12 Top Investment Rounds: Insurtech Funding off to a Flying Start in 2024
12 Top Investment Rounds: Insurtech Funding off to a Flying Start in 2024
Insurtech investment has seen a lot of challenges over the past 12 months, but January 2024 has seen some impressive raises from seed to series B. Insurtech Insights reports. 

In 2023, the Insurtech investment space encountered a rollercoaster ride of challenges, reshaping the future of insurance innovation. 

From regulatory hurdles to evolving consumer demands and the quest for sustainable growth, firms have faced a battleground of obstacles. Navigating this turbulent landscape has required agility, foresight, and a relentless pursuit of innovation. 

We’ve listed the top 12 funding rounds that have taken place this month, showing who is investing in whom, how much they’re funding, and why. 


Specialises in: Insurance pricing

Raised: US$73 million

Lead investors: Battery Ventures, a16z, Highland Europe

hyperexponential recently raised US$73 million in capital in its Series B funding round, led by Battery Ventures, with participation from leading Silicon Valley investor a16z, and existing Series A investor Highland Europe, which increased its holding., three years after its Series A round.

CEO Amrit Santhirasenal confirmed the capital would provide further opportunities to scale and innovate. He said: “This funding marks a pivotal moment for us, as we prepare to scale our team and lay down roots in New York to meet demand from the US and the SME sector. It’s never been about growth for growth’s sake though: insurance needs a mission-critical pricing decision platform and it’s our lives’ work to make the best one out there.”Read more:


Specialises in: Data analytics

Raised: US$9.5 million

Lead investors: Information Venture Partners, a respected early-stage B2B FinTech investment firm, with additional contributions from Thomson Reuters Ventures and ManchesterStory

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.

The newly secured funds will be allocated towards strategic growth initiatives. This includes expanding Wisedocs’ team, enhancing its product offerings, and extending its market reach. The expansion aligns with the company’s rapid growth trajectory, particularly its recent entry into the American market in 2022, marked by the establishment of new headquarters in Florida to better serve its growing US client base.

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.”

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Specialises in: Customer engagement

Raised: US$1.9 million

Lead investors: Markd, Afterwork Ventures, Everywhere Ventures and others. 

AI-powered insurtech Indemn closed a US$1.9 million pre-seed funding round – a milestone that highlights that the insurtech’s commitment to revolutionising how people engage with and purchase insurance coverage through the integration of AI.

Founded in 2021, Indemn’s innovative platform represents a paradigm shift in the insurance industry, offering users a seamless interface to explore and procure insurance products through natural conversation driven by AI. 

Kyle Geoghan, Co-founder & CEO of Indemn, said: “We’re thrilled with the initial funding and support from investors who believe in our vision to transform the insurance acquisition experience with Large Language Models. Creating a better way for people to interact with insurance has been a long time coming and we couldn’t be more excited to continue building the solution.”

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Specialises in: Credit solutions

Raised: US$25 million

Lead investors: Creation Investments Capital Management, DEG Invest, and Altra Investments.

AVLA, a leading provider of surety and trade credit solutions, recently raised US$25 million in funding from a number of prominent investors. With its headquarters in Chile, AVLA has emerged as a dominant force in the Latin American market, generating approximately $150 million in insurance revenue in 2023. Renowned as one of the top five providers of surety and trade credit solutions in the region, the insurtech operates across key markets such as Brazil, Mexico, Chile, and Peru.

“We are delighted to continue strengthening AVLA and expanding our business focused on small and medium-sized enterprises in the region,” said Ignacio Álamos, founder and CEO of AVLA.

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MIC Global

Specialises in: Microinsurance

Raised: US$6 million

Lead investors: Launchpad Capital and saw participation from notable investors including Greenlight Re, Ironsides Partners, as well as existing backers

MIC Global specializes in offering embedded microinsurance products tailored to meet the needs of underserved and unserved individuals, as well as micro, small, and medium enterprises. With operations spanning approximately 17 countries, the company’s comprehensive coverage options address a spectrum of risks including loss of income, everyday uncertainties, and identity theft.

Jamie Crystal, co-founder and CEO of MIC Global, said: “We are pleased to welcome Launchpad Capital, GreenlightRe, and Ironsides Partners as strategic investors and partners to help fuel MIC Global’s continued growth as the preeminent embedded micro insurance provider.

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Specialises in: Property/decarbonisation and underinsurance

Raised: US$4.8 million

Lead investors: EDF Pulse Ventures, along with continued support from existing investors Volta Ventures and InnovationQuarter

Spotr technology has a global capability to scan properties anywhere in the world, delivering swift and hassle-free results for its customers. The process reportedly involves gathering images from diverse sources such as satellites and street images, using addresses provided by customers to create a comprehensive digital twin for each property in their portfolio. 

“With the investment we have extended our executive team with two seasoned and successful entrepreneurs’, said Dirk Huibers, Co-founder and CEO of Spotr.

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Specialises in: IaaS (Infrastructure-as-a-Service)

Raised: US$1 million

Lead investors: Capital-A, Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle.

Co-founded in May 2021 by Anuj Parekh and Sanil Basutkar, Bharatsure’s distributors include licensed brokers, agents, banks, and institutions, enabling them to efficiently distribute group insurance and healthcare services. The primary objective of Bharatsure is to bolster insurance coverage across India.

The newly acquired funds will be used for product development, team expansion, and extensive marketing efforts, the startup disclosed.

Co-founder and CEO, Anuj Parekh, stated, “This funding round marks a significant milestone for Bharatsure. This fresh capital injection will further fuel our mission to democratise group insurance, making it accessible and affordable for organisations and groups across the country. 

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Specialises in: Claims processing

Raised: US$3.2 million

Lead investors: Motive Ventures, Tokio Marine Future Fund and Plug and Play Ventures

Founded in 2021 and headquartered in New York City, Korr specialises in providing a cloud-based operating system designed for streamlined claims processing and policy administration.Korr’s platform, developed with a specific focus on reducing switching costs, empowers carriers to seamlessly transition their historical data to the cloud. 

Speaking about the fund raise, Gregory Ritchie, CEO and founder of Korr, said: “We started Korr two years ago with the thesis that cloud-native architecture and innovation will drive positive change in insurance, particularly in the post-COVID workplace and marketplace. We have invented a forward-thinking product that drives competitive advantage, cutting legacy costs and constraints, and converting decades of historical data out-of-the-box.”

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Specialises in: SMB underwriting

Raised: US$12 million

Lead investors: Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners, and Arch Capital Group Ltd.

Rainbow, a digitally-enabled managing general underwriter specialising in customised small business insurance products, has successfully raised US$12 million in seed funding. The insurtech aims to redefine small business insurance by implementing innovative data and technology-driven underwriting strategies.

“Coming out of the pandemic, we saw a gap in the process of other underwriting companies and carriers focused on small commercial, and this was super clear with restaurants and their ever-evolving nature,” said Rainbow’s CEO and co-founder Bobby Touran.



Specialises in: ESG

Raised: US$12.17 million

Lead investors: Heartcore Capital and Vorwerk Ventures led the investment, with support from HCS Capital, Revent Ventures, and former Allianz board members Axel Theis and Christof Masher.

Switzerland-based startup CarbonPool, founded by former Allianz executives, aims to transform the carbon credit market.

CarbonPool’s approach ensures that companies purchasing carbon credits will receive the permits they’ve ordered, even if the issuer fails to deliver them. This assurance is particularly critical in scenarios where, for instance, the forest backing a credit is devastated by wildfires. 

Carbon Pool co-founder and Chief Operating Officer Nandini Wilcke said, “(Buyers) are in the uncomfortable position that right now there’s no guarantee that the offsets they buy in advance are actually going to materialise and… in the number that they’re expecting and reporting on in their financial disclosures. Insurance is basically the missing piece.” 

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Specialises in: Supplemental insurance

Raised: US$20 million

Lead investors: Portage, Two Sigma Ventures, Brewer Lane Ventures, SixThirty Ventures, Plug and Play Ventures, Digitalis Ventures, Symphony AI, Operator Partners, Morgan Creek Capital Management, and various others.

Ansel, formerly known as Brella, has made strides in transforming the supplemental insurance landscape by securing a US$20 million funding round led by Portage. 

Ansel distinguishes itself by employing cutting-edge technology to simplify supplemental insurance, providing payouts for diagnoses spanning over 13,000 conditions, from concussions to cancer. Since its inception, the company has identified a market demand for a novel benefit that streamlines the claims experience, offering a seamless, paperless approach to implementation, enrollment, and ongoing administration.

“Since launching Ansel in 2019, we’ve made significant progress bringing modern supplemental insurance to more Americans by teaming up with leading insurance carriers and benefits brokerage firms across the country,” said Ansel’s Founder and CEO, Veer Gidwaney.

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Specialises in: Data analysis

Raised: US$12 million

Lead investors: RGA

Launched in 2018 by brothers Yuval Man (CEO) and Amit Man (CTO specialising in AI), DigitalOwl operates with a team of 70 professionals across Israel and the United States. The fresh infusion of capital has reportedly been earmarked for expanding the workforce and recruiting new talent.

The investment also marks the initiation of a long-term global partnership between DigitalOwl and RGA, with strategic plans to integrate DigitalOwl’s state-of-the-art technology into RGA’s systems.

Yuval Man, CEO of DigitalOwl, said: “The strategic investment and global partnership stems from a 500% growth we experienced in the life insurance field last year.

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Author: Joanna England

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