2019 insurtech investments in review

A total of $5.59b was invested in insurance companies – defined as companies that operate primarily in the insurance industry and excluding corporate, debt, private equity, post IPO and secondary market rounds.

2019 Total Insurance Investments

LOBAmount RaisedShare (%)RoundsAvg. Funding
P&C$2.27b41136$16.7m
Healthcare$1.79b3225$71.8m
Multiline$1.19b2147$25.24m
L&H$336m632$10.5m
Total$5.59b100%240 

2019 P&C Investments

  • P&C companies raised a total of $2.27b across 136 rounds
  • The largest venture-backed round was raised by Root, a $350m Series E round
  • 45.6% of P&C investment rounds are $5m or less
  • The table below displays rounds of $5m or over
  • Amounts displayed in $, millions
CompanyEst.Loc.AmountStageTotal Funding
01. Root2015OH350Series E527.5
02. Lemonade2015NY300Series D480
03. Next2016CA250Series C381
04. Friday2017Berlin127.66Venture127.66
05. Hippo2015CA100Series D209
06. Pitzi2012Brazil60Series D79.5
07. States Title2016CA58.4Series B106.62
08. CoverHound2010CA58Series D111.8
09. Kin2016IL47Venture63.96
10. Vouch2018CA45Series B69.5
11. Pie2017DC45Series B61
12. Clearcover2016IL43Series B54.38
13. Zego2016UK42Series B51.7
14. Coaltion2017CA40Series B50
15. Arceo.ai2016CA37Venture37
16. CyberCube2015CA35Series B35
17. Cytora2014UK32.6Series B41.4
18. Bold Penguin2016OH32Series B50.5
19. Snapsheet2010IL29Series E66.93
20. States Title2016CA25Series B106.6
21. Jetty2015NY25Series B40.5
22. Vouch2018CA24.5Series A69.5
23. Luko2016France22.2Series A24.6
24. Thimble2015NY22Series A28.9
25. Rhino2017NY21Series A22.94
26. Everledger2015UK20Series A30.4
27. CompareAsia2014H. Kong20Series B116
28. Indio2016CA20Series B28
29. RenewBuy2015India18.9Series B29.6
30. Huckleberry2017CA18Series A22
31. Bold Penguin2016OH17Series A50.5
32. Extend2019CA16.4Series A16.4
33. DataCubes2015IL15.2Series B17.7
34. Omnidian2015WA15Series A24.2
35. TheGuarantors2014NY15Series B26.72
36. Thinksurance2015Germany14.5Series B19.12
37. Hedvig2016Sweden10.31Series A13.73
38. Young Alfred2016PA10Series A12.25
39. Qover2016Belgium9.1Venture16.66
40. Hi Marley2017MA8.7Series A8.7
41. Openly2017MA7.65Seed7.65
42. INSHUR2016NY7Series A11.55
43. By Miles2016UK6.66Series A8.34
44. Sayata Labs2016Israel6.5Seed6.5
45. WorldCover2015NY6Series A6
46. Stable2016UK6Seed6
47. Kovrr2016Israel5.5Series A5.5
48. Figo2013IL5Series B18
49. Upsie2013MN5Series A8.18
50. VOOM Insurance2016CA5Series A7
51. Avinew2016CA5Seed5

2019 Healthcare Investments

  • Healthcare companies raised a total of $1.79b across 25 rounds
  • The largest venture-backed round was raised by Bright Health – a $635m Series D round
  • Amounts displayed in $, millions
  • C/N = Convertible Note
CompanyEst.Loc.AmountStageTotal Funding
1. Bright Health2016MN635Series D1,075
2. Clover Health2014CA500Series E925
3. Collective Health2013CA210Series E439
4. Waterdrop2016China144.6Series C219.44
5. Waterdrop2016China74Series B219.44
6. Ottonova2016Germany66Series D93.5
7. Alan2016Paris45.25Series B86.55
8. Healthcare (dot) com2014FL18Series B27.27
9. Practo2008India17.25Series E251.25
10. DreamQuark2014Paris15.57Venture19.07
11. DocDoc2012Singapore13C/N24.6
12. Maple2015Canada10.9Series A14.9
13. The CareVoice2013China10Series A13.13
14. Eden Health2016NY10Series A14
15. PriorAuthNow2014OH6.22Series B22.19
16. Troy Medicare2018NC5Series A6.2
17. Flume Health2017NY4.05Seed4.15
18. Abartys2015PR2.66Seed4.66
19. HealthAssure2011India2.5N/A3.5
20. Wysa2015India2.16Series A3.86
21. TPA Stream2014OH1.4Seed2.5
22. Maria Health2016India1Seed1
23. TrackActive2013UK0.38Seed0.4
24. DocDoc2012SingaporeN/AC/N24.6
25. Practo2008IndiaN/AVenture251.25
Total  $1.8b  

2019 Multiline Investments

  • Multiline companies raised a total of $1.19b across 47 rounds
  • The largest venture-backed round was raised by Policybazaar – a $150m Series G Round
  • Amounts displayed in $, millions
  • C/N = Convertible Note
CompanyEst.Loc.AmountStageTotal Funding
01. Policybazaar2008India150Series G496.6
02. Wefox2014Berlin125Series B268.5
03. Wefox2014Berlin110N/A268.5
04. GoBear2014Singapore80Venture80
05. Unqork2017NY80Series B107.7
06. QOMPLX2015VA78.6Series A143
07. Acko2016India65Series C99.99
08. Shift Tech2013Paris60Series C95
09. Digit2016India50Venture143
10. BriteCore2009MO47.5Venture62.6
11. Acko2016India36Venture30
12. OneDegree2016Hong Kong30Series A30
13. Embroker2015CA28Series B42.4
14. Mylo2015MO28Series A28
15. Turtlemint2015India25Venture31
16. Unqork2017NY22Series A107.17
17. Getsafe2015Germany17Series A22.89
18. B3i2016Zurich16Series A22.69
19. Cuvva2014UK15Series A17.65
20. Sure2014CA12.5Series B23.1
21. Quantemplate2012UK12Series B25.59
22. Sunday Ins2017Bangkok11Series A21
23. Carpe Data2016CA10.2Series B16.8
24. Cover Genius2014Australia10Series B11.55
25. yallacompare2011Dubai8Series C17.4
26. Glow2018CA6.5Seed6.5
27. Veruna2015MA6Series A6
28. Coverfox2013India5.8Series C47.32
29. YOLO2017Milan5.7Series A6.89
30. ELEMENT2017Berlin5.7Series A31.9
31. Toffee2017India5.5Series A7.1
32. Socotra2014CA5.2Series A12.67
33. DFP2015UK4Venture7.1
34. Aureus2013CT3.1Series A5.15
35. REG2013UK3Venture15.71
36. Player’s Health2012MN2Series A3.61
37. Fenris2016VA1.7Seed1.7
38. Kover.ai2019CA1.5Seed1.62
39. BSynchro2005Beirut1Series B5
40. Insurmi2016AZ1Venture1
41. iChain2016Tokyo0.9Seed1.87
42. JRNY2016NZ0.5Venture0.46
43. WeGroup2017Belgium0.4Grant1.6
44. Kover.ai2019CA0.1Pre Seed1.62
45. InsureVite2017Singapore0.05Pre Seed0.06
46. Fuse Pro2014JakartaN/ASeries AN/A
47. Omniscience2014CAN/ASeries AN/A
Total  $1.19b  

2019 L&H Investments

  • L&H companies raised a total of $336.1m across 32 rounds
  • The largest venture-backed round was raised by Ethos Life – a $60m Series C round
  • Amounts displayed in $, millions
  • C/N = Convertible Note
CompanyEst.Loc.AmountStageTotal Funding
01. Ethos Life2016CA60Series C106.5
02. Beam Dental2012OH55Series D88.43
03. Health IQ2014CA55Series D136.5
04. Limelight Health2014CA33.5Series C44
05. Vestwell2016NY30Series B42.5
06. CXA Group2013Singapore25Series C58
07. Singlife2014Singapore13Venture173
08. yulife2016UK12.66Series A16.58
09. Sproutt2018CT12Series A12
10. Gainfully2015CA5.5Series A8
11. Catch2016MA5.1Venture8.1
12. DeadHappy2013UK4.9Series A4.9
13. Finaeo2016Canada4Seed6.25
14. Sana Benefits2017TX3.6Seed6
15. SafetyWing2017CA3.5Seed4.12
16. Breathe Life2017Canada3.4Seed3.4
17. Insurello2016Sweden2.7Venture3.65
18. Inclusivity Solutions2015S. Africa1.6Series A4.5
19. Ginger Travel Insurance2018Israel1.3Seed1.3
20. Catch2016MA1Pre Seed8.1
21. Pluto2016UK0.86N/A1.2
22. Atidot2016Israel0.75Grant5.75
23. Socialeads2018WI0.75Seed1.6
24. Covr Financial2013ID0.5Grant20.5
25. Mango Life2017Mexico0.3Seed0.3
26. Pluto2016UK0.18Seed1.2
27. AccuRisk Solutions2017ILN/AN/AN/A
28. Buddy2017VAN/ASeed0.69
29. Direct Life1990UKN/AN/AN/A
30. GigaCover2016SingaporeN/ASeedN/A
31. Lapetus Solutions2015NCN/AC/N4.69
32. Singlife2014SingaporeN/AN/A173
Total  $336  

Breakdown of Investments by Region

  • Top 5 investment rounds in the US average $405m; compared to $98m in Europe (Compare Bright Health, Clover Health, Root, Lemonade and Next Insurance to Friday, Wefox (2x), Ottonova and Shift Technologies)
LOB/RegionUSAEuropeOther
Healthcare$1,392m (37%)$127m (15%)$275m (30%)
L&H$265m (7%)$21m (2%)$49m (5%)
Multiline$333m (9%)$373m (43%)$478m (52%)
P&C$1,807m (48%)$338m (39%)$123m (13%)
% Breakdown of Total Investments68%15%17%

Average Investment by Stage, by Region

StageUSAEuropeOther
Seed$2.51m$1.9m$1.86m
Series A$12.99m$10.46m$8.77m
Series B$29.43m$54.48m$24.77m
Series C$114.5m$60m$49.67m
Series D$100.5m$66.4m$60m

Average Investment by Stage, by LOB, USA

StageP&CL&HMultilineHealthcare
Seed$2.18m$3.24m$3.23m$2.73m
Series A$10.96m$8.75m$20.7m$7.5m
Series B$31.05m$30m$32.68m$12.11
Series C$250m*$46.75mN/AN/A
Series D$152.67m$55mN/A$635

* Single round – Next Insurance

Investments in Insurance Distributors

  • 76% ($4.26b) of the total investments were invested in insurance distributors defined as insurers and intermediaries
  • 80% of investments in the USA are in distributors; compared to 76% in Europe