The year saw continued geopolitical instability, persistent inflationary pressures, and evolving interest rate policies, all while the rapid advancement of AI began to fundamentally reshape industry expectations. This complex backdrop has created a nuanced investment climate where strategic foresight is paramount.
While the long-term impacts of 2024 are still unfolding, early indicators suggest strong investor interest in the following areas:
- AI-Driven Operational Efficiency: Insurtechs demonstrating tangible ROI through AI-powered automation, claims processing, and personalized customer experiences will attract significant capital.
- Climate Risk Mitigation & Resilience: With increasing awareness of climate change impacts, solutions focused on parametric insurance, disaster risk modeling, and sustainable underwriting will be highly sought after.
- Cybersecurity & Data Privacy: As cyber threats become more sophisticated, investors will prioritize insurtechs offering robust cyber insurance products and innovative data protection solutions.
- Personalized Health & Wellness: Companies leveraging telematics, wearables, and data analytics to provide proactive health management and personalized insurance offerings will remain attractive.
- Employee Benefits & Risk Management: In a dynamic labor market, solutions that enhance employee well-being and mitigate workforce risks will continue to generate investor interest.
- Advanced Telematics & Mobility Solutions: Insurtechs that are developing next generation telematics for all forms of mobility, and that can show real world data and results will be in a good position to raise capital.
Insurtech Insights rounds up the top investment results for insurtechs in February and March 2025.
InsuranceDekho
Raised: US$70 Million
CEO: Ankit Agrawal
InsuranceDekho, a leading Indian insurtech platform, has announced a US$70 million funding round, co-led by Beams Fintech Fund, Japan’s Mitsubishi UFJ Financial Group (MUFG), and insurer BNP Paribas Cardif through its insurtech fund managed by Eurazeo.
The investment will support InsuranceDekho’s continued growth and expansion within India’s rapidly evolving insurance market. Beams Fintech Fund, a growth-stage private equity fund focused on the Fintech and Financial Services sector, has made a follow-on investment in the company.
Founded in 2017 by Ankit Agrawal, InsuranceDekho has established itself as a major player in India’s insurtech space, leveraging AI-driven technologies to simplify insurance distribution. The platform aims to democratize insurance accessibility, streamlining the buying, selling, and claims process for millions of customers.
InsuranceDekho has served over 10.2 million customers nationwide, with 21 new policies issued per minute on its platform. The company, headquartered in Gurugram, has a nationwide footprint, covering 99% of India’s pin codes, and a network of 220,000 partners. It offers over 720 insurance products across various categories, partnering with 49 insurance companies to create an extensive insurance marketplace.
Speciality Risk Re
Raised: US$50 Million
CEO: Jonathan Collura
Specialty Risk Re (SRR), a collateralised reinsurance company founded in 2024, has announced the successful completion of a $50 million institutional funding round. The investment was led by private equity firm NMS Capital Group.
The funding will bolster SRR’s capacity to address what it describes as a growing shortfall in reinsurance capacity. SRR aims to serve as a strategic capital partner for Managing General Agents (MGAs) and carriers, specialising in quota share and excess-of-loss reinsurance programs. The company focuses on mid-to long-tail risks.
Founded in 2024, Specialty Risk RE provides customised, sustainable reinsurance solutions tailored to the needs of MGAs and carriers.
Commenting on the news, SRR President and CEO, Jonathan Collura, said: “This funding marks a significant milestone in our vision to establish SRR as a trusted and well-capitalized partner in the reinsurance market.”
HDVI
Raised: US$40 Million
CEO: Chuck Wallace
High Definition Vehicle Insurance (HDVI), a technology-driven commercial auto insurance provider, has secured $40 million in growth capital, bringing its total funding to over $87 million.
The round, co-led by existing investors 8VC, Autotech Ventures, Munich Re Ventures, and Weatherford Capital, will support the enhancement of HDVI’s telematics-driven products, expanded coverage, and improved tools for insurance agents as the company scales nationwide.
“HDVI’s innovative use of real-time telematics is reshaping commercial trucking insurance,” said Will Weatherford, managing partner at Weatherford Capital. “This latest fundraise underscores the confidence we have in HDVI’s leadership and ability to deliver profitable growth.”
Following this funding round, Alexei Andreev of Autotech Ventures and Jake Medwell of 8VC will join HDVI’s Board of Directors, alongside existing members Jacqueline LeSage of Munich Re Ventures, Will Weatherford, and HDVI’s Reid Spitz and Chuck Wallace.
Coalition
Raised: US$30 Million
CEO: Joshua Motta
Cyber insurance leader Coalition has announced a $30 million equity investment from Mitsui Sumitomo Insurance Co. (MSI), a subsidiary of MS&AD Insurance Group, the largest non-life insurer in Japan and the Asia-Pacific region.
The investment reinforces the companies’ strategic partnership, allowing MSI to expand its market participation and further cementing Coalition’s Active Insurance model as a global standard in cyber risk protection.
The funding agreement builds on an existing collaboration between Coalition and MSI, which includes a multi-year capacity agreement in Australia and a joint initiative to enhance cybersecurity solutions for small and midsize businesses in Japan through Coalition’s cyber risk management platform, Coalition Control.
CompScience
Raised: US$27.6 Million
CEO: Josh Butler
CompScience, a leading provider of AI-driven risk prevention solutions in commercial P&C insurance, has secured $27.6 million in a Series B funding round led by Sands Capital.
The investment aims to accelerate product innovation, expand market reach, and scale operations to help organisations prevent serious injuries and fatalities (SIFs) in the workplace.
The round also saw participation from Four More Capital, Working Capital, and Valor Equity Partners—backers of major technology disruptors such as Tesla, Coalition, SpaceX, and Anduril—highlighting strong investor confidence in CompScience’s transformative approach to workplace safety.
CompScience enables workers to avoid preventable injuries, helps brokers strengthen client relationships and credibility, and allows businesses to turn risk management into a competitive advantage. This funding marks a new chapter in CompScience’s mission to create safer, more efficient workplaces worldwide.
AZOS
Raised: US$30.5 Million
CEO: Rafael Cló
Azos, a Brazilian insurtech specialising in life insurance, has secured $30.5 million in a Series B funding round led by Lightrock.
Existing investors, including Kaszek, Prosus, Maya Capital, and Propel, also participated in the investment, reaffirming their confidence in the company’s growth trajectory.
Founded in April 2021, Azos leverages Artificial Intelligence (AI) to streamline the sale of life insurance, enhance risk assessment, and prevent fraud. With this latest round of funding, the company has now raised more than R$100 million in total investments.
The fresh capital will be used to accelerate growth, invest in new technology and innovation, and expand operations across Brazil, particularly in the Northeast, Central-West, and North regions. While Azos operates nationwide, it maintains a strong presence in 22 cities across 20 states, primarily in the South and Southeast, and has recently launched operations in Campo Grande (MS).
Covu
Raised: US$22 Million
CEO: Ali Safavi
AI-driven insurtech company COVU has increased its Series A financing to $22 million, aiming to scale its artificial intelligence capabilities and expand its market presence.
The latest funding round was led by Benhamou Global Ventures, which had also spearheaded COVU’s initial Series A raise. True Global Ventures joined as a new investor in this round. This builds on COVU’s previous $12.5 million Series A announced last year.
With the additional capital, COVU plans to enhance its AI-native roll-up and marketplace business, strengthen automation capabilities, and deepen partnerships across the insurance ecosystem. Initially structured as “milestone-based financing,” the round was expanded to $10 million and ultimately oversubscribed, bringing the company’s total funding to $32 million.
Comulate
Raised: US$20 Million
CEO: Jordan Katz
Comulate, a startup specialising in accounting automation and revenue intelligence for insurance brokers, has raised $20 million in a Series B funding round led by BOND and Workday Ventures.
As part of the investment, Comulate will join Workday’s Partner Program, allowing for deeper integration with Workday’s platform to enhance solutions for shared customers. The funding will support product expansion and scaling efforts as the company continues to grow its presence in the insurance sector.
Founded in 2022, Comulate has quickly gained traction, attracting a team of industry veterans from Brex, Asana, Plaid, Applied Intuition, and Coalition. The company’s customer base includes IMA Financial, The Baldwin Group, and Hilb Group, and it reports achieving millions in annual recurring revenue (ARR) in under 18 months.
With this latest funding, Comulate is positioned to further revolutionize financial operations for insurance brokers, streamlining processes and improving revenue intelligence across the industry.
UpCover
Raised: US$19 Million
Co-founder: Skye Theodorou
Business insurance startup Upcover has raised $19 million in funding to fuel its expansion, including $11 million in Series A investment led by RealVC, with participation from Antler Elevate, BetterLabs, and Gandel Invest.
The company also secured $8 million in debt financing from Marshall Investments.
Founded in 2019, Upcover is a digital brokerage providing tailored business insurance solutions for Australia’s 2.4 million small businesses and independent contractors. The platform offers a fully online experience, along with embedded insurance solutions for partners, enabling seamless coverage integration.
Since its 2021 launch, Upcover has partnered with over 20 global and local insurers and underwriters, helping more than 60,000 SMBs, startups, and scale-ups access insurance coverage.
The latest funding round means Upcover’s valuation has reached $45 million, positioning the company for further growth as it continues to enhance its digital insurance offerings and expand market reach.
Delfina
Raised: US$17 Million
CEO: Dr. Senan Ebrahim
Delfina, a San Francisco-based company using AI to improve maternal healthcare, has announced a successful $17 million Series A funding round.
The investment round was led by US Venture Partners (USVP) and included participation from ARTIS Ventures, Mayo Clinic, Tokio Marine Future Fund, and existing investors such as Story Ventures, SemperVirens, and Metrodora Ventures, among others.
Delfina’s platform integrates with existing prenatal care teams to develop personalized, data-driven care plans. The company aims to address the U.S. maternal health crisis, which sees mortality rates significantly higher than in other developed nations, with Black women disproportionately affected. Delfina’s technology prioritizes equitable access to quality care and addresses social determinants of health that impact maternal outcomes.
Napo
Raised: US$15.4 Million
CEO: Jean-Philippe Doumeng
UK-based pet insurance startup Napo has raised £12 million in a Series B funding round, bringing its total funding to date to approximately £36 million.
UK-based pet insurance startup Napo has raised £12 million in a Series B funding round, bringing its total funding to date to approximately £36 million.
The investment, led by Mercia Ventures, saw continued support from existing backers DN Capital, Companion Fund, MTech Capital, Helvetia Venture Fund, and others.
Founded in 2021, Napo has rapidly gained traction in the pet insurance market. In the past year, the company reported £30 million in premiums and insured 60,000 pets. Now Napo is approaching 100,000 covered pets, signaling strong momentum in the sector.
The fresh funding will enable Napo to further expand its market reach, enhance its digital insurance offerings, and continue innovating within the pet insurance space. With growing demand for pet health coverage, the startup is well-positioned to strengthen its presence in the UK and beyond.
XILO
Raised: US$7.2 Million
CEO: Jon Corrin
San Diego-based XILO, a provider of quoting software for independent insurance agencies, has successfully raised $7.2 million in its latest Series A funding round.
The investment brings XILO’s total funding to $13.2 million.
The funding round saw participation from Altos Ventures, Cove Fund, Navigate Ventures LLC, New Stack Ventures, and Splash Capital. The new capital will support XILO’s mission to streamline the quoting process for insurance agencies and enhance its digital solutions.
Founded in 2017, XILO offers customisable digital intake forms that integrate seamlessly with Agency Management Systems (AMS) and raters. The platform automates data entry, allowing insurance agencies to improve efficiency and boost conversion rates.
Adaptive
Raised: US$5 Million
CEO: Mike Gulla
Texas-based insurtech startup Adaptive Insurance has raised $5 million in a seed funding round led by Congruent Ventures, with participation from Montauk Climate, Generation Space, and other private investors.
The funding will support the nationwide expansion of the company’s flagship parametric insurance product, GridProtect, and the development of additional offerings aimed at mitigating climate and weather-related risks.
Founded in 2024, Adaptive Insurance provides short-term power outage coverage designed to offer immediate financial relief to businesses affected by brief disruptions. Unlike traditional insurance models, which often involve lengthy claims processes, Adaptive’s parametric approach leverages AI and real-time climate data to enable rapid payouts. The company plans to launch additional products by the end of the year to further address evolving environmental challenges.
Outmarket AI
Raised: US$4.7 Million
CEO: Vishal Sankhla
Outmarket AI, a commercial insurance intelligence platform, has raised $4.7 million in seed funding, marking a significant milestone in its growth and development.
The funding round was led by Fika Ventures, with additional investments from TTV and Dash Fund.
The company plans to leverage the capital to expand its workforce, accelerate platform enhancements, and strengthen partnerships with brokers and carriers. Outmarket AI utilizes natural language processing, machine learning (ML), and “insurance-specific knowledge graphs” to provide AI-driven insights and automation for the insurance sector.
Founded by Vishal Sankhla and Anshu Jain, Outmarket AI is designed to serve as a connectivity layer for wholesalers, retail agencies, and carriers. The platform enables users to seamlessly integrate structured and unstructured data, delivering real-time insights into market trends, premiums, and client profitability. By incorporating AI-powered recommendations, it simplifies data analysis, automates reporting, and identifies cross-selling opportunities.
Muffintech
Raised: US$3.8 million
CEO: Simon Moser
Muffintech, a Berlin-based insurtech startup, announced a €3.5 million ($3.8 million) funding round to further develop its AI-driven solutions for insurance companies and brokers.
The investment was led by ff Venture Capital and Techstars, with participation from several angel investors with experience in the insurance sector, including former Ergo CEO Torsten Oletzky, former Gothaer board member Oliver Brüß, and others. An additional €800,000 was secured through Investitionsbank Berlin’s IBB Pro FIT program.
Founded in 2021, Muffintech has developed a specialized large language model (LLM) tailored for the insurance industry. The AI platform automates tasks such as answering customer inquiries, retrieving policy details, handling objections, and providing benefit arguments, aiming to increase productivity for insurance firms and brokers.
InsureVision
Raised: US$2.7 Million
CEO: Mark Miller
InsureVision, a company specialising in AI-powered contextual driving risk assessment, has announced a $2.7 million seed funding round.
The investment was led by Rethink Ventures, Twin Path Ventures, and State Farm Ventures, the technology investment arm of State Farm, the world’s largest vehicle insurer.
InsureVision will use the funding to accelerate the development and deployment of its “enviromatics” technology, aimed at transforming road safety and insurance risk assessment.
The company’s technology analyses footage from standard forward-facing cameras to provide comprehensive contextual risk assessment, addressing the limitations of traditional telematics and first-generation AI dashcams. InsureVision‘s platform understands the complete driving environment and the intentions of other road users, offering a more accurate and nuanced risk assessment.
Vigil
Raised: US$1.3 Million
CEO: Mason Entingh
Vigil, a data platform for the annuity industry, has raised $1.3 million in pre-seed funding to expand its API-driven automation solutions for insurance carriers.
The funding round was led by M25, with participation from Nationwide Ventures, Rex Salisbury, Clocktower Ventures, and Meridian Ventures.
Founded in 2023, Vigil provides a white-label, digital solution that helps carriers automate post-issue processing at scale. The platform simplifies data collection, allowing companies to guide customers through the process while offering document uploads and electronic signatures for a seamless experience.
Led by co-founders Mason Entingh and Reis Renneker, Vigil aims to streamline operations for annuity providers, improving efficiency and customer experience in an industry historically burdened by manual processes. The new funding will support product development and market expansion, positioning Vigil as a key player in the digital transformation of annuity services.
