Top Insurance Investment Rounds: January 2025
Top Insurance Investment Rounds: January 2025
Insurtech companies have kicked off 2025 with a bang, securing significant funding rounds in January. This surge in investment signals a promising start to the year for the industry, with investors expressing confidence in the sector's potential for growth and innovation.

Insurtech companies have kicked off 2025 with a bang, securing significant funding rounds in January. This surge in investment signals a promising start to the year for the industry, with investors expressing confidence in the sector’s potential for growth and innovation.

Despite a slight dip in insurtech funding towards the end of 2024, the latest figures suggest a resurgence of investor interest, with several companies attracting substantial capital to fuel their expansion plans. This injection of funds is expected to drive further development of cutting-edge technologies and solutions, ultimately benefiting both insurers and their customers.

Instabase

Raised: US$100 Million
CEO: Anant Bhardwaj

Instabase, a leading provider of applied artificial intelligence (AI) solutions for unstructured data, today announced the closing of a $100 million Series D funding round led by QIA, with participation from existing investors Greylock Partners, NEA, Andreessen Horowitz, and Index Ventures.

This investment will fuel the continued development of Instabase’s AI Hub, a platform that empowers enterprises to effectively manage and leverage their unstructured data, such as emails, multimedia files, and PDFs.

“Today’s investment reflects our partners’ continued belief in our mission and the tangible impact the Instabase platform has made for enterprises of all sizes,” said Anant Bhardwaj, the founder and CEO of Instabase. 

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ICEYE

Raised: US$65 Million
CEO: Rafal Modrzewski

ICEYE has successfully closed a $65 million extension to its growth funding round, bringing its total capital raised in 2024 to $158 million.

The funding round featured a mix of debt and equity financing, with participation from prominent investors including Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev. Since its founding in 2014, ICEYE has now raised over $500 million.

The fresh funds will accelerate the development of ICEYE’s synthetic aperture radar (SAR) satellite constellation and its intelligence, surveillance, and reconnaissance (ISR) systems. These technologies are pivotal to enhancing the company’s capabilities in Earth observation and natural catastrophe solutions.

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Overhaul

Raised: US$55 Million
CEO: Barry Conlon

Overhaul, a leading provider of supply chain risk management and intelligence solutions, has announced the successful completion of a $55 million equity funding round. Founded in 2016 and headquartered in Austin, Overhaul specialises in supply chain integrity solutions. The company’s platform integrates disparate data sources into what it describes as “the first fully transparent situational analysis engine” tailored for the logistics industry. 

“Springcoast’s investment, together with continued support from Edison Partners and Americo, is a testament to the strength of our vision and the value we deliver to our customers,” said Barry Conlon, CEO of Overhaul. 

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Naked

Raised: US$38 Million
Co-Founders: Alex Thomson and Sumarie Greybe

Naked, the South African insurtech company, has announced the successful closing of a $38 million (approximately R700 million) Series B2 funding round. Global impact investor BlueOrchard Finance Ltd joined the round, alongside continued support from existing investors Hollard Insurance, YellowWoods, IFC – International Finance Corporation (IFC), and DEG, the German development finance institution.

Founded in 2018 by experienced actuaries Alex Thomson and Sumarie Greybe (FIA), Naked leverages cutting-edge technology to offer customers a truly digital and transparent insurance experience. Its AI-powered platform enables customers to obtain quotes, purchase policies, submit claims, and manage their coverage entirely online, eliminating the need for phone calls and paperwork.

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Matic

Raised: US$30 Million
CEO: Benjamin Madick

Matic Insurance, a leading provider of embedded insurance solutions, today announced it has secured $30 million in growth funding from Vistara Growth. Matic empowers mortgage servicers, originators, banks, and other financial institutions to seamlessly offer a range of insurance products, including home, auto, and other personal lines coverage, directly to their customers. Since its inception in 2017, Matic has established a strong presence in the market, partnering with over 100 organizations representing a significant portion of the US mortgage market.

“We’re thrilled to partner with Vistara Growth, whose deep expertise in supporting technology-driven companies makes them the ideal partner for Matic as we continue to scale,” said Stuart Rhodes, CFO at Matic.

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Parsyl

Raised: US$20 Million
CEO: Ben Hubbard

Parsyl Inc., a data-powered insurer of complex supply chains, today announced it has raised $20 million in new funding to accelerate its growth strategy. The Series C financing is led by The Lightsmith Group, a global private equity firm focused on resilience to climate change. Additional participants in the round include existing investors HSCM VenturesGLP Capital PartnersLineage Ventures and FirstTracks VenturesGuy Carpenter Capital and Advisory advised Parsyl on the transaction.

“We are thrilled to have the support of The Lightsmith Group and our existing investors as we continue to grow and innovate,” said Ben Hubbard, Parsyl CEO and cofounder. “This funding further validates our vision and will enable us to strengthen our team and our technology, while we expand our underwriting appetite, product offerings and geographies to impact more critical supply chains.”

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Jones

Raised: US$15 Million
CEO: Omri Stern

Jones, a leading AI-driven vertical software company specialising in insurance verification for real estate and construction, has announced the successful close of a $15 million Series B funding round.

The funding will enable Jones to accelerate the release of its AI-powered Agents, smart assistants designed to automate routine tasks, reduce manual workloads, and provide autonomous decision-making. These agents leverage proprietary data, including insurance logic, risk benchmarks, and millions of verified insurance documents, to help clients mitigate risks and improve efficiency. 

Marc Lederman, General Partner at NewSpring Capital, emphasised the significance of the company’s solutions, stating, “COI and insurance policy verification is a highly manual and error-prone process, making it ripe for disruption through automation. Jones AI solutions enable construction and real estate companies to scale their departments efficiently while mitigating legal and financial risks in today’s highly litigious environment.”

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Olé

Raised: US$13 Million
CEO: Michael Carricarte

Olé Life, a leading Latin American InsurTech company, has successfully raised $13 million in a Series B funding round led by PayPal Ventures. Founded by Michael Carricarte, Olé Life is pioneering a fully digital approach to life insurance in Latin America. The company’s innovative platform offers customers a streamlined and efficient way to access financial protection.

“As the first fully digital life insurance product in Latin America, this funding is a testament to the incredible progress we’ve made in building a platform that resonates with our customers,” Olé Life founder and CEO Michael Carricarte said. 

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Wopta

Raised: US$12.5 Million
CEO: Vincenzo Macaione

Wopta Assicurazioni, an Italian insurtech company, recently announced the successful completion of a funding round that included a club deal led by Belluzzo International Partners, bringing total funding to €12 million (US$12.5 million).

The Series B funding round will be used to fuel Wopta’s growth through acquisitions, both domestically and internationally, with the aim of consolidating its position in the Italian market and expanding its European footprint.

Vincenzo Macaione, Founder & CEO of Wopta Assicurazioni commented on the news, saying: “The year 2024 marked a significant milestone in our journey. We have successfully navigated many challenges and seized numerous opportunities that allowed us to grow and gain the trust not only of our 200,000+ customers, but also of partners and new investors.

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Pula

Raised: US$10.4 Million
CEO: Thomas Njeru

Pula Foundation, an African insurtech company, has received a €10 million grant from the Bayer Foundation to expand access to climate risk insurance for 10 million smallholder farmers by 2030.

The significant grant, announced at the World Economic Forum, will be used to provide insurance coverage worth US$127 million across seven countries, including Bangladesh, Pakistan, Malawi, Ghana, Nigeria, Kenya, and Mali. The initiative aims to enhance the resilience of smallholder farmers in the face of increasing climate-related disasters, such as droughts and floods.

“We believe this initiative will enable smallholder farmers to overcome climate shocks, empowering them to contribute to global food security,” said Matthias Berninger, EVP of Public Affairs, Sustainability, and Safety at Bayer.

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Rainbow

Raised: US$8 Million
CEO: Bobby Touran

Rainbow, a managing general underwriter (MGU) specialising in business insurance, has announced the successful close of an $8 million Series A funding round led by Zigg Capital.

Founded in 2021, Rainbow initially focused on providing insurance coverage for restaurants. Its flagship program, currently active in 24 states, has demonstrated significant success, fuelling the company’s confidence in its scalable, technology-driven underwriting model.

“As we continue to prove our thesis for scalable, software-driven underwriting across a growing portfolio of specialised insurance programs, we’re thrilled to deepen our partnership with Zigg,” said Bobby Touran, CEO and Co-founder of Rainbow.

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Weecover

Raised: US$4.4 Million
CEO: Jordi Pagés

Weecover, the Barcelona-based insurtech innovator specialising in embedded insurance, recently announced the successful closing of a €4.2 million (US$4.4 million) funding round.

Founded in 2019, Weecover provides a comprehensive Insurance-as-a-Service (IaaS) platform that enables companies across various sectors, including retail, e-commerce, and finance, to seamlessly integrate insurance offerings into their customer journeys.

Led by Swanlaab Venture Factory, with participation from existing investors Nauta, La Roca Capital, Bankinter, Prosegur, Íope Ventures, and Astorya VC, this investment will fuel Weecover’s growth and international expansion plans.

Jordi Pagés, CEO of the company, said: “Having the backing of funds such as Swanlaab or Nauta allows us not only to accelerate our expansion plans, but also to strengthen our value proposition and continue to offer innovative solutions to our clients. We are excited about the future that lies ahead in the insurance sector.”

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Faura

Raised: US$3.5 Million
CEO: Valkyrie Holmes

Faura, an insurtech startup aimed at exposing new business for insurance companies writing disaster-prone property risk, recently raised a $3.5 million Seed round to continue moving the climate risk and proptech space forward. 

Faura helps insurers better understand property risk from the lens of survivability; instead of using a typical climate model to approximate where a disaster will hit a given county or zip code, the insurtech uses proprietary resilience models to analyze individual structures and pair them with mitigation plans that help both underwriters and policyholders make more informed decisions about their properties.

“Many people will look at a property in a wildfire or flood zone and say they won’t touch it under any circumstances. We believe there is a better approach,” says Valkyrie Holmes, Cofounder and CEO of Faura. 

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Qumis

Raised: US$2.2 Million
CEO: Dan Schuleman

Qumis, an innovative AI-powered platform designed to assist insurance professionals, announced the closing of a $2.2 million pre-seed funding round. The insurtech leverages AI and deep legal expertise to help insurance professionals efficiently analyse complex policies, identify coverage gaps, and provide accurate and insightful counsel.

Since its launch in 2023, Qumis has gained traction within the insurance industry, attracting five of the 15 largest US insurance brokers, as well as leading specialty carriers and top insurance-focused law firms.

Led by Armory Square Ventures, the round also saw participation from MTech Capital, Grand Ventures, Alumni Ventures, BrokerTech Ventures, Sean Harper (co-founder and CEO of Kin Insurance), and Tom Vander Schaaf, former General Partner at Edison Partners.

“At Qumis, we enable insurance professionals to work smarter, faster, and more confidently. Dan Schuleman, Qumis co-founder and CEO, said.

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Report compiled by Joanna England

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