Funding News

Faye, a Los Angeles, CA-based travel insurance startup, raised $8M in Seed funding.

Indonesian insurtech startup Qoala has raised US$65 million in a series B round led by France-based investor Eurazeo and joined by MassMutual Ventures and Sequoia Capital India.

Meet Getlife, a Madrid-based startup that just raised $6.3 million (€6 million) in seed funding. The company wants to make it easier to access life insurance products in Europe. For instance, there’s no medical exams needed to subscribe to Getlife.

British insurer Hiscox (HSX.L) said on Thursday it had set aside $40 million for expected losses due to claims arising from the Russia-Ukraine conflict, mainly through its political violence, war and terror portfolio.

French startup Alan has raised a new €183 million funding round ($193 million at today’s exchange rate). The company sells its own health insurance products and has expanded to other medical products and services. In other words, Alan wants to build a healthcare super app and a one-stop shop for all your questions and needs when it comes to your health.

There were 25 funding rounds in the insurtech sector between April 1 and April 29, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

The company intends to use the fresh funds to expand in new geographies, including international expansion into Southeast Asia scale its leadership team and strengthen its product line.

Broker Buddha announced a $5 million investment round led by SiriusPoint with participation from Vertex Ventures US, and insurance professional Bob Sargent.

Hippo’s Expansion to the Empire State Further Diversifies its Portfolio, Reaching 88% of Americans in 38 States.

SafetyWing, a startup that’s providing health insurance coverage to remote workers, has secured $35 million in a Series B round.

Direct-to-consumer and fast-growing insurtech Kin Insurance coverage has now priced its debut Hestia Re Ltd. (Collection 2022-1) disaster bond issuance at a dimension of $175 million, with the coupon traders will obtain finalised on the top-end of preliminary steering.

Insoore plans to develop AI projects in damage detection, engage new talent and expand globally.

Swiss Re has successfully closed an innovative multi-year stop-loss transaction, with financing ultimately provided by J.P. Morgan and various institutional investors.

We’ve learned that direct-to-consumer and fast-growing insurtech Kin bolstered the surplus capital of its main carrier operating in Florida by $20 million in order to meet Demotech’s requirements for its rating affirmation recently.

Processing claims at scale presents a challenge for insurers, particularly where the claims entail factors like complex underlying health conditions.

Surance.io has recently completed a round of financing from Tech Mahindra that acquired 25% equity of the start-up with an option to invest in additional 20%. The initial investment is at the amount of US$ 4 million which will support the global expansion of the strong player in the InsurTech industry.

For any life insurer, future success means resonating with demographically diverse generations of new consumers where they live—and that’s increasingly in a digital world.

Digital life insurance platform Covr Financial Technologies has announced the completion of a Series B funding round.

InsurTech closes new round of funding aiming to bring auto insurance to the underserved Hispanic market.

Using AI and ML, Layr helps business owners get the right insurance faster, cheaper and easier.

There were about 25 funding rounds in the insurtech sector between March 1 and March 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

‘- Life and retirement arm indicated to have $29 billion value

– Proposed terms for AIG selling shares in unit to be set later

Zesty.ai, a San Francisco, CA-based provider of predictive data analytics in the climate risk space, received $10M in venture debt financing.

Buckle, a digital financial services company aimed at the gig economy, has bagged a $15m upsizing for its term loan.

Consumers seem intrigued by the prospect of insurance products from big technology companies like Amazon, Google, Apple and Meta.

German technology firm Xempus has completed a Series D funding round, raising USD 70 million.

Ondo has become the first ‘insurtech’ firm to go public in the capital today, as listed acquisition vehicle Spinnaker Acquisitions snaps up the firm and brings it onto the London Stock Exchange.

The company will use the capital to invest in the growth of its core businesses of life, disability, home, and auto, as well as new no-exam life offerings and Policygenius Pro.

Sachin Bansal’s Navi Technologies, a fintech startup that offers customers insurance and loan products, has filed for a $440 million IPO as the 40-year-old entrepreneur who made his money by kick starting the e-commerce wave in the country once again makes a bold choice.

Crowley has joined forces with Insurtech MGA, Loadsure to help accelerate the development of proprietary smart technology serving the global cargo and freight insurance market by investing in the $11 million Series A funding round.

Nuon AI (Nuon) announces it closed an oversubscribed £1m pre-seed round today. Nuon extended the round led by Haatch Ventures to grow the team following earlier-than-expected customer traction in the UK and US.

Insurely, on its mission to digitize the insurance market with its easy-to-use solutions for open insurance, today announced the completion of a €19 million Series A funding round. The company will use the funds to scale the business into new markets in Europe.

DeadHappy, the UK’s fastest-growing life insurance provider, has raised over $15M in equity in its latest funding round, with existing VC’s Octopus and Headline reinvesting in this round alongside new shareholders Volution, Verso Capital and Channel 4 Ventures.

Plum Life Inc announced today it closed a $5.3 Million seed round led by ManchesterStory with additional participation from MTech Capital, Sonostar Ventures and other investors.

There were 34 funding rounds in the insurtech sector between Feb. 1 and Feb. 28, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

Pendella Technologies, a fast-growing technology company on a mission to take the bias out of life insurance, announced the completion of $5.2 million in Series Seed-2 funding.

Kin Insurance, the direct-to-consumer home insurance company built for every new normal, today announced the $82 million first close of its Series D round, with additional commitments for a second close totaling $18 million.

Nayya will further its mission of providing consumers with a personalized benefits experience that meets the realities of today’s health and financial landscape. Helping Americans gain understanding and control in the wake of rapid inflation, surprise medical bills, and growing debt is more critical than ever.

Foxo Technologies Inc., whose artificial intelligence and genetics technology is used to underwrite life insurance, is going public through a deal with a blank-check company, according to people familiar with the matter.

The round, co-led by MLTPLY and Brooklyn Bridge Ventures, provides fit-for-purpose coverage and tools to help policyholders run their businesses more effectively.

Nirvana Insurance, a technology-driven platform that modernizes commercial fleet insurance using vast amounts of data from sensors on trucks, today announced the public launch of its services to make our roads safer and aid the imperiled truck industry.

UK life insurance stands out as the only life sector in Europe with an improving outlook, which is largely due to the likelihood of increasing business from pension schemes looking to transfer their risk to insurers, Fitch Ratings says.

Insurtech startup HealthySure has raised $1.2 Million (9crore approx.) in a Pre-Series A round led by Inflection Point Ventures (IPV). The round also saw participation from We Founder Circle, Dexter Angels, Campus Fund, HEM Angels and other private investors.

Lloyds Banking Group has completed a £5.5bn (€6.5bn) longevity swap deal with SCOR and Scottish Widows for its Lloyds Bank No. 1 Pension Scheme.

Redkenko Health Tech Pvt Ltd, which operates insurtech startup Kenko Health, has raised $12 million (around Rs 90 crore) as part of its Series A round led by Sequoia Capital India, the company said in a statement on Monday.

Gaia is a startup that is effectively out to ‘de-risk’ the whole process of IVF fertility treatment, using products like personalized insurance and payment plans. It’s almost BNPL for babies — but not quite.

Swiss Re has made a minority investment in insurtech digital platform Klimber Latam Corp as the reinsurer looks to grow in Latin America’s life and health insurance markets and replicate its strategy of supporting digital businesses in other regions around the world.

Vitesse, the global payment, liquidity and treasury management platform, today announced that it has raised $26 million in Series B funding led by Prime Ventures.

Meet Insify, an insurtech startup that raised a $17 million (€15 million) Series A round led by Accel. The company wants to modernize the insurance market. Instead of focusing on the consumer market like many insurtech startups, Insify has picked a different path. It’s a pure B2B play as Insify focuses on Europe’s small and medium companies.

Redkik, a global software company
with the mission to simplify and improve the marine cargo insurance industry with technology today announced the closing of a $3.3 million Seed funding round.

Parametric insurtech firm FloodFlash has secured $15 million in a Series A round of funding that was led by Chicago-based Buoyant Ventures with Munich Re Ventures also featuring as an investor.

A customer’s attention has been a rare commodity since long before the term “attention economy” entered the business lexicon. Wherever consumers are online, providers from all sectors are competing to get noticed. Staying visible is the name of the game, but it is becoming increasingly difficult as digitalization advances and delivers an ongoing clamor from companies in every conceivable industry vying for customers’ limited attention.

Seyna, the fast-growing insurance platform, announces a €33 million investment round to scale its service to all brokers and merchants in Europe.

UK-based insurtech startup Percayso Inform has raised £3.4m in a funding round led by Manchester-based venture capital investor Praetura Ventures.

The financing will further accelerate the continued expansion of the world’s largest synthetic aperture radar (SAR) satellite constellation, and the growth of ICEYE’s Natural Catastrophe (NatCat) Insights and Solutions offering.

UK-based InsurTech firm Stubben Edge has raised £10m from an investment round that including firms such as Lloyd’s Names and a range of institutional investors.

Revolut, the financial superapp with almost 4 million UK customers, today announced the launch of Pet Insurance. The stand-alone product reinforces Revolut’s existing insurance offering including travel insurance, purchase protection and ticket- and missed event cover. Pet insurance is Revolut’s entrance into insurtech, and is the company’s first of many future standalone insurtech products.

African countries are yet to catch up with social security and safety programs commonly used in the West, where the government provides health insurance and unemployment benefits to citizens.

Chilean insurance-tech startup Betterfly plans to expand overseas after its latest funding round swelled its valuation to $1 billion.