ETF Partners and supported by the company’s founders along with both new and existing investors, underscores Hellas Direct’s commitment to addressing the challenges posed by climate change in central and southern Europe.
Alexis Pantazis, Co-founder and Executive Director of Hellas Direct, said: “We are thrilled to partner with ETF Partners. Their support will be crucial in accelerating our mission to integrate sustainability and resilience into our insurance products. “
He added: “As we look to the future, we are more committed than ever to innovating and delivering solutions that address the growing risks and urgent challenges of climate change. Now is the time for action!”
Tuned
Raised: US$3.2 Million in Seed Extension Round
Lead investors: Unum Group
CEO: Danny Aronson
Hearing health startup Tuned successfully closed a $3.2 million seed extension round, with Unum Group leading the investment and Distributed Ventures also participating.
Founded in 2020, Tuned offers customisable hearing benefits for companies, providing employees with comprehensive hearing health care and access to products that support auditory wellness. The solution is currently available to more than 1.4 million individuals.
Danny Aronson, CEO and co-founder of Tuned, said: “By addressing a critically overlooked part of our health, we can ensure millions of employees preserve their hearing health and prevent further loss, while positively impacting their overall health, well-being and productivity.”
Buddy
Raised: US$7.2 Million
Lead investors: 49 participants
CEO: Charles Merritt,
Insurtech startup Buddy raised U$7.2 million from 49 investors, bringing its funding total to $8 million
Buddy reportedly offers its software to brokerages and insurance carriers on a subscription basis, charging a monthly fee for each insurance product available. The insurtech also provides accident insurance, which is aimed at outdoor enthusiasts who want coverage for intensive activities like rock climbing or mountain biking.
Launched by CEO, Charles Merritt, insurance veteran Jay Paul and Martin Agency alum David Vogeleer, subscribers have access to Buddy’s platform, allowing them to manage and present products to their clients. Customers can also conveniently purchase coverage through the interface provided by Buddy. Additionally, Buddy levies a fee for each transaction facilitated through its platform.
“We are very good at building software to transact insurance on the internet. There are other people there who would like their insurance products to be easier to transact on the internet,” Merritt said.
