Funding News

Thailand-based insurtech platform AppMan announced it has raised US$4.6 million in its series A funding round from Siam Alpha Equity’s SME Growing Together 1 fund, Krungsri Finnovate, Casmatt, KTBST, and Poems Ventures, the venture arm of PhillipCapital Group.

Leading workers’ comp billing platform allows insurance providers to build a best-in-class solution for their policyholders

Pawlicy Advisor, the leading pet insurance marketplace, announced today it has raised a $6.5 million Series A funding round led by Rho Capital Partners and existing investor Defy Partners. The round also included significant investment from Slow Ventures. This brings the company’s total funds raised to $8 million to date.

Livelii, Canada’s first community-based platform that intersects Insurtech and Fintech to provide affordable Health Insurance and critical Financial tools to Independent workers is listing a securities offering via the online crowdfunding platform, FrontFundr.

The Israeli founded insurtech company is in negotiations with SPAC Reinvent Technology Partners, that includes Zynga Inc. founder Mark Pincus and LinkedIn co-founder Reid Hoffman as its lead directors.

IIR spoke with Preston on what the public debut means for the pay-per-mile auto insurance pioneer and now technology supplier to other insurance carriers.

Talem Health Analytics has revealed that it has closed a $2.3 million seed round, which the insurtech hopes to use to accelerate the launch of its AI platform to the auto insurance industry.

UK insurer Prudential has created a new senior leadership team for its US business, Jackson Financial, ahead of Jackson’s planned separation from the Group.

SmartHop announced today that it raised $12 million in a Series A round, bringing the company’s total funding to date to $16.5 million. The round was led by Union Square Ventures, whose past investments include Stripe, Twitter, Coinbase, Etsy, MeetUp, SkillShare and Duolingo, among others.

Additional funding will be deployed into select startups whose solutions, technology, and capabilities can benefit Nationwide customers.

WeSure Global Tech, the parent company of digital insurance company WeSure, has published a prospectus for an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE). The company plans selling a 20% stake for NIS 100 million (or £22 Million) at a company valuation of NIS 500 million(or £110 Million), after money.

Toronto-based insurtech Briza has raised a $10.2 million CAD ($8 million USD) Series A round as the startup aims to meet significant demand for its insurance carrier integrations.

The pay-per-mile pioneer completed its business combination with INSU Acquisition Corp. II, a publicly traded special purpose acquisition company sponsored by Cohen & Company, LLC.

Marble, the first digital wallet and loyalty platform for insurance, today announced $2.5 million in seed round funding.

Gentem Health Inc., a Silicon Valley-startup focused on helping private practices thrive financially, has raised a $10 million Series A financing round, bringing total investment to $13.7 million.

Ushur, the no-code intelligent automation company, today announced a $5M addition to its over-subscribed $25M Series B funding in November 2020. Aflac Ventures and Iron Pillar participated in the round. This brings the total amount of the Series B to $30M, and Ushur’s cumulative funding to $41.5M.

Phable, a three-year-old health tech startup that is serving patients with chronic illnesses in India, has raised $12 million in a new financing round as it looks to scale in the world’s second most populated nation.

Hippo, an insurance technology startup, is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter.

Coterie pulled in $11.5 million in new venture funding it will use to fuel further expansion of its business, which is designed to integrate insurance purchasing into existing small businesses processes.

Oscar Health, a health insurance start-up backed by Google parent Alphabet Inc, filed for an initial public offering on Friday, looking to cash in on the surge in demand for digital health services during the COVID-19 pandemic.

Eusoh is a radical new model that offers customers the same protection as best in class insurance products, but at a game changing price discount that is sustainable. This will have a significant impact on many lines of insurance.

CCC Information Services said on Wednesday it was going public through a merger with blank-check firm Dragoneer Growth Opportunities Corp, in a deal that valued the data and technology provider to auto and insurance firms at about $7 billion.

LeaseLock, the world’s leading insurtech platform for real estate, today announced the closing of a $52 million Series B financing that will expand its industry-leading lease insurance product into the first AI-powered financial technology platform for enterprise real estate. LeaseLock has insured $1 billion in leases to-date, across the nation’s largest multifamily operators and preeminent asset owners.

TrustLayer, the collaborative risk management platform, today announced it has completed a $6.6 million seed round of financing. Abstract Ventures led the round with participation from Propel Venture Partners, NFP Ventures, BoxGroup, and Precursor Ventures. The round was heavily oversubscribed, a reflection of the strength of TrustLayer’s current compliance software and its success in developing a digital proof of insurance solution.

Global insurtech funding reached $7.12 billion across 377 deals, the most in any year to date, per Willis Towers Watson (WTS).

Metromile has attracted $50 million in new investment from a former Uber executive even as it has obtained regulatory approval to formalize a reverse merger deal that will make it a publicly-traded company.

FinTLV, a Tel Aviv-based fund that specializes in FinTech and InsurTech companies in their “growth stage” phases, announced in a press release that it has closed a new $120 million fund, FinTLV II.

Global insurtech investment reached a record $7.1 billion in 2020 despite substantial challenges to the re/insurance sector, according to a new report by Willis Towers Watson.

Muang Thai Broker, the operator of online insurance comparison firm Gettgo, has raised US$6.7 million from parent company Muang Thai Group Holding as it aims to reach US$33.3 million in insurance premiums in the next three years.

Berlin-based insurtech startup INZMO has closed a €3.1 million seed round led by Change Ventures. Swiss insurance company Helvetia, an existing backer from the pre-seed round in 2018, also participated.

A London start-up pioneering a digital-first proposition to the B2B insurance sector has raised £1.2 million pre-seed funding.

Security deposit insurance pioneer set to significantly expand operations to reach its goal of saving renters $500 million in 2021

Company aims to eliminate $1 trillion in healthcare waste annually by bringing transparency and consumer behavior to opaque US healthcare market

Insurance SaaS software provider Insly has secured a seed extension of 1.3M EUR from existing VCs Concentric and Uniqa Ventures, with participation from The British Business Bank’s Future Fund Scheme. Combined with solid results for 2020 – €72K in profits and €3.4M in revenues – this will pave the way for scaling up the business in 2021.

Pula, a Kenyan insurtech startup that specialises in digital and agricultural insurance to derisk millions of smallholder farmers across Africa, has closed a Series A investment of $6 million.

HSBC Holdings Plc and Malayan Banking Bhd.’s insurance venture are among shortlisted bidders for AXA SA’s business in Singapore, which could raise about $700 million in a sale, according to people familiar with the matter.

Aviva announced it is expanding its investments in fintech and insurtech through a collaboration with venture capital firm Anthemis. The aim is to “transform its customer experience through innovation.”

NY-based insurance platform for parametric products Arbol announced that it has raised ~$7 million in a Series A round that included Finch Finance, Space Capital, and Mubadala Capital-Ventures.

The funding round was led by XBTO, alongside other top investors across insurance, capital markets and crypto such as Coinbase Ventures, Maven11, the founders of Synthetix and Insurtech Gateway, who co-founded the project with CEO, Dan Roberts, from day one.

Insurtech startup Leocare, which offers a ‘modern’ way to get homes, cars, motorbikes and smartphones insured, is raising €15 million from Felix Capital, Ventech and Daphni to fuel its growth.

Paris-based neo-insurer Lovys has announced that it has secured €17 million in Series A funding from Heartcore, NewAlpha, Raise Ventures and prior backers Maif Avenir, Portugal Ventures and Bpifrance.

Global specialty insurer and reinsurer, Canopius Group, is reportedly in discussions about a potential public offering that could value the Lloyd’s of London player at over £2 billion (USD 2.7bn), according to Sky News.

Indian insurtech firm Digit Insurance announced it has raised 135 crore rupees (US$18.5 million) from existing investors, bringing its valuation to US$1.9 billion and achieving unicorn status.

Commercial re/insurer Convex Group Ltd has ramped up its total committed capital to $3.2 billion after a $500 million investment from US investment firm Sixth Street.

New York-based insurance benefits experience and management platform Nayya announced that it has closed $11 million in Series A.

International brokerage Howden Group Holdings has completed its first underwriting capital investment, with an $84 million investment in support of DUAL Group’s reinsurance arm, Tamesis DUAL Ltd.

Loop Insurance, a B-Corp auto insurance MGA that leverages AI, big data, and telematics to create more ‘fairly’ priced insurance products, announced it has closed a $3.25 million seed round.

SUNZ Insurance announced that funds managed by Blackstone Tactical Opportunities (“ Blackstone“) have acquired a significant stake in the company to help fuel SUNZ’s continued expansion. Terms of the transaction were not disclosed.

LifeRaft, an Oakland, Calif.-based insurtech company that offers supplemental health insurance products, came out of stealth mode and raised $3.5m in seed funding.

New York-based health insurtech Oscar bagged $140 million in its latest funding round—trailing its $225 million haul just five months ago. For context, Oscar offers health insurance plans in 18 states and 286 counties across the US, which include individual, family, small group, and Medicare Advantage offerings.

Closes Series B Only Six Months Following Series A Round, a Testament to Openly’s Rapid Customer Adoption and Dedication to Empowering Independent Agents through Technology.

B3i Services AG has recently completed the first closing of its Series B funding round. In addition to further investments from existing shareholders, Türk Reasürans has become the latest investor in B3i. This continues to expand B3i’s global footprint to include 21 insurers and reinsurers from five continents with offices in over 100 countries.

The Insurtech M&A Market Report from international technology mergers and acquisitions advisors, Hampleton Partners, forecasts a record 95 or more M&A deals in 2020, with 48 already banked in the first half of the year. Volume has more than doubled since the year 2013, which saw 46 insurtech transactions.

Life insurance startup Bestow brought in its second investment in 2020, this time a $70 million Series C funding round.

A technology that makes selling vehicle insurance policies and solving claims more effective has been funded by angel investors from Estonian unicorns and a customer.