Walnut Insurance raises $4.6 million

Canadian insurance startup Walnut Insurance has closed a $4.6 million round led by NAventures, National Bank of Canada’s corporate venture capital arm, with participation from TELUS Global Ventures, Diagram Ventures, Portage, and Highline Beta. The startup has raised ~$9 million to date.

Founded in 2020, Walnut’s platform enables partners to offer insurance to their customers in a variety of ways – a co-branded experience, an advisor driven process or via API. The startup, which works with over 14 insurance carriers, claims that it can offer almost any insurance product.

“The insurance industry has yet to complete its digital transformation, with many insurers and brokers still operating in traditional, non-digital fashions. We aim to leapfrog traditional digitization and support a modern API-enabled embedded distribution strategy. Our embedded insurance platform captures distribution, supports insurers and brokers with embedded-first infrastructure, and delivers products to our customers in a compliant manner. This funding allows us to expand our technology stack, scale our operations, and bring innovative insurance solutions to both insurers and businesses looking to drive new revenue streams.” – Adrien Niblock, CPO and Co-founder of Walnut.