Investment might be sluggish, but innovative startups with solid offerings are still attracting new capital. April 2023 saw Nayms, Capitola, YellowBird, Axle, Justos and Arma Karma attract healthy funding rounds
According to recent data, there were more than 30 funding events in the insurtech space in march 2023. This month, the figures are still pending, but despite the economic downturn, companies that provide a market gap offering are continuing to be of interest to investors. We’ve compiled a list of the five top funders for April 2023
Capitola
CEO: Sivan Iram
Raised: US$15.6 million
Capitola is a digital marketplace for commercial insurance that connects brokers and carriers. The insurtech uses AI-based risk appetite matching to streamline the placement process. It recently raised $15.6 million in its Series A funding round, which was led by Munich Re Ventures. According to a statement issued by Capitola, the funding this round will be used to grow the insurtech’s platform. It will also concentrate on its market intelligence capabilities and to accelerate sales in the USA.
YellowBird
CEO: Michael Zalle
Raised: US$6.4 million
YellowBird is a marketplace that facilitates connections between companies and safety professionals. The $6.4 million funding round was led by Rebalance Capital and Manifold Group, with participation from QBE, Nationwide Ventures, Plug and Play, Cameron Ventures, and other notable investors. Launched in 2019 and based in Arizona, YellowBird specializes in matching EHS (environmental, health and safety) professionals with companies in need of safety and risk management services for both short-term and long-term projects. With a customer base that includes Fortune 100 companies such as Nationwide and QBE Insurance, as well as prominent brands in the manufacturing, construction, and energy sectors, YellowBird has already gained significant traction in the market.
Justos
CEO: Dhaval Chadha
Raised: US$5.5 Million
Justos is a Brazilian insurance startup. In October 2021, the insurtech closed a successful Series A funding round of approximately $35 million. Justos has now secured additional funding of around $5.5 million in its latest funding round. The majority of this capital, approximately 90%, was contributed by a large reinsurer, serving as the lead investor. This latest funding will help Justos extend its runway to approximately 30 months, providing more stability and resources for its operations. Founded in 2020, the startup aims to become the first Brazilian insurer to utilise drivers’ data to reward safe driving behaviors and offer “fairer” prices. Justos is also backed by Ribbit Capital, SoftBank’s Latin American Fund, GGV, Kaszek, Assaf Wand CEO and co-founder of Hippo Insurance, and others.
Axle
CEO: Cameron Duncan
Raised: US$4 million
Axle aims to bridge the gap in insurance through a universal API for insurance data. The $4 million investment was led by Gradient Ventures, Google’s venture capital fund focused on artificial intelligence. Other commitments came from Soma Capital, Contrary Capital, Rebel Fund, BLH Ventures, as well as angel investors including members of the founding team of Plaid and former executives from Cox Automotive. This infusion of capital will enable Axle to expand its team to meet the growing demand for its services and also pursue expansion into new markets.
Arma Karma
CEO: Ben Smyth
Raised: US$1.8
Arma Karma, a UK-based insurtech startup that offers a monthly insurance subscription service, providing contents cover for the damage, loss and theft of personal possessions such as airpods, tablets, smart watches, phones, laptops, jewellery, eyewear, cameras and bikes, raised US$1.8 million in its seed funding round. According to reports, the MGA’s round was led by Ascension Ventures.
