Shefi Ben-Hutta
Editor at Coverager

2023: A Roundup of New Insurance Ventures

This article presents a snapshot of noteworthy US startups and incumbents that announced their first funding round in 2023.

Data & Analytics

  • Precedent : AI for attorney-represented injury claims; raised $9M in a seed round on 06/14/2023.
  • Vellum Insurance : Data and analytics for the insurance industry; raised $7M in a seed round on 10/10/2023.
  • Lineslip Solutions : Commercial insurance data platform; raised $5.6M in a Series A round on 03/10/2023.
  • Allium Data : Provides insights into the insurance market; raised $750k in a pre-seed round on 10/03/2023.

Workplace Benefits

  • Fountain Health : Health insurance for self-insured groups; raised $15M in on 04/03/2023.
  • Zorro : Employee benefits company; raised $11.5M in a seed round on 03/28/2023.
  • StretchDollar : Health benefits for small businesses; raised $1.6M in a pre-seed round on 09/26/2023.
  • Kyndly Benefits : Health benefits company; raised $100k in a pre-seed round on 01/26/2023.

Commercial Insurance

  • OpenEyes : Commercial auto insurance provider; raised $23M in two rounds this year.
  • Union Bay Risk Advisors : Full-service insurance agency for both personal and commercial lines of business; raised $20M on 06/22/2023.
  • Converge Insurance : Cyber insurance and risk management; raised $15M in a Series A round on 08/01/2023.
  • Propeller Bonds : Surety bond market MGA; raised $6.4M in a seed round on 01/10/2023.
  • Authentic Insurance : Captive insurance programs; raised $5.5M in a seed round on 09/20/2023.
  • Frontier Risk : Cannabis insurance provider; raised $3.1M in a seed round on 08/31/2023.
  • Coverdash : Small business insurance provider; raised $2.5M in a seed round on 01/23/2023.
  • Tango Specialty : Commercial insurance MGA; raised $1.3M on 08/11/2023.
  • Sertis : Insurance for multifamily properties; raised $554k in a seed round on 08/01/2023.

Sustainability

  • Velocity Risk Underwriters : Coastal property insurance MGA; raised $119M in a PE round on 07/11/2023.
  • Orion180 Insurance : Homeowners insurance; raised $42.3M in Debt Financing round on 04/11/2023.
  • Floodbase : Flood mapping platform; raised $12M in a Series A round on 01/26/2023.
  • Oka : Carbon credit market insurance solutions; raised $7M in a seed round on 02/23/2023.
  • BetterWatts : Warranty for renewable energy systems; raised $500k in a seed round on 01/25/2023.

Admin & Backoffice Tasks

  • Functional Finance : Financial management platform for insurers; raised $10M in a seed round on 08/03/2023.
  • Liberate : SaaS for P&C insurers; raised $7M in a seed round on 01/06/2023.
  • Koïos Intelligence : AI solutions for risk management; raised $6.5M on 05/03/2023.
  • Sixfold AI : AI underwriting tools; raised $6.5M in a seed round on 05/24/2023.
  • PolicyBound : Agency platform; raised $5M on 04/17/2023.
  • CatX : Risk trading and transfer exchange; raised $500k in a pre-seed round on 06/08/2023, and another $2.7M in a seed round on 11/24/2003.
  • QuickFacts : Underwriting comparisons for brokers; raised $2.2M in several rounds this year.
  • Ledgestone : Enterprise service platform; raised $2M on 09/27/2023.
  • Eat Cake : Book-of-business buying and selling tools; raised $2M on 02/28/2023.
  • Qumis : AI-powered knowledge platform; raised $215k in a pre-seed round on 10/01/2023.

Transactional Insurance

  • Independence Pet Group : Full-stack pet insurance platform; raised $55.6M in a PE round on 11/15/2023.
  • Companion Protect : Pet insurance administrator; raised $27M in a Series A round on 08/22/2023.
  • Modives : Insurance verification for property management; raised $3M in a seed round on 07/26/2023.
  • Source7 : API-based real estate decision-making tool; raised $2.2M on 03/29/2023.
  • Homeflow : Landlord insurance aggregator; raised $500k in a pre-seed round on 04/05/2023.
  • Warranty Life : Product protection services; raised $250k in a pre-seed round on 01/01/2023.
  • Quotamation : Quoting tool for home and auto insurance; raised $250k in a pre-seed round on 02/03/2023.
  • Cios : Lease break coverage provider; raised $100k on 06/08/2023 and another small grant round.

New(ish) Insurers

  • Hadron Insurance : Hybrid carrier for MGUs; raised $250M in a PE round on 11/03/2023.
  • Incline P&C Group : Fronting carrier; raised $125M in a PE round on 06/08/2023.

Incumbents

  • TIH : Insurance brokerage subsidiary; raised $1.95B in a Secondary Market round on 02/16/2023.
  • USI Insurance Services : National insurance broker; raised $1B in Private Equity round on 09/11/2023.
  • PCF Insurance : Full-service insurance brokerage; raised $900M in two rounds this year.
  • F&G : Life and annuities insurer; raised $845M in several post-IPO debt rounds this year.
  • Principal Financial Group : Investment management and insurance company; raised $700M in a post-IPO Debt round on 03/06/2023.
  • Sun Life Financial : Financial services; raised $500M in a post-IPP Debt round on 07/04/2023.
  • The Progressive Corporation : Insurance carrier; raised $500M in Post IPO Debt round on 05/22/2023.
  • iA Financial Group : Canadian insurance and financial services company; raised $400M in a post-IPO Debt round on 06/15/2023.
  • The Liberty Company Insurance Brokers : Commercial and personal insurance broker; raised $340M in Debt Financing round on 07/31/2023.
  • Coaction : Specialty P&C insurance company; raised $200M in Private Equity round on 09/07/2023.
  • GuideOne Insurance : Specialty insurer; raised $200M in a PE round on 12/20/2023.
  • Skyward Specialty : Insurance holding company; raised $198.3M in several post-IPO rounds.
  • Nassau Financial Group : Life, annuity, and long-term care insurance; raised $130M in a PE round on 09/05/2023.
  • SILAC Insurance Company : Annuities and life insurance; raised $75M in a PE round on 01/09/2023.
  • Trisura : P&C insurance/fronting carrier; raised $39.4M in a post-IPO Equity round on 08/14/2023.