Innovative insurtechs offering cutting-edge technology and in-demand solutions are beating the odds and commanding big investment rounds
7# DGTAL
Amount raised: US$3 million
CEO: Arndt Gossmann
DGTAL, a pioneering insurtech specialising in AI-powered tools for insurance portfolios, successfully secured US$3 million in strategic funding from various investors this month. The funding was led by 1750 Ventures, the venture capital arm of German insurance firm VGH Versicherungen, liability management firm Gossmann & Cie in Hamburg, and two family offices.
The financial injection will enable DGTAL to expand and enhance its cutting-edge technology. Among the shareholders in DGTAL are Swiss software company DEON and the internal DGTAL team.
DGTAL’s groundbreaking prototype has demonstrated the ability to extract valuable insights from vast amounts of unstructured data, heralding a transformative shift in claims management.
6# Inari
Amount raised: US$5.2 million
CEO: Frank Perkins
Inari, a Barcelona-based insurtech that provides core technology infrastructure for the global insurance and reinsurance sectors, raised US$5.2 million through a seed round led by Caixa Capital Risc in partnership with Criteria Venture Tech.
Inari specialises in delivering core insurance policy administration, underwriting dashboards, and bordereaux management systems. Its clientele spans a wide spectrum, including managing general agents, insurance carriers, Lloyd’s syndicates, and reinsurance companies across Europe, the Lloyd’s and London markets, the United States, Asia, and Bermuda.
CEO Frank Perkins, said the announcement validated, “Inari’s vision, value and year-on-year track record as part of our mission to revolutionise the (re)insurance industry, establishing Inari as a core technology provider that is trusted and valued by the insurance industry and is attracting talent and investors.”
5# Delos
Amount raised: US$7.3 million
CEO: Kevin Stein
Delos Insurance Solutions, a pioneering player in the insurance industry, successfully concluded a seed extension funding round, amassing an impressive US$7.3 million in investments from a number of contributors.
The funding round was spearheaded by IA Capital Group and saw enthusiastic participation from a consortium of esteemed investors, including Blue Bear Capital, Gallatin Point Capital, Generation Space through Seraphim Space Investment Trust PLC, Avanta Ventures, Red Dog Capital, DNX Ventures, Robert Glanville, and Jonathan Crystal.
CEO and co-founder Kevin Stein said: “This new funding round underscores Delos’ commitment to the California homeowners’ insurance marketplace and substantiates the success of our vertically integrated strategy.”
4# CLARA Analytics
Amount raised: US$24 million
CEO: Heather H. Wilson
CLARA Analytics, a leading provider of artificial intelligence (AI) technology for insurance claims optimisation, today announced its $24 million Series C funding, bringing its total funding to $60 million.
The round was led by new investor Spring Lake Equity Partners, with participation from existing investors including Aspen Capital Group, Oak HC/FT and QBE Ventures.
“Insurers are facing increased pressure to manage losses and expenses, and they have awakened to the value that AI can generate in claims management. We have witnessed this first-hand, having experienced significant growth in our customer base and more than doubling our annual recurring revenue. We have continued to increase our penetration of the workers’ comp industry while also expanding into auto liability and general liability,” said CEO Heather H. Wilson.
3# Akur8
Amount raised: US$25 million
CEO: Samuel Falmagne
Akur8 successfully concluded a new funding round earlier this month, securing an impressive $25 million in investment. This latest injection of capital brings Akur8’s total funding to $60 million, reaffirming its status as a dynamic force in the industry.
The funding round marks a milestone for Akur8, occurring four years after the company initially introduced its platform to the commercial market. Notably, it introduces a new strategic investor into Akur8’s ecosystem, namely FinTLV. Hailing from Tel Aviv, FinTLV is a globally recognised venture capital fund with a specialized focus on both insurtech and fintech innovations. This collaboration signifies the emergence of a potent partnership poised to further propel Akur8’s innovative offerings within the insurance sector.
“To further enable and enhance our capabilities, we recently conducted a new fundraising to bring additional strategic partners to the table,” noted CEO, Samuel Falmagne.
2# Kin
Amount raised: US$33 million
CEO: Sean Harper
The direct-to-consumer home insurance company, Kin raised US$33 million in its Series D funding round extension. QED Investors led the funding along with returning investors including Alpha Edison, Geodesic Capital, Allegis Capital and Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda).
Kin has now raised a total of $265 million in equity funding to date, and investor confidence in the firm remains strong due to its unique business strategy and market focus. These have produced systematic, capital-efficient growth and the company is set to deliver $370+ million in total premiums in 2023.
Sean Harper, CEO of Kin said, “Investors are putting a premium on growth in the context of profitability, and we’re growing exceptionally fast because we’re able to profitably serve customers who aren’t being well served by incumbents.
1# Co/Action Global
Amount raised: US$200 million
CEO: Jonathan Ritz
Private specialty insurance group, Co/Action Global, recently secured US$200 million in a capital injection, which will be used to propel its evolution into a comprehensive specialty insurance provider.
Formerly known as ProSight Specialty Insurance Group, Co/Action’s transformation journey is characterised by the seamless integration of product offerings, analytical prowess, and underwriting expertise, bolstered by profound industry insight and strategic collaborations.
Presently, Morristown, New Jersey-based Co/Action boasts an impressive annual premium underwriting portfolio, surpassing $1 billion, spanning various sectors such as casualty, excess casualty, multiline, executive lines, property, entertainment, and binding authority.
CEO Jonathan Ritz, said: “We have made significant progress executing our transformation plan over the past two years and continue to see abundant opportunities in the market to deploy the additional capital in a prudent and disciplined manner.”
