These shifts undoubtedly influenced investment trends, shaping the landscape for both investors and businesses. As we transition into 2025, a new chapter unfolds, presenting both challenges and opportunities.
Insurtech Insights charts the top 12 funding rounds month-by-month for insurtech service providers and carriers alike. We see health service providers, telematics pioneers and employee risk and benefits organisations scoring highly, as well as climate tech innovators and cyber insurance providers.
January 2024
Devoted Health
Raised: US$175 Million
CEO: Ed Park
Devoted Health’s series E funding round, which closed on December 29th 2023 – and was announced in January 2024, was led by a prominent syndicate including The Space Between (TSB), Highbury Holdings, GIC, Stardust Equity, Maverick Ventures, and Fearless Ventures, was announced in a recent press release by the company. Key participation also came from returning investors Andreessen Horowitz and General Catalyst, alongside notable contributions from GreatPoint Ventures, Socium Ventures, Emerson Collective, The Private Shares Fund, and affiliated funds, as well as F-Prime Capital Partners.
February 2024
Intenseye
Raised: US$64 Million
CEO: Sercan Esen
Intenseye, a leading provider of workplace safety solutions, successfully closed a Series B funding round totaling $64 million in February 2024.
The investment was spearheaded by Lightspeed Venture Partners and saw participation from Insight Partners, Point Nine, and Air Street Capital.
Established in 2018 and headquartered in New York, Intenseye specializes in leveraging existing camera infrastructure within facilities to proactively identify safety hazards that could potentially result in injuries and illnesses. With its cutting-edge technology, Intenseye’s solutions have been deployed across “thousands of sites” spanning over 25 countries, safeguarding the well-being of more than 100,000 workers.
March 2024
ELEMENT
Raised: US$ 52 Million
CEO: Dr Astrid Stange
German insurtech startup ELEMENT secured €50 million ($52 million) in funding from Versorgungswerk der Zahnärztekammer Berlin K.d.ö.R. and Alma Mundi. Founded in 2017, ELEMENT has swiftly established itself as a cloud-based insurtech company, holding a coveted license from the German Federal Financial Supervisory Authority (BaFin) as a direct insurer for non-life insurance. The company specialises in providing white-labeled insurance products to businesses, allowing them to market these products under their own brand.
April 2024
ICEYE
Raised: US$93
CEO: Rafal Modrzewski
ICEYE, a global leader in satellite-powered disaster management solutions, finalised a definitive agreement for an oversubscribed US$93 million growth funding round, with Solidium Oy at the forefront.
The funding round, which follows the successful Series D round in February 2022, brings ICEYE’s total raised capital to an impressive $438 million. Finnish sovereign wealth fund Solidium Oy leads the charge in this round, supported by contributions from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors.
May 2024
Go Digit
Raised: US$141 Million
CEO: Kamesh Goyal
Indian insurance startup Go Digit raised US$141 million from numerous investors in anticipation of its upcoming initial public offering (IPO) earlier this year.
According to a filing submitted to the stock exchange, anchor backers for the IPO include prominent entities such as Fidelity, Goldman Sachs, Morgan Stanley, Abu Dhabi Investment Authority, Bay Pond, Mirae Asset Management, Steadview Capital, and HSBC. Additionally, Indian mutual funds operated by SBI, ICICI, Axis, Tata, and Edelweiss are among the supporters.
Founded by Kamesh Goyal, a former executive at KPMG and a seasoned professional in the insurance industry, Go Digit specialises in offering auto, health, travel, and accidental insurance.
June 2024
Sidecar
Raised: US$165 million
CEO: Patrick Quigley
Sidecar Health, an innovative health insurance company, raised $165 million in a Series D financing round. The investment marks the largest private investment in employer health benefits for the year.
The funding round was led by Koch Disruptive Technologies, with participation from new and existing investors, including GreatPoint Ventures, BOND, Cathay Innovation, Drive Capital, Duke University, Menlo Ventures, and Morpheus.
July 2024
Supercede
Raised: US$15 million
CEO: Jerad Leigh
Supercede, a digital reinsurance platform, has successfully raised US$15 million in a Series A funding round. The funding was led by Alven, with participation from Mundi Ventures, Outward, Seedcamp, MMC Ventures, and AFG Partners.
Founded in 2019, the London-based startup aims to streamline the reinsurance process. Supercede’s platform offers an array of digital tools designed for cedents, brokers, and reinsurers, enabling more efficient data sharing and deal structuring. The company reports that its platform is currently used by over 140 companies worldwide.
August 2024
Gradient AI
Raised: US$56 million
CEO: Stan Smith
Gradient AI, a leading provider of artificial intelligence (AI) solutions for the insurance industry, has raised $56.1 million in its latest Series C funding round.
The round was led by Centana Growth Partners, with continued support from existing investors MassMutual Ventures, Sandbox Insurtech Ventures, and Forte Ventures.
The newly secured funds are earmarked for enhancing product development, advancing innovation, and improving efficiency within the insurance industry. Additionally, the company plans to strengthen its customer success and sales teams to further solidify its market position.
September 2024
Akur8
RaisedL US$120 million
CEO: Samuel Falmange
Akur8, the AI-powered insurance pricing and reserving platform,
raised $120 million in its latest Series C funding round, bringing its total funding to $180 million.
The round was led by growth equity firm One Peak, with additional participation from Partners Group and existing investor Guidewire Software, Inc. (NYSE: GWRE).
The capital infusion will enable Akur8 to expand its product portfolio and drive its growth across global markets, particularly in North America. Since its launch in 2019, Akur8 has transformed non-life insurance pricing by leveraging machine learning to help insurers price faster and enhance risk assessments. Its cloud-based platform allows insurers to optimize pricing strategies, improving financial outcomes.
October 2024
Whatfix
Raised: US$125 million
CEO: Khadim Batti
Digital adoption solutions provider Whatfix raised $125 million in its Series E funding round, pushing its total funding to $264.8 million. Whatfix‘s DAP enables enterprises to streamline user onboarding, improve training, and boost software adoption through in-app guidance and real-time analytics. As part of its expansion strategy, the company plans to increase investments in AI-driven solutions aimed at optimising workflows and enhancing productivity for its users.
November 2024
Ruby Re
Raised: US$480 million
EVP, CIO: Leslie Barbi
Ruby Re is a third-party life reinsurance sidecar company launched by Reinsurance Group of America (RGA) in December 2023. Ruby Re’s second funding round raised $480 million in capital, which is near the upper limit of its target range of $400 million to $500 million.
The latest round of investment includes commitments from prominent financial institutions such as AllianceBernstein L.P., EnTrust Global, and Enstar Group. As part of this round, AB will appoint a representative to Ruby Re’s Board of Directors.
December 2024
Hostaway
Raised: US$365 million
CEO: Marcus Räder
Hostaway, a leading provider of vacation rental software and management systems, raised $365 million strategic growth investment led by General Atlantic, with participation from existing investor PSG Equity.
Founded in 2015, Hostaway empowers short-term rental owners and managers with a comprehensive platform to automate and simplify their operations.
The company’s integrated marketplace connects with over 200 partners, providing seamless distribution and maximizing revenue.
The investment will fuel Hostaway’s continued growth and innovation within the thriving short-term rental market.
