Insurtech Insights rounds up the top events of the month, to show you who has raised what, from whom, and why.

Agentsync

Sector: Multiple

Raised: US$50 million

Investors: Craft Ventures

CEO: Niji Sabharwal

Agentsync raised US$50 million in its recent Series B funding round. Led by prominent investors, the substantial funding injection marks a pivotal moment in Agentsync’s journey to transform the insurance industry.

“Given the current headwinds sectors of the insurance industry are facing, investing in modern, scalable infrastructure to manage distribution has never been more important. With AgentSync, customers have the flexibility to quickly and intelligently ramp distribution channels up or down as needed. This drives massive distribution channel-related cost savings when efficiently executed through software,” said co-founder and CEO Niji Sabharwal.

Onsurity

Sector: Employee Healthcare Benefits

Raised: US$24 million

Investors: World Bank’s International Finance Corporation (IFC) and existing investors Nexus Venture Partners and Quona Capital

CEO: Yogesh Agarwal

Onsurity, a startup specialising in employee healthcare benefits, secured US$24 million in its latest Series B funding round. Launched in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity has swiftly emerged as a key player, with a clientele of over 10 lakh individuals and serving more than 5,000 companies. Among its notable clients are industry leaders such as Jupiter Money, CleverTap, Porter, Zepto, Sobha Developers, DBS Bank, Pantaloons, and Sattva.

The scope of the insurtech’s coverage extends across a broad spectrum, encompassing business executives, regular employees, gig workers, and their dependents. Notably, over half of Onsurity’s members belong to the blue-collar workforce, and nearly 40% hail from Tier-II and Tier-III cities. A striking revelation is that 80% of businesses opting for healthcare memberships through Onsurity are venturing into employee healthcare for the first time.

Onsurity CEO Yogesh Agarwal stated, “We are immensely proud of reaching this milestone. Our goal has always been to revolutionise employee healthcare benefits, making them accessible and user-friendly for India’s SMEs.

Reserv

Sector: Claims processing

Raised: US$20 million

Investors: Altai Ventures and Bain Capital Ventures (BCV) jointly led this funding round, joined by 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures, and Arch Capital Group

CEO: CJ Przybyl

Reserv, a frontrunner in AI-powered insurance claims processing, has successfully concluded its Series A funding round, securing $20 million to enhance its generative AI tools for claims data analysis. Reserv specialises in serving managing general agents (MGAs) and insurance carriers, transforming claims handling processes and improving data accessibility to enhance efficiency and accuracy.

Notably, the company has experienced an impressive 50x growth in ARR over the past year, delivering vital claim information in real-time through advanced generative AI tools. These tools seamlessly integrate into automated workflows, offering significant data advantages for MGA and carrier partners. Reserv’s AI-generated insights within claim files promptly notify claims leaders and underwriters of any anomalies as soon as they arise.

“Insurance carriers are realising that a TPA using modern technology can deliver outsized benefits relative to TPA incumbents burdened by legacy home-grown software,” said CJ Przybyl, co-founder and CEO of Reserv. 

QuoteWell

Sector: Multiple

Raised: US$15 million

Investors: New Enterprise Associates, Inc. (NEA), with active participation from Goldcrest and Floating Point.

CEO: Joey Bouchard

Insurtech startup QuoteWell raised US$15 million in its Series A round – an investment that will be used to expand and scale the startup. Launched in 2021, QuoteWell caters to agents who are frequently neglected and underserved due to the low premiums linked to their accounts. The company envisions a transformation of customer service for these agents through the deployment of in-house brokers. This approach is designed to streamline the identification and placement of risks, ultimately delivering a best-in-class experience.

Joey Bouchard, CEO and founder, said: “We see a huge opportunity to better serve a segment of the insurance business that is often underserved by incumbents and developed what we call a hybrid insurtech that aims to provide the best service and results for our customers.”

iink

Sector: Payments

Raised: US$12 million

Investors: Headline, with notable participation from Motley Fool Ventures, Chartline Capital Partners, Silver Circle Ventures, and several existing investors of iink

CEO: Tom McGrath

iink Payments, a digital payments network specialising in expediting fund disbursements related to multi-party property insurance claims, raised $12 million in a Series A financing round.

Tom McGrath, iink CEO and co-founder, commented, saying: “iink has seen great success to date tripling in size since our last round by innovating in an industry that has historically been underserved when it comes to technology. Our vision is not only to expedite payments but to also position ourselves as a fintech company that provides specialised financial capabilities to our customers by partnering with outside banks—a platform for property restoration professionals to operate and grow their business in a way that has never been supported before.”

Orus

Sector: Mobility

Raised: €11 million

Investors: Notion Capital and VR Ventures/Redstone, with noteworthy support from key figures in the FinTech and InsurTech sectors

CEO: Côme Dartiguenave

French insurtech firm Orus has secured €11 million in a successful Series A funding round, signalling its strategic move to deliver customisable insurance solutions tailored for Small and Medium-sized Businesses (SMBs) across Europe. Founded in 2021, Orus initially focused on delivering specialised insurance solutions tailored for restaurant owners in the hospitality sector.

As time progressed, the insurtech company expanded its portfolio to cater to the diverse needs of SMBs, retailers, and freelancers. Notably, Orus distinguishes itself with a rapid online onboarding process, completing the procedure in just three minutes.

“Our mission is to create simple, efficient and affordable insurance to allow professionals to focus on what matters,” says Côme Dartiguenave.

Veruna

Sector: Multiple

Raised: US$10 million

Investors: Berkley Ventures, Guidewire Software, the Institutes, and CoVerica

CEO: Jennifer Carroll

Veruna closed its Series B fundraising round, generating a substantial $10 million. The insurtech’s advanced platform, Customer360, merges predictive analytics with a user-friendly no-code configurability feature. The platform is crafted to enhance revenue, streamline efficiency, and elevate the overall customer experience. Customer360 empowers insurance agents to effortlessly transition their attention from routine administrative tasks to providing vital client advisory services.

“We’re thrilled by the significant support from industry leaders,” said Jennifer Carroll, CEO of Veruna. “This funding gives us the fuel to push our vision forward and revolutionise the insurance sector.”

Upfort

Sector: Cyber

Raised: US$8 million

Investors: SYN Ventures, Eniac Ventures, Fika Ventures, Altai Ventures, Chaos Ventures, Aquila Capital Partners, Gaingels, and Cyber Mentor Fund.

CEO: Xing Xin

Upfort, a San Francisco-based cybersecurity and insurance provider, has successfully raised $8 million in a Series A funding round. The recent capital infusion is expected to bolster Upfort, enabling the enhancement of its cybersecurity services and the extension of its footprint in the dynamic cybersecurity and insurance sector. Support from SYN Ventures and other notable investors highlights the increasing significance of cybersecurity in protecting SMEs from the rising threats in the digital landscape.

Xing Xin, Upfort CEO and co-founder, said: “Upfort was founded as a comprehensive cyber platform to safeguard businesses against evolving threats and new risks. The new investment will enable us to build on these efforts as we continue our mission of accelerating the world’s journey toward cyber resilience.”

Laka

Sector: Mobility

Raised: US$8 million

Investors: Shift4Good

CEO: Tobias Taupitz

UK Insurtech start-up Laka raised US$8 million earlier this month in a round led by the French mobility fund Shift4Good. The London-based company, specialising in providing insurance coverage for e-bike owners, has also acquired Cylantro, a France-based e-bike insurance broker.

Tobias Taupitz, CEO of Laka, shared insights into the company’s expansion strategy during a recent interview with Forbes. He said Laka is actively pursuing a B2B2C (business-business-consumer) model by collaborating with retailers to broaden its reach among cyclists. This move aligns with the company’s vision of making insurance more accessible and tailored to the needs of its user base.

Safely

Sector: P&C/rental

Raised: US$8 million

Investors: Highgate Technology Ventures and LAGO Innovation Fund

CEO: Andrew Bate

Atlanta-based company Safely has successfully secured $8 million in funding, with Highgate Technology Ventures leading the investment and participation from LAGO Innovation Fund.

Founded in 2013, Safely specialises in providing insurance and safety tools designed for vacation rental homeowners and property managers. Their insurance policies offer coverage for personal injury and damages to both property contents and structures. Beyond insurance services, the company conducts comprehensive guest screening by cross-referencing government records, criminal databases, and other watchlists.

Andrew Bate, founder and CEO at Safely, said: “Our mission at Safely is to protect homeowners when they rent their homes on Airbnb, Vrbo, and Booking.com because they can only make money if they let internet strangers sleep in their beds and use their stuff.”

Canopy Connect

Sector: Multiple

Raised: US$6.5 million

Investors: Nevcaut Ventures led the round, with participation from Elefund, Nimble Partners, LocalGlobe, 9Yards Capital, Global FinTech Venture Partners, among others.

CEO: Tolga Tezel

Canopy Connect, the leading platform for collecting, verifying, and monitoring insurance information has announced the closing of a US$6.5 million Series A funding round. Established in 2020, the company’s creators embarked on a mission to construct a crucial, absent piece of infrastructure for the insurance market—a platform dedicated to exchanging verified insurance information. Canopy Connect initially refined its infrastructure with insurance agencies, simplifying the insurance quoting process and facilitating the seamless sharing of verified insurance information between individuals and their agents.

“There are so many use cases that can leverage our core insurance verification capabilities in lending, finance, insurtech, driver management, B2B verification, compliance and more,” said Tolga Tezel, founder and CEO at Canopy Connect. “This infusion of cash enables us to expand our connected insurance capabilities and meet the needs of these markets.”

Kota

Sector: Employee Benefits

Raised: US$5.2 million

Investors: EQT Ventures, Northzone and Frontline Ventures

CEO: Luke Mackey

Kota, formerly recognised as Yonder, successfully closing a Seed funding round, securing US$5.2 million (€5M). The funding marks a crucial step forward in Kota’s objective to simplify and automate insurance and retirement benefits for contemporary teams.

Speaking about the capital raise, Luke Mackey, Kota Co-Founder and CEO said, “Employee health and retirement benefits are the Achilles heel of HR and finance teams. They are managed through spreadsheets, portals and email – completely fragmented, offline and lacking interoperability. This is little surprise given, unlike other areas of HR and Finance where modern tools have revolutionised workflows, this industry is still dominated by old-school brokerages with an admin-heavy model. 

Previsico

Sector: Climate risk

Raised: US2.4 million

Investors: 24Haymarket (24H) and supported by the Foresight Group (Foresight)

CEO: Jonathan Jackson

Previsico has announced the completion of its latest funding round, at a significantly higher valuation than the prior one in August 2021. 

Previsico’s next generation live flood forecasting solution brings together the latest weather data from the Met Office, IoT devices on the ground, and its advanced flood modelling capabilities to address the increasing global issue of surface water flooding for insurers, the public sector, and major corporate clients and SMEs.

Jonathan Jackson, CEO of Previsico, said: “We are thrilled to welcome 24H as a new investor, as this not only brings valuable funding but also provides us access to a valuable network of accomplished business leaders. It’s equally gratifying that we’ve seen a significant increase in valuation that reflects the business’ strong sales growth since 2021.”

Protos Labs

Sector: Cyber

Raised: US$2.1 million

Investors: BEENEXT, VinaCapital Ventures, Artem Ventures (in collaboration with FWD Insurance), Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures, and Gobi Partners

CEO: Joel Lee

Singapore-based cyber risk management firm, Protos Labs, concluded its seed funding round, raising US $2.1 million (SGD $3 million).

According to reports, Protos Labs stands out through its integration of artificial intelligence, statistical modelling, threat intelligence, and cyber risk management technologies. The deliberate fusion strategically places the company at the forefront of addressing the intricacies of the continually evolving cyber risk landscape. The primary goal is to deliver flexible solutions that effectively address the challenges encountered by cyber underwriters and enterprise risk managers in the dynamic and challenging cyber threat environment.

Assureful

Sector: General Liability

Raised: US$1.5 million

Investors: Markd, Greenlight Ventures

CEO: Rohit Nair

UK-based insurance startup Assureful has successfully secured $1.5 million in a pre-seed funding round, with Markd leading the investment and Greenlight Re Innovations participating.

Launched in 2020 and officially launched in 2023, Assureful specialises in providing general liability insurance tailored for ecommerce sellers. The startup asserts that premiums automatically adjust monthly, leveraging real-time sales tracking across various channels through integrations with platforms like Amazon, Walmart, eBay, and Shopify. Assureful operates as a licensed Lloyd’s of London Coverholder across the US.

Author: Joanna England