Anthemis portfolio shows mixed outcomes across exits and wind-downs

Anthemis’s insurance portfolio has shown a split recently. On one side are two fresh 2026 exits and a handful of earlier acquisitions. On the other is a growing list of wind-downs.

In February, London-based Flock Limited , which saw Anthemis participate across its $3M seed, $17M Series A, and $38M Series B, announced a planned acquisition by Admiral Group. The deal values Flock’s equity at £80M (~$109M) and remains subject to regulatory approval. Flock raised about $60M and reported ~£13M in cash as of March 31, 2024.

Then kWh Analytics , where Anthemis led a $5M+ Series A and joined a later undisclosed Series B, announced a planned acquisition by Beazley. Founded in 2012, kWh Analytics raised roughly $25M and focuses on insurance for battery storage, solar, and wind. Terms were not disclosed.

This month, however, two Anthemis portfolio companies surfaced as no longer active—one formally shutting down, the other effectively disappearing.

Commodity price insurtech Stable appears to have shut down, with its website offline, emails bouncing, and its X account deactivated. Founded in 2017, Stable offered index-based insurance to hedge commodity price risk across agriculture and energy. It raised about $112M, including a $6M seed and $46.5M Series A with Anthemis participation.

Meanwhile, Hokodo , a European B2B BNPL provider and trade credit MGA, is also shutting down after eight years, citing strategic missteps and a tougher market. Founded in 2018, Hokodo raised about $177M (including debt), financed over €500M in invoices, and served 100,000+ buyers across 10 countries. Anthemis participated across its €2.2M seed, €12.5M Series A, and €40M Series B.

Earlier outcomes in the portfolio show a mix of soft landings and acqui-hires.

Trov , known for on-demand insurance, ended in an asset sale to Travelers in 2022 after raising nearly $100M. Insurdata , by contrast, raised about $4M before being acquired in 2022, reflecting a cleaner exit for a smaller, focused data play.

Tremor Technologies built a programmatic reinsurance marketplace using auction-style placement. Its backers included Markel, Nephila Capital, and W. R. Berkley, which ultimately acquired the assets in September 2023.

Koffie targeted commercial trucking with telematics-driven pricing. Acrisure appears to have acquired the technology and team in an acqui-hire outcome.

Roughly 20+ insurance-related Anthemis portfolio companies remain active, skewing toward B2B infrastructure (AgentSync), embedded insurance (Gangkhar, Matic, Qover, Raincoat), specialist MGAs (Kettle) and small business insurance (District Cover, Vouch).