Connected Insurance shuts down

Connected Insurance (CI) , an Israeli embedded insurance startup co-founded by Arik Shpak, has ceased operations after five years in business.

Founded in 2019, Connected Insurance focused on enabling embedded insurance experiences. The company worked with partners including Swiss Re and Bituach Haklai to launch a personal cyber insurance product in Israel that combined coverage with risk prevention tools. The startup also powered usage-based insurance programs, including a commercial auto initiative for Voyager Global Mobility.

According to the LinkedIn profile of cofounder Yarden Peled, the startup raised $5 million. Separately, its seed round was backed by AnD Ventures.

In a LinkedIn post, Shpak described the experience of building the company as “a true rollercoaster” marked by both “the exhilarating highs of innovation and the challenging lows that come with scaling a venture in the insurtech space.” He thanked the company’s partners, investors, mentors, and peers for their support throughout the journey.