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
LOB
Amount Raised
Share (%)
Rounds
Avg. Funding
P&C
$2.27b
41
136
$16.7m
Healthcare
$1.79b
32
25
$71.8m
Multiline
$1.19b
21
47
$25.24m
L&H
$336m
6
32
$10.5m
Total
$5.59b
100%
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
Company
Est.
Loc.
Amount
Stage
Total Funding
01. Root
2015
OH
350
Series E
527.5
02. Lemonade
2015
NY
300
Series D
480
03. Next
2016
CA
250
Series C
381
04. Friday
2017
Berlin
127.66
Venture
127.66
05. Hippo
2015
CA
100
Series D
209
06. Pitzi
2012
Brazil
60
Series D
79.5
07. States Title
2016
CA
58.4
Series B
106.62
08. CoverHound
2010
CA
58
Series D
111.8
09. Kin
2016
IL
47
Venture
63.96
10. Vouch
2018
CA
45
Series B
69.5
11. Pie
2017
DC
45
Series B
61
12. Clearcover
2016
IL
43
Series B
54.38
13. Zego
2016
UK
42
Series B
51.7
14. Coaltion
2017
CA
40
Series B
50
15. Arceo.ai
2016
CA
37
Venture
37
16. CyberCube
2015
CA
35
Series B
35
17. Cytora
2014
UK
32.6
Series B
41.4
18. Bold Penguin
2016
OH
32
Series B
50.5
19. Snapsheet
2010
IL
29
Series E
66.93
20. States Title
2016
CA
25
Series B
106.6
21. Jetty
2015
NY
25
Series B
40.5
22. Vouch
2018
CA
24.5
Series A
69.5
23. Luko
2016
France
22.2
Series A
24.6
24. Thimble
2015
NY
22
Series A
28.9
25. Rhino
2017
NY
21
Series A
22.94
26. Everledger
2015
UK
20
Series A
30.4
27. CompareAsia
2014
H. Kong
20
Series B
116
28. Indio
2016
CA
20
Series B
28
29. RenewBuy
2015
India
18.9
Series B
29.6
30. Huckleberry
2017
CA
18
Series A
22
31. Bold Penguin
2016
OH
17
Series A
50.5
32. Extend
2019
CA
16.4
Series A
16.4
33. DataCubes
2015
IL
15.2
Series B
17.7
34. Omnidian
2015
WA
15
Series A
24.2
35. TheGuarantors
2014
NY
15
Series B
26.72
36. Thinksurance
2015
Germany
14.5
Series B
19.12
37. Hedvig
2016
Sweden
10.31
Series A
13.73
38. Young Alfred
2016
PA
10
Series A
12.25
39. Qover
2016
Belgium
9.1
Venture
16.66
40. Hi Marley
2017
MA
8.7
Series A
8.7
41. Openly
2017
MA
7.65
Seed
7.65
42. INSHUR
2016
NY
7
Series A
11.55
43. By Miles
2016
UK
6.66
Series A
8.34
44. Sayata Labs
2016
Israel
6.5
Seed
6.5
45. WorldCover
2015
NY
6
Series A
6
46. Stable
2016
UK
6
Seed
6
47. Kovrr
2016
Israel
5.5
Series A
5.5
48. Figo
2013
IL
5
Series B
18
49. Upsie
2013
MN
5
Series A
8.18
50. VOOM Insurance
2016
CA
5
Series A
7
51. Avinew
2016
CA
5
Seed
5
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
Company
Est.
Loc.
Amount
Stage
Total Funding
1. Bright Health
2016
MN
635
Series D
1,075
2. Clover Health
2014
CA
500
Series E
925
3. Collective Health
2013
CA
210
Series E
439
4. Waterdrop
2016
China
144.6
Series C
219.44
5. Waterdrop
2016
China
74
Series B
219.44
6. Ottonova
2016
Germany
66
Series D
93.5
7. Alan
2016
Paris
45.25
Series B
86.55
8. Healthcare (dot) com
2014
FL
18
Series B
27.27
9. Practo
2008
India
17.25
Series E
251.25
10. DreamQuark
2014
Paris
15.57
Venture
19.07
11. DocDoc
2012
Singapore
13
C/N
24.6
12. Maple
2015
Canada
10.9
Series A
14.9
13. The CareVoice
2013
China
10
Series A
13.13
14. Eden Health
2016
NY
10
Series A
14
15. PriorAuthNow
2014
OH
6.22
Series B
22.19
16. Troy Medicare
2018
NC
5
Series A
6.2
17. Flume Health
2017
NY
4.05
Seed
4.15
18. Abartys
2015
PR
2.66
Seed
4.66
19. HealthAssure
2011
India
2.5
N/A
3.5
20. Wysa
2015
India
2.16
Series A
3.86
21. TPA Stream
2014
OH
1.4
Seed
2.5
22. Maria Health
2016
India
1
Seed
1
23. TrackActive
2013
UK
0.38
Seed
0.4
24. DocDoc
2012
Singapore
N/A
C/N
24.6
25. Practo
2008
India
N/A
Venture
251.25
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
Company
Est.
Loc.
Amount
Stage
Total Funding
01. Policybazaar
2008
India
150
Series G
496.6
02. Wefox
2014
Berlin
125
Series B
268.5
03. Wefox
2014
Berlin
110
N/A
268.5
04. GoBear
2014
Singapore
80
Venture
80
05. Unqork
2017
NY
80
Series B
107.7
06. QOMPLX
2015
VA
78.6
Series A
143
07. Acko
2016
India
65
Series C
99.99
08. Shift Tech
2013
Paris
60
Series C
95
09. Digit
2016
India
50
Venture
143
10. BriteCore
2009
MO
47.5
Venture
62.6
11. Acko
2016
India
36
Venture
30
12. OneDegree
2016
Hong Kong
30
Series A
30
13. Embroker
2015
CA
28
Series B
42.4
14. Mylo
2015
MO
28
Series A
28
15. Turtlemint
2015
India
25
Venture
31
16. Unqork
2017
NY
22
Series A
107.17
17. Getsafe
2015
Germany
17
Series A
22.89
18. B3i
2016
Zurich
16
Series A
22.69
19. Cuvva
2014
UK
15
Series A
17.65
20. Sure
2014
CA
12.5
Series B
23.1
21. Quantemplate
2012
UK
12
Series B
25.59
22. Sunday Ins
2017
Bangkok
11
Series A
21
23. Carpe Data
2016
CA
10.2
Series B
16.8
24. Cover Genius
2014
Australia
10
Series B
11.55
25. yallacompare
2011
Dubai
8
Series C
17.4
26. Glow
2018
CA
6.5
Seed
6.5
27. Veruna
2015
MA
6
Series A
6
28. Coverfox
2013
India
5.8
Series C
47.32
29. YOLO
2017
Milan
5.7
Series A
6.89
30. ELEMENT
2017
Berlin
5.7
Series A
31.9
31. Toffee
2017
India
5.5
Series A
7.1
32. Socotra
2014
CA
5.2
Series A
12.67
33. DFP
2015
UK
4
Venture
7.1
34. Aureus
2013
CT
3.1
Series A
5.15
35. REG
2013
UK
3
Venture
15.71
36. Player’s Health
2012
MN
2
Series A
3.61
37. Fenris
2016
VA
1.7
Seed
1.7
38. Kover.ai
2019
CA
1.5
Seed
1.62
39. BSynchro
2005
Beirut
1
Series B
5
40. Insurmi
2016
AZ
1
Venture
1
41. iChain
2016
Tokyo
0.9
Seed
1.87
42. JRNY
2016
NZ
0.5
Venture
0.46
43. WeGroup
2017
Belgium
0.4
Grant
1.6
44. Kover.ai
2019
CA
0.1
Pre Seed
1.62
45. InsureVite
2017
Singapore
0.05
Pre Seed
0.06
46. Fuse Pro
2014
Jakarta
N/A
Series A
N/A
47. Omniscience
2014
CA
N/A
Series A
N/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
Company
Est.
Loc.
Amount
Stage
Total Funding
01. Ethos Life
2016
CA
60
Series C
106.5
02. Beam Dental
2012
OH
55
Series D
88.43
03. Health IQ
2014
CA
55
Series D
136.5
04. Limelight Health
2014
CA
33.5
Series C
44
05. Vestwell
2016
NY
30
Series B
42.5
06. CXA Group
2013
Singapore
25
Series C
58
07. Singlife
2014
Singapore
13
Venture
173
08. yulife
2016
UK
12.66
Series A
16.58
09. Sproutt
2018
CT
12
Series A
12
10. Gainfully
2015
CA
5.5
Series A
8
11. Catch
2016
MA
5.1
Venture
8.1
12. DeadHappy
2013
UK
4.9
Series A
4.9
13. Finaeo
2016
Canada
4
Seed
6.25
14. Sana Benefits
2017
TX
3.6
Seed
6
15. SafetyWing
2017
CA
3.5
Seed
4.12
16. Breathe Life
2017
Canada
3.4
Seed
3.4
17. Insurello
2016
Sweden
2.7
Venture
3.65
18. Inclusivity Solutions
2015
S. Africa
1.6
Series A
4.5
19. Ginger Travel Insurance
2018
Israel
1.3
Seed
1.3
20. Catch
2016
MA
1
Pre Seed
8.1
21. Pluto
2016
UK
0.86
N/A
1.2
22. Atidot
2016
Israel
0.75
Grant
5.75
23. Socialeads
2018
WI
0.75
Seed
1.6
24. Covr Financial
2013
ID
0.5
Grant
20.5
25. Mango Life
2017
Mexico
0.3
Seed
0.3
26. Pluto
2016
UK
0.18
Seed
1.2
27. AccuRisk Solutions
2017
IL
N/A
N/A
N/A
28. Buddy
2017
VA
N/A
Seed
0.69
29. Direct Life
1990
UK
N/A
N/A
N/A
30. GigaCover
2016
Singapore
N/A
Seed
N/A
31. Lapetus Solutions
2015
NC
N/A
C/N
4.69
32. Singlife
2014
Singapore
N/A
N/A
173
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/Region
USA
Europe
Other
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 Investments
68%
15%
17%
Average Investment by Stage, by Region
Stage
USA
Europe
Other
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
Stage
P&C
L&H
Multiline
Healthcare
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*
$46.75m
N/A
N/A
Series D
$152.67m
$55m
N/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
