As the insurance industry continues to embrace technological advancements, investors are increasingly pouring capital into startups and established players driving innovation.
This surge in investment highlights the sector’s robust potential for growth and transformation. In this round-up, we spotlight the top 15 investment raises of the second quarter of 2024, showcasing the companies reshaping the insurance landscape.
Vitesse
CEO: Phillip McGriskin
Sector: Payments
Raised: US$93 million
Lead investor: KKR
Vitesse, a leading treasury and payment solutions provider for the insurance industry, completed a $93 million Series C funding round last month, led by leading global investment firm, KKR, with participation from existing investors, including Hannover Digital Investments.
Founded in 2014 by payment industry entrepreneurs Phillip McGriskin and Paul Townsend, Vitesse is a cutting-edge payments and treasury platform designed for the insurance industry. It offers market participants comprehensive visibility and control over their claims processes. The platform facilitates real-time management and safeguarding of capital for stakeholders throughout the value chain, eliminating the need for time-consuming manual processing of claims payments and reconciliations. .
Jensten
CEO: Alistair Hardie
Sector: Broker and underwriting
Raised: US$211 million
Lead investor: LGT Private Debt and Bridgepoint Credit
Leading UK-based broker and underwriting group Jensten secured US$211 million in new borrowing facilities and pledged $1.2 million to launch new brokers earlier this year. The additional funding will enable Jensten to pursue strategic acquisitions and organic growth initiatives.
According to reports, the London-based insurance broker plans to invest up to $1.2 million in 2024 to assist 15 individuals in establishing independent brokerages. The investment, facilitated through Coversure, the group’s network for independent brokers, will give experienced insurance professionals the opportunity to start their own businesses without needing initial start-up capital.
Jensten Group Chief Financial Officer, Ed Hannan, said: “This recent expansion in funding marks another important moment for Jensten, as the business advances on its growth trajectory. With enhanced financial firepower evidencing the support and confidence of our partners, the business is poised to convert its strong pipeline of new opportunities.”
ICEYE
CEO: Rafal Modrzewski
Sector: Disaster management
Raised: US$93 Million
Lead investor: Solidium Oy
ICEYE, a global leader in satellite-powered disaster management solutions, raised US$93 million in an oversubscribed growth funding round led by Solidium Oy.
The investment aims to accelerate ICEYE’s expansion of the world’s largest constellation of SAR satellites and enhance its innovative data and subscription products. This funding round, following a successful Series D in February 2022, raises ICEYE’s total capital to $438 million. Led by Finnish sovereign wealth fund Solidium Oy, the round also includes Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors. ICEYE will use the funds to fuel its next growth phase, leveraging international momentum and increasing interest from allied governments for defense and civil applications with its next-generation SAR spacecraft.
Rafal Modrzewski said: “This backing from the domestic and international investment community shows trust in ICEYE’s vision to improve life on Earth by becoming the global source of truth in Earth Observation. It is with great pride that we align with our newest investors in the pursuit of ICEYE leading the global market in SAR technology and its broad applications.
Cover Genius
CEO: Angus McDonald
Sector: Embedded insurance
Raised: US$80 million
Lead investor: Led by Spark Capital and supported by existing investors Dawn Capital, King River Capital, and G Squared
Leading embedded insurance provider Cover Genius successfully closed an $80 million Series E funding round last month. The funds will accelerate growth initiatives and further invest in advanced technology, including enhancements to digital insurance distribution solutions, implementation of AI for claims processing, and expansion of the range of protection solutions available on the platform.
Angus McDonald, CEO and co-founder of Cover Genius. “Our collaborations with well-known brands, including Uber, Ryanair, and eBay, demonstrate our unique ability to create customer-centric protection solutions backed by technology, policy innovation, and industry expertise.”
Honeycomb
CEO: Itai Ben-Zaken
Sector: Risk management and underwriting
Raised: US$36 million
Lead investor: Zeev Ventures, followed by Arkin Holdings and Launchbay Capital, Ibex Investors, Phoenix Insurance, and IT-Farm
Founded by CEO Itai Ben-Zakan and CTO Nimrod Sadot, Honeycomb began offering real estate insurance in the U.S. in June 2021. Now operating in 16 states, the insurtech covers 60% of the US market, with policies on $21 billion worth of real estate, aiming to triple that within a year. Honeycomb focuses on landlord insurance in a $34 billion annual US market.
The investment round brings Honeycomb’s total funding to $55 million. The company plans to use the funds to double its workforce from 90 to 180 over the next 18 months, with many new hires based in its Herzliya development centre.
Ben-Zakan said, “The new funding will be used to further improve the end-user experience, driving enhanced profitability to our broker partners, and broadening the type and size of policies offered.”
Arbol
CEO: Siddhartha Jha
Sector: Climate insurance
Raised: US$60 million
Lead investors: Giant Ventures and Opera Tech Ventures
Founded in 2018 and headquartered in New York, Arbol offers insurance coverage based on climate events. The company uses objective climate data markers to automatically trigger insurance payouts, eliminating the need for manual claims adjustments. For example, if a farmer experiences high rainfall, Arbol’s system can quickly provide financial support based on pre-specified conditions.
Arbol, a climate-focused insurtech startup, successfully raised $60 million in a Series B funding round led by Giant Ventures and Opera Tech Ventures, with participation from Mubadala Capital, joining existing investors Finch Finance and Space Capital.
Siddhartha Jha is the Founder, Chairman, and CEO of Arbol, said: “Essentially, AI enables us to deliver more responsive and tailored insurance, directly addressing our clients’ needs with greater accuracy.”
ORCA
CEO: Yarden Gross
Sector: AI Shipping Specialty
Raised: US$23 million
Lead investor: OCV Partners and MizMaa Ventures
Orca, the AI shipping specialty company announced a $23 million raise in new funding last month, taking the total raised by the Tel-Aviv based company to $38.6 million.
Founded in 2018 by Yarden Gross and Dor Raviv, Orca AI aims to maximize voyage safety, efficiency, and sustainability for ships and fleets. By constantly monitoring and enhancing human watchkeeping, Orca AI ensures fleet safety while reducing environmental impact.
CEO Yarden Gross commented that “Innovations in high-speed, low cost, global connectivity, such as with Elon Musk’s Starlink have opened the door for advanced technologies such as AI on board vessels to improve operational efficiency and safety. It’s a welcomed pivotal moment, as despite the majority of global cargo transported by sea, the maritime industry has lagged behind industries such as aviation when it comes to keeping up with technological innovations.”
Pula
CEO: Thomas Njeru
Sector: Agricultural insurance
Raised: US$20 million
Lead investor: BlueOrchard
Pula, a Kenyan-based insurtech firm, has successfully raised US$20 million in Series B funding to bolster its efforts in providing agricultural insurance to farmers in Africa, Asia, and Latin America.
The recent funding round, led by global investment manager BlueOrchard, aims to provide vulnerable populations with climate insurance. The round also saw participation from the International Finance Corporation (IFC), the Bill & Melinda Gates Foundation, Hesabu Capital, and existing investors.
Pula has provided insurance coverage to 15.4 million farmers. With the new capital, the company plans to form new partnerships and introduce livestock coverage, starting in Kenya after a successful pilot in Nigeria. Pula also offers comprehensive coverage against risks like banditry and disease in Nigeria and is expanding into Asia and Latin America.
Pula CEO Thomas Njeru, who co-founded the insurtech with Rose Goslinga, said: “Partnering with this group of like-minded investors to boost the growth of Pula globally is a very exciting milestone in driving our triple 100 vision, through which we intend to bring insurance to 100 million smallholder farmers.”
Anterior
CEO: Mohamad Makhzoumi and Abdel Mahmoud (co-CEOs)
Sector: Health data
Raised: US$20 million
Lead investor: NEA
Anterior, an insurtech using AI to expedite health insurance approval for medical procedures, has successfully closed a $20 million Series A round at a $95 million valuation.
The funding round was led by seasoned VC firm NEA, with participation from existing investors Sequoia and Neo. Additionally, the round included several angel investors, such as Mustafa Suleyman, who was recently hired by Microsoft to lead its consumer AI division.
Founded in 2022 as Co, Anterior assists with healthcare administration through its AI clinical co-pilot, Florence (Nightingale). The company was established by former clinician Abdel Mahmoud, who became frustrated with the extensive time spent on administrative tasks in the medical profession.
Anterior’s LLM-powered co-pilot streamlines the process of gathering medical documentation, aiming to reduce denial rates and expedite patient access to care. The company plans to expand into additional medical functions.
Urban Jungle
CEO: Jimmy Williams
Sector: P&C
Raised: US$14 million
Lead investors: Sony Innovation Fund
London-based insurance startup Urban Jungle raised US$14 million last month from existing investors, including Sony Innovation Fund.
Founded in 2016 by Jimmy Williams and Greg Smyth, Urban Jungle provides renters and homeowners insurance and currently serves over 200,000 customers. The startup partners with carriers such as Covea, AXA, Ageas, L&G, LV=, RSA, Prestige, UKG, and Zurich.
The insurtech covers items such as phones, laptops, furniture, and other possessions against accidental damage, theft, and loss. Starting at £5 per month, the policies are also flexible, allowing customers to pay only for the coverage they need.
“Our technology means we can screen out fraudsters and help genuine customers get a much better deal, which is particularly important in the current economy,” Williams said.
Watershed
CEO: Dr. Chip Grant
Sector: Health
Raised: US$13.6 million
Lead investor: First Trust Capital Partners
Care coordination company Watershed Health has completed a $13.6 million funding round. Watershed Health aims to address uncoordinated care by connecting various entities within the healthcare system, including health plans, hospitals, post-acute care facilities, primary care providers, and community-based organizations.
The investment was led by First Trust Capital Partners, with contributions from FCA Venture Partners, Create Health Ventures, Impact Engine, 450 Ventures, LDH Ventures II/Launchpad Digital Health, MassMutual Ventures, Capstar Partners, and Wanxiang Healthcare Investments.
Dr. Chip Grant, an interventional cardiologist and founder and CEO of Watershed Health, said: “My work as a physician has shown me the consequences of uncoordinated care – the missed connections and the inefficiencies. It’s frustrating for providers and it’s harmful to patients. I started Watershed because I knew a better healthcare system was possible, and I wanted to solve the problems I was seeing in my community.”
CoverTree
CEO: Adarsh Rachmale
Sector: Manufactured home insurance solutions
Raised: US$13 million
Lead investor: Portage with participation from AV8, Distributed Ventures, and Detroit Venture Partners
CoverTree, an insurtech company specialising in manufactured home insurance, successfully completed a $13 million Series A funding round last month, led by Portage, with participation from AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, Annox Capital, and others.
The raise brings CoverTree’s total funding to $23 million, highlighting the demand for modernised insurance products in the homeownership industry. The Series A funding will enable CoverTree to invest in product development, scale operations, and attract top talent, expanding its product offerings and strengthening its presence in the growing manufactured housing market.
Led by Portage with participation from AV8, Distributed Ventures, and Detroit Venture Partners, CoverTree launches an enterprise suite to provide homeowners with leading quality insurance coverage.
ClaimBuddy
Sector: Health
Raised: US$5 million
Lead investor: Bharat Innovation Fund
Health insurance claim assistance platform ClaimBuddy concluded its Series A funding recently, securing a significant US$5 million investment.
The funding round, led by Bharat Innovation Fund (BIF) with participation from Japanese fund CAC Capital and existing investors Chiratae Ventures and Rebright Partners, marks a significant milestone for ClaimBuddy. The capital infusion will support ClaimBuddy’s expansion plans by enhancing its technology, growing its team and sales network, and introducing new product lines for its expanding network of hospitals.
Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy aims to streamline healthcare financing by addressing the challenges faced by patients and hospitals in the health insurance claim process, offering cashless and user-friendly experiences.
PYTE
CEO: Sadegh Riazi
Sector: Data management
Raised: US$5 million
Lead investor: Myriad Venture Partners
Pyte, a Los Angeles-based company specialising in secure computation platforms, has raised an additional $5 million in funding, bringing its total funding to over $12 million.
Launched in 2021, Pyte provides a solution enabling companies, markets, and data providers to collaborate, match, and perform calculations on sensitive data without decryption. This ensures that companies can utilize their data in sensitive areas, including cloud environments, while maintaining privacy compliance and security against data breaches. Additionally, it protects sensitive intellectual property.
Pyte intends to use the new funding to commercialise its technology in various industries, with a particular emphasis on highly regulated sectors such as finance, healthcare, and insurance.
Rainwalk Technology
CEO: Joshua Snead
Sector: Pet insurance
Raised: US$4 million
Lead investor: Manchester Story
Rainwalk Technology, a leading white-label pet insurance technology provider, has announced the successful completion of a US$4 million Seed funding round. The insurtech offers partners a white-label solution for providing insurance coverage to their customers and sells insurance directly to consumers, with coverage underwritten by Incline Casualty Company.
The funding, led by ManchesterStory with participation from Insurtech Gateway, Bridge Investments, Seaplane Ventures, and several insurance and reinsurance executives, will support Rainwalk’s expansion in the pet insurance market. Based in Columbia, SC,
Rainwalk aims to transform market penetration by investing in new, alternative, and tech-driven distribution channels traditionally overlooked by industry incumbents. The new funding will support Rainwalk’s continued growth and market expansion.
Complied by Joanna England
