Funding News

Level, a startup that aims to give companies a more flexible way to offer benefits to employees, has raised $27 million in a Series A funding round led by Khosla Ventures and Lightspeed Venture Partners.

The company’s Penni Connect embedding solution enables insurers to sell products online through partners such as car dealers, travel providers and banks.

Johanna Von Geyr, partner and EMEA lead banking, financial services and insurance at ISG, explores how to modernise the insurance industry with a shared cloud-based IT model

The Zebra, a home and auto insurance comparison website, has raised $150 million in a Series D fundraising round, which valued the company at over $1 billion.

Insurance technology company Fenris raised $2.7 million in new funding. Fenris, a data and analytics company focused on streamlining and modernizing the process of quoting insurance products, will use this funding to meet the growing demand from clients for its API-delivered insights and data, with a strong focus on expanding its sales and marketing resources.

Indian online insurance platform Policybazaar is planning to file a draft prospectus as soon as next month for its Mumbai initial public offering that could raise about $500 million, according to people familiar with the matter.

Bright Health Group Inc., a digital health records platform, is planning an initial public offering in the U.S. this year, according to people with knowledge of the matter.

The new funds for the insight-driven workflow platform for safety and risk management will be used for product innovation, hiring, and accelerated client acquisition and sales, as well as marketing and partnership development.

Salty, a U.S.-based Embedded Insurance technology company, announced on Tuesday it secured over $15 million through its latest investment round, bringing the company’s capital raised to date to more than $31 million.

Next Insurance raised a whopping $250 million in new venture financing – a major cash infusion after a year of acquisitions and other actions to further growth.

“Right now if a fleet has any type of blemish on their record, their rates go up 150 to 200%,” Cardiff says. “That’s untenable. Fleets can’t continue to survive that way, but we as a public still need and demand our goods to be transferred from one place to another…We want to be at the forefront of solving that.”

The new funds will be used to accelerate growth and add new functionality to the company’s claims management platform, as well as to make key hires across engineering and sales teams.

Pie Insurance has pulled in $118 million in new funding, with the workers compensation provider attracting financing from Allianz and others.

Insuretech startup Counterpart, has raised $10 million in funding led by Valor Equity Partners. Also participating was Susa Ventures and Felicis Ventures. Counterpart works in the ‘management liability’ insurance market. Counterpart will also partner with Markel Specialty, a specialty insurance division of Markel Corporation, to offer its management liability insurance products.

The Germany-based insurtech is expected to close the massive funding round next month to hit a $2 billion valuation, per Sky News.

The Berlin-based startup has recently hired Goldman Sachs as it tries to close out a Series C.

Asteya’s vision is to reimagine disability insurance, starting with flexible support and plans for individuals like gig economy workers

Gravie, the pioneer of defined contribution healthcare, today announced that they have raised $28 million in a Series D round of financing led by AXA Venture Partners (AVP), with participation from existing investors FirstMark Capital, Split Rock Ventures and Revelation Partners.

The investment in PasarPolis is the first IFC has made in the insurtech sector in Indonesia, where insurance penetration rate remains low

Cyber insurance startup Coalition Inc on Wednesday said it raised $175 million in its latest round of funding, which valued the company at $1.75 billion as the need for protection against hacks, ransomware and data theft has surged with remote work during the pandemic.

PolicyBazaar India has raised $75 million (AED275 million) for its UAE and Middle East expansion plans

DeepSee.ai, a knowledge processing InsurTech, said it has raised $22.6 million in new financing, money that will help expand its initial client base beyond capital markets and insurance verticals.

The investment was led by Prelude, the early-stage practice of Mercato Partners, with participation from Heffernan Insurance Brokers and other experienced industry veterans.

Hi Marley, creators of the only intelligent communication platform built for the insurance industry by people who know insurance, announced the company has closed a $25 million Series B financing round. The investment was led by Emergence Capital, with Founder and General Partner Gordon Ritter taking a seat on Hi Marley’s Board. Returning firms Underscore, True Ventures, Bain Capital Ventures and Greenspring also participated in the round, along with additional investors including Brewer Lane Ventures.

Some serious money has been sent the way of various insurance startups over the past week. Investors backed cutting-edge commercial lines and cyber insurance products as well as advances in texting communications, producer management and licensing compliance, and digital risk management for financial institutions.

Germany-based digital insurer Getsafe GmbH is aiming to raise an additional €50 million to €75 million in funding as part of its journey toward underwriting risks on its own balance sheet, according to CFO Daniel Treiber.

Gross Written Premium run-rate growth of 1595% over past 6 months driven by an appointed network of 4500 agents and brokers using Cowbell Platform

According to various industry reports, the Indian insurance sector is valued at a massive $280 billion, but its contribution to the country’s GDP remains abysmally low at 4%. The sector is still waiting for a disruption, even as a host of startups are leveraging technology to resolve issues like claim rejections, frauds and miss-selling.

Specialist insurer ERS DGB Limited has secured $350 million in a new capital raise led by private equity firms Abry Partners and Aquiline Capital Partners.

Corvus’ funding highlights how old markets are being disrupted with upstarts using AI and data science to grow in key markets like cyber insurance.

Turtlemint is the latest Indian insurance tech startup space to bag funding from foreign investors after insurance FDI rules were relaxed last month

The funding round was led by Omidyar Network India. The startup also bagged investment from VC fund Pentathlon Ventures and DMI Sparkle Fund.

Valuation grows by 10x as carriers, agencies, and MGAs turn to AgentSync for broker onboarding, licensing, and compliance

Insurance agents spend hours handling paperwork and grabbing client information over the phone. A new seed-stage startup, InsurGrid, has developed a software solution to help ease the process, and make it easier for agents to serve existing clients — and secure new ones.

Hepster, an insurtech platform from Germany, has raised $10 million in a Series A funding led by Element Ventures. Also participating was Seventure Partners, MBMV, and GPS Ventures, as well as previous investors.

A technology-enabled insurance firm in Alpharetta raised $3.5 million, according to a March 3 U.S. Securities and Exchange Commission filing.

Hippo Enterprises Inc., a home-insurance startup, agreed to go public through a merger with Reinvent Technology Partners Z, a special purpose acquisition company that counts Zynga Inc. founder Mark Pincus and LinkedIn co-founder Reid Hoffman as its lead directors.

Symbo’s technology platform is used by individual agents, third-party administrators, brokers and corporates across India and Southeast Asia to distribute, purchase and administer a wide range of insurance products spanning life and general insurance.

Oscar Health Inc., a health insurance startup backed by Google parent Alphabet Inc., sold shares in its initial public offering (IPO) on Tuesday at $39 apiece, above its target range, to raise $1.2 billion.

A company best known for insuring people’s teeth is getting an investment from a company better known for insuring homes and cars.

Circulo, a U.S.-based insurtech, recently announced it secured $50 million through its Series A funding round, which was co-led by Drive Capital and General Catalyst.

TypTap Insurance Group, Inc., is pleased to announce that a fund affiliated with Centerbridge Partners, L.P. has invested $100 million in the company. The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million.

Farmers Edge Inc. raised about C$125 million ($100 million) in its Canadian initial public offering after selling shares at the top end of its marketed range, according to people familiar with the transaction.

Reinsurer Munich Re has agreed to back the launch of a new insurtech firm created by specialist private capital provider Sun Capital Partners and former Aviva CEO Mark Wilson.

On the heels of a year that saw a record amount of venture cash flow into healthcare startups, investor appetite for healthtech does not appear to be waning.

Devoted Health, a startup that sells health insurance to seniors, quietly raised $380 million last year, three people familiar with the matter told Insider. The round, led by Uprising, closed in July 2020, two people close to the company said. The sources were not authorized to speak on the record.

French insurtech startup paves a path to automation and innovation for insurers.

Koffie Labs (Koffie), an insurtech focused on reinventing the trucking and transportation markets, today announced it has raised $4.5m in venture financing.

My Policy, a leading UK provider of data analytics and telematics insurance, announces today an investment by Zurich Group, as part of which Zurich will become a long-term insurance capacity provider, joining an existing panel of insurers to enable rapid growth of My Policy’s recently launched usage-based insurance (“UBI”) product, JURNY.

Funds raised will help startup access new markets, finetune software that helps banks and insurers offer clients personalized pricing and products

A blank-check firm, backed by AmTrust Financial Services Inc. CEO Barry Zyskind, is looking to raise $300 million through an initial public offering, a regulatory filing showed on Friday.

Just five months after raising $250 million at a $2 billion valuation, Israeli insurtech company Next Insurance is working on another funding round, this time at a valuation of $4 billion, a person familiar with the move told Calcalist under the condition of anonymity

Leading online InsurTech company Waterdrop Inc. is reported to be in full preparation for a U.S. initial public offering (IPO) in the next quarter. According to Jiemian News, this development follows a recent valuation of the company at a total worth of tens of billions of dollars, citing people familiar with the matter.

Eden Health, a primary care and insurance navigation company for employers, announced that it has raised $60 million in Series C funding

Berkshire disclosed a new $499 million stake in the professional services company Marsh & McLennan Cos.