Shefi Ben-Hutta
Editor at Coverager

2023: Strategic investments across insurtech and beyond

The Coverager Data platform indicates that over 400 companies have received investments from insurer-investors like Allianz, MassMutual, and Greenlight Re. This article specifically focuses on such startups that secured their initial funding in 2023, highlighting the emerging trends and key players that are winning the attention of incumbents.

Insurance

  • Assureful, a provider of liability insurance for e-commerce companies, secured $1.5M in pre-seed funding on October 26, 2023, and is located in the UK. It is backed by Greenlight Re.
  • Certa Insurance, a tax MGA, closed a financing round backed by Markel.
  • Eazy Digital, an insurance referral platform, raised $1.8M in two seed funding rounds and is backed by OneDegree.
  • Vellum Insurance, a data and analytics company for the insurance industry, obtained $7M in seed funding and is backed by Endurance Dealer Services, a managing general agency for vehicle service contracts.
  • Titan Flood closed a corporate round backed by K2 Insurance Services.
  • Companion Protect, a national pet insurance administrator, raised $27M in a Series A round and is backed by Avanta Ventures, Liberty Mutual, and Old Republic International Corporation.
  • Quility, a life insurance provider, closed a corporate round backed by F&G.
  • Functional Finance, an enabler offering financial management tools for insurance companies, closed a $10M seed funding round and is backed by C.V. Starr & Co.
  • Meanwhile, an insurer providing bitcoin-denominated life insurance products, raised $19 million in seed funding and is backed by MS&AD Ventures.
  • Classic car MGA Hagerty closed $105M in two post-IPO rounds and is backed by Markel and State Farm.
  • Chelsea Avondale, a pricing and risk evaluation service company, closed a Series C round backed by American Family Ventures.
  • Rhodian, specializing in financial backing and operational services, closed a corporate round backed by Amwins.
  • Coverdash, a New York-based intermediary offering insurance to small businesses, closed a $2.5M in a seed round backed by AXIS Digital Ventures and Tokio Marine Future Fund.
  • November – Vorsorge & Bestattungen, a funeral insurance and services company from Germany, closed a corporate round backed by die Bayerische.

Automotive

  • Autonomous driving technology T2 Co raised $33M in seed and Series A rounds and is backed by Mitsui Sumitomo and MS&AD.
  • Junjiu Electronics, founded in 2016 and headquartered in Shanghai, China, offers software and hardware solutions tailored for the automotive electric vehicle industry. The company successfully raised $14.06M in a Series A funding round and is backed by China Taiping Insurance.
  • Baloise backed TRONITY, a company specializing in a software-only solution that enables electric vehicle owners to manage insights into their vehicles.

Construction

  • Nexus PMG, a management and consulting firm in the construction industry, secured $50M in private equity funding on July 11, 2023. It is backed by Liberty Mutual.
  • Rapid Applications Group, provider of software solutions for the heavy construction equipment services industry, is backed by MassMutual Ventures.
  • Ingenious.build, a productivity software for the real estate development and construction industry, closed a $37M Series A financing round. American Family Ventures is a backer.

Cyber

  • Cypherleak, an automated cyber risk monitoring and scoring platform, secured $750k in seed funding on September 25, 2023. The startup, founded in 2022 and based in Newark, Delaware, is backed by Qatar Insurance.
  • Qontrol, providing cybersecurity, risk management, and network security services, received €1.7M in seed investment. Established in 2019, the Paris-based company is backed by AG2R La Mondiale.

Financial Services

  • Alix, an estate settlement platform founded in 2022, closed a $5.5M seed round and is backed by American Family Ventures.
  • OneClose, a mortgage consultation provider founded in 2015, is backed by Aviva Canada.
  • Credit Exchange, a financial services firm offering mortgage and credit management services founded in 2018, is backed by Die Mobilia and Vaudoise Assurances.
  • Finofo, a currency risk management startup founded in 2022, closed a $1.3M pre-seed round and is backed by Desjardins.
  • Romanian startup INKI that offers Devices-as-a-Service (DaaS) for laptops, phones, and tablets closed an undisclosed round of funding and is backed by Helvetia Venture Fund.
  • Immix, a London-based crypto services company, closed a $2.7M seed round. MassMutual Ventures is a backer.
  • Entrio, a tech adoption platform for banks and financial institutions from Israel, raised $11M across two seed rounds this year. American Family Ventures is a backer.

Health

  • Nema Health, a trauma care provider, raised $4.1M in a seed funding round and is backed by Optum Ventures.
  • Indian Blue Jet Healthcare closed a $30.5M financing round and is backed by Nippon Life and Societe Generale Assurances.
  • Nest Health, which offers medical services designed to alleviate the stress associated with childcare, travel, and leaving home for medical reasons, closed a $15M Series A funding round and is backed by Blue Venture Fund, the VC arm of Blue Cross Blue Shield Association.
  • French startup mySofie, a personal health assistant, closed a $4.6M Series A round. AG2R La Mondiale, Digital Insure, and Open CNP are backers.

Logistics

  • Terminal Industries, a builder of AI platforms that help logistics operators in creating efficient and resilient supply chains, closed a $17M seed round and is backed by MS&AD Ventures.
  • French DataFret, a transportation invoice processing software, closed a $560k pre-seed round with participation from Societe Generale Assurances.

Maritime

  • CetoAI, a predictive analytics service for the marine sector, closed a $1.8M seed round backed by Howden Group Holdings.

Media

  • Semji, a French provider of SEO and content marketing tools, closed $874k in a seed round backed by InnovAllianz.
  • Fotographer AI, a genAI tool for photos, closed a $765k seed round. Mitsui Sumitomo Insurance Venture Capital is a backer.

Professional Services

  • Singulier, a strategy and consulting company, closed a $5.5M round and is backed by MACSF.

Real Estate

  • Revela, operating as a real estate management platform, secured a Series A funding of $9M with participation from Assurant Ventures.
  • DocCity, creating spaces for healthcare businesses, raised $32.8M in Series A investment with participation from MACSF.
  • Bruntwood SciTech, a life sciences property developer, received an undisclosed investment from Legal & General Capital and others.
  • Tidhar, an international real estate group, completed a $107.2M corporate round backed by Harel Insurance.
  • Birtcher Development, specializing in property development and construction services, secured $49.2M in debt financing from The Hartford.
  • HomePorter, a home management portal from Canada, closed a seed funding round backed by Co-operators.
  • Fixxer, a home repair technology platform, closed a corporate round backed by a.s.r.
  • Galia Group, a French real estate company, closed a $27M debt financing from Mutex Officiel.

Renewables & Environment

  • Power Capital Renewable Energy, a solar development company from Dublin, raised $245.52M across two debt rounds. La Banque Postale and Ethias are backers.
  • Hecate Grid, an independent power producer that develops standalone storage projects, raised $98.9M in debt from Societe Generale Assurances and others.
  • Carbo, a carbon management platform, closed a $5.5M seed round. MAIF Avenir is a backer.

Transportation

  • Louelec, an electric carsharing fleet management company from Canada, closed a $3M round backed by Desjardins.
  • German car rental company Duke is backed by Baloise.
  • CamperBoys, a platform to rent fully equipped camper vans from Germany, is backed by Helvetia Venture Fund.

* Nonprofit and grants are excluded from this analysis