ALL LATEST FUNDING ROUNDS

We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.

UK InsurTech Startup Instanda Raises $45M

Instanda, provider of a “no-code core insurance platform,” Monday (June 20) announced it raised $45 million in a Series B funding round that was led by Toscafund and included existing investor Dale Ventures.

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Lumera acquires Ai-London

Strategic acquisition will be instrumental for expansion to the UK and Ireland markets, while investing in Ai-London’s vision to create the world’s first AI-powered PAS and adding award-winning digital engagement to Lumera’s policy administration environment.

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Acrisure secures $725m in new funding

Acrisure, a Fintech specialist that operates a top-10 global insurance broker, has closed a $725 million in Series B-2 Preferred Equity funding at a $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021.

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Air Doctor raises $20 million

Medical care and travel startup Air Doctor has secured $20M in funding for scaling the company globally. This second round of investment capitalizes on the worldwide influx in travelers after the Covid-19 pandemic and will enable the company to enter its next phase of growth.

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Lassie pockets €11M for pet insurance app

Any pet owner will be able to confirm it – our pets become part of our family and their health is just as important as the owners. Increasingly, people are becoming pet parents and are prepared to invest in all aspects of their pet’s care – from how they are fed, to insurance, to toys and beyond. It’s meant that a new area of innovation has sprung up – PetTech.

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Alan raises another $193 million for its medical one-stop shop startup

French startup Alan has raised a new €183 million funding round ($193 million at today’s exchange rate). The company sells its own health insurance products and has expanded to other medical products and services. In other words, Alan wants to build a healthcare super app and a one-stop shop for all your questions and needs when it comes to your health.

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Top insurtech funding rounds of April 2022

There were 25 funding rounds in the insurtech sector between April 1 and April 29, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

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Surance.io Closes US$ 4Million Series A Round

Surance.io has recently completed a round of financing from Tech Mahindra that acquired 25% equity of the start-up with an option to invest in additional 20%. The initial investment is at the amount of US$ 4 million which will support the global expansion of the strong player in the InsurTech industry.

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Top insurtech funding rounds, March 2022

There were about 25 funding rounds in the insurtech sector between March 1 and March 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

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Flipkart founder’s Navi files for $440 million IPO

Sachin Bansal’s Navi Technologies, a fintech startup that offers customers insurance and loan products, has filed for a $440 million IPO as the 40-year-old entrepreneur who made his money by kick starting the e-commerce wave in the country once again makes a bold choice.

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DeadHappy Raises $15m

DeadHappy, the UK’s fastest-growing life insurance provider, has raised over $15M in equity in its latest funding round, with existing VC’s Octopus and Headline reinvesting in this round alongside new shareholders Volution, Verso Capital and Channel 4 Ventures.

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Plum Life raises $5.3 million

Plum Life Inc announced today it closed a $5.3 Million seed round led by ManchesterStory with additional participation from MTech Capital, Sonostar Ventures and other investors.

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Top insurtech funding rounds, Feb. 2022

There were 34 funding rounds in the insurtech sector between Feb. 1 and Feb. 28, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

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Nirvana Insurance launches, raises $22 million

Nirvana Insurance, a technology-driven platform that modernizes commercial fleet insurance using vast amounts of data from sensors on trucks, today announced the public launch of its services to make our roads safer and aid the imperiled truck industry.

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Insify is modernizing insurance, but this time for SMEs

Meet Insify, an insurtech startup that raised a $17 million (€15 million) Series A round led by Accel. The company wants to modernize the insurance market. Instead of focusing on the consumer market like many insurtech startups, Insify has picked a different path. It’s a pure B2B play as Insify focuses on Europe’s small and medium companies.

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The attention economy: How insurers can stay visible in a crowded field

A customer’s attention has been a rare commodity since long before the term “attention economy” entered the business lexicon. Wherever consumers are online, providers from all sectors are competing to get noticed. Staying visible is the name of the game, but it is becoming increasingly difficult as digitalization advances and delivers an ongoing clamor from companies in every conceivable industry vying for customers’ limited attention.

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ICEYE Raises USD 136M in Series D Funding Round

The financing will further accelerate the continued expansion of the world’s largest synthetic aperture radar (SAR) satellite constellation, and the growth of ICEYE’s Natural Catastrophe (NatCat) Insights and Solutions offering.

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Revolut enters insurtech – launches Pet Insurance

Revolut, the financial superapp with almost 4 million UK customers, today announced the launch of Pet Insurance. The stand-alone product reinforces Revolut’s existing insurance offering including travel insurance, purchase protection and ticket- and missed event cover. Pet insurance is Revolut’s entrance into insurtech, and is the company’s first of many future standalone insurtech products.

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Top insurtech funding rounds, January 2022

There were 41 funding rounds in the insurtech sector between Jan. 1 and Jan. 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds. A portion of the data was sourced from Crunchbase. For our previous edition, which covered the month of December, click here. These updates will continue monthly.

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Ascend Raises $30M Series A and Secures $250M Lending Commitment To Boost Modern Insurance Payment Offerings

Ascend, the first modern insurance payments platform, today announced that they have raised a $30M Series A in equity funding, bringing the total funding raised to $39M along with a $250M lending commitment to finance insurance premium loans through its platform facilitated by Hudson Structured Capital Management Ltd. – doing its re/insurance business as HSCM Bermuda – an investment adviser that specializes in re/insurance, insurtech, and transportation investments.

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DigitalOwl raises $20M to analyze medical records for insurers

In health care, the process of underwriting and claims analysis can be both labor-intensive and error-prone. Claim adjusters and underwriters are often required to read and carefully parse hundreds of documents per case. Each year, the insurance market invests an estimated more than $3 billion in work hours devoted solely to collating and summarizing medical records.

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Insurtech startup Five Sigma extends Series A funding round

Five Sigma, a cloud-native Claims Management solution provider, announced on Wednesday extension of its Series A round from Aquiline Technology Growth (ATG), bringing the company’s total funding to date to over $20 million. The company’s Series A funding was initially announced in September of 2021.

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Stoïk raises $4.3 million

Meet Stoïk, a new French startup that wants to protect small and medium companies against cybersecurity incidents. The company offers an insurance product as well as a service that monitors your attack surface.

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French insurtech startup Leocare raises €110 million

French startup Leocare has raised a big Series B funding round led by Eight Roads. Overall, the company has raised $116 million. It’s an equity and debt round, which means that part of this amount is a cash-for-equity transaction, while the rest is a credit line.

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Resilience raises $80mn in Series C round at $650mn valuation

Resilience, an industry leader in cyber insurance and security solutions, announced today that it closed an $80 million Series C funding round, co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital, and Intact Ventures.

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Kettle raises $25M for its reinsurance platform against fire and other catastrophes

One of the most noticeable — and noted — effects of climate change has been its impact on how other events in the environment — be they natural or man-made occurrences — play out: forest fires burn more violently and for longer; floods happen more often and are more severe when they do; and so on, with climate change often cited as the main culprit for all of the catastrophes.

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Independent workers insurtech Jove to launch in January

Improving the lives of workers in the gig economy isn’t just a political issue — it’s also becoming a hot topic for startups. The latest example is London-based newcomer Jove, an insurtech which has just closed a £600k pre-seed from Fuel Ventures and the heads of Octopus Group Ventures.

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Climate Modeler Startup Jupiter Raises $54M

Jupiter, a global climate modeling and technology startup, has nailed down a $54 million financing round – money that will help accelerate sales and marketing efforts. A big boost in research and development is also in the cards.

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Claim Genius Raises $6 Million in Series A3 Funding

Claim Genius, a rapidly emerging global InsurTech leader of AI-based claims solutions advancing the automotive industry, announced the closing of its $6 million Series A3 funding round today, following its earlier funding of $7.8M; now totaling $14.8M to-date.

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Bowtie raises US$22 million

Bowtie, the first company to receive a virtual insurance licence in Hong Kong, has raised US$22.6 million (SG$30.4 million) in its series B1 funding round, led by Mitsui & Co., with participation from existing investor Sun Life Hong Kong.

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Supply chain-focused insurtech startup BondAval lands $7M

For independent retailers, inventory financing is often a complicated and lengthy process that ties up their working capital. BondAval, an insurtech startup with offices in London and Austin, Texas, is focused on helping them access better credit terms while providing assurance to suppliers that they will be paid on time.

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Singapore-based insurtech Surer raises US$1M in seed round

Surer has raised US$1M in its seed round of funding from Norwegian private investment company Kistefos, global specialist insurer Markel Corporation through its insurtech investing arm, Markel Digital Investments, and an angel investor. Antler, a global early-stage venture capital firm, also invested in Surer in an earlier round.

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Verisk invests in London insurtech HUG HUB

Global data analytics provider Verisk has made a strategic investment in London-based Insurtech HUG HUB (part of our Future50 Europe) in an agreement designed to enable the latter to expand and improve its platform.

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energetic-insurance

Energetic Insurance raises $7 million

Credit insurance company Energetic Insurance announced the completion of a Series A financing of $7 million led by Schneider Electric Ventures with participation from MS&AD Ventures, MCJ Collective, and Atlantic Global Risk.

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Ladder Raises $100M in Series D Financing

Ladder, which providers flexible-term life insurance policies providing coverage ranging from $100,000 to $8 million, has raised $100 million in equity funding, a Series D that values the company at $900 million.

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Stockholm-based insurtech startup Hedvig raises €38.6 million

Following its recent launch into Denmark, the Nordic neo insurer Hedvig announced today that it closed a €38.6 million Series B funding round led by Anthemis, with participation from existing investors including Cherry Ventures, Obvious Ventures, CommerzVentures, along with Swedish Novax, Nineyards Equity, Jonas Kamprad and Mathias Kamprad.

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Cyber insurtech BOXX Insurance announces USD $10M Series A

BOXX, a cyber insurance provider for small businesses, individuals and families, announced today that it has closed its oversubscribed USD $10 million (CAD $12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor Fund (CMF), Zurich Insurance Group (Zurich) and SixThirty Ventures.

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bolttech extends Series A funding round to US$210 million

bolttech, one of the fastest growing international insurtech unicorns, today announced the extension of its recently-announced US$180 million series A funding round led by Activant Capital Group, bringing the series total to US$210 million. The largest ever Series A round for an insurtech now adds two new strategic investors in bolttech, Singapore-based global investor EDBI (“EDBI”) and Alma Mundi Insurtech Fund, Spain (“Mundi Ventures”).

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OneDegree raises $28 million

Hong Kong-based digital insurance platform OneDegree has raised $28 million in a new round of funding as the startup looks to expand in Asia. Sun Hung Kai & Co. and AEF Greater Bay Area Fund took part in the series B1 round along with six existing investors. To date, the company has raised ~ $70 million.

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Sayata Raises $17M; Broker Platform to Expand Beyond Cyber

Sayata has raised $17 million in new venture capital and has a broad growth strategy in mind. The Massachusetts-based Insurtech startup has a platform designed to help brokers and carriers quickly and easily grow their business insurance portfolios, and the cash infusion will help it expand into new insurance lines.

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Carvana to invest $126 million in Root

E-commerce platform for buying and selling used cars Carvana and insurer Root are teaming up to develop integrated auto insurance solutions for Carvana’s online car buying platform. In connection with the partnership, Carvana will invest ~$126 million in Root, subject to customary regulatory approvals.

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InsureLife announces seed round

InsureLife, a startup technology company in Raleigh, NC, has developed an AI-powered platform for Insurers that digitally connects their financial services products with consumers and agents, growing sales in a contactless world.

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Study: Pandemic pushes life insurers digitally forward

The COVID-19 pandemic has led life insurers to speed up their digital enhancements like mobile insurance shopping and accelerated or automated underwriting. Most insurance carriers are looking for ways to provide more services such as e-signatures, digital applications and online digital quoting.

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Former Iora Health execs raise $13M to guide seniors through Medicare enrollment

Employers typically offer three options for healthcare insurance. When it’s time to switch to Medicare, particularly Medicare Advantage, there are over 3,500 plans available nationwide, and an average of 30 plans someone can choose from in their particular area. Connie Health is leading seniors through the Medicare maze, helping whittle down those 3,000 plans into a handful of best choices based on care requirements.

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Caura raises $4.2 million

Caura, the vehicle management platform founded by former Apple exec Dr Sai Lakshmi, has secured $4.2 million in funding to develop its application and integrate with in-car infotainment systems.

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Tractable hits unicorn status and takes on property damage appraisal

The US-based AI-enabled insurtech raised a $60 million Series D funding round, valuing it at $1 billion, per TechCrunch. Tractable’s AI solution uses computer vision technology to evaluate photos of vehicle damage rather than relying on human appraisals, which both increases the accuracy of damage estimates and streamlines the customer claims journey.

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Leading InsurTech RenewBuy raises US$ 45 million

RenewBuy, one of India’s leading InsurTech companies, has raised US$ 45 million, in a series C funding round. This funding round has been led by an investment from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, a UK-based asset manager that supports growth stage financial services and financial technology businesses. RenewBuy’s existing investors, Lok Capital and IIFL Wealth also participated in the fundraise.

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Insurtech AI startup Akur8 closes $30M Series B

Automating insurance claims is a big business, and the world of AI is coming at it ‘full pelt’. The latest is Akur8, an insurtech automating insurance platform whose ‘Transparent AI’ product is trying to eat into the incumbent large business of Willis Towers watson, among others.

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Insurtech Startup iLife Raises $4 Million

Playa Vista-based iLife Technologies Inc., a software platform that gives insurance agents and brokers the ability to quickly create their own digital insurance agencies, has received $4 million in seed funding.

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Bradley Collins

Bradley Collins