The largest insurtech funding rounds, October 2021

November 1, 2021 7:01 AM

There were 34 funding rounds in the insurtech sector between Oct. 1 and Oct. 29, 2021, according to a review by Digital Insurance. What follows is a selection of the funding rounds. A portion of the data was sourced from Crunchbase. For our previous edition, which covered the month of September, click here. These updates will continue monthly.

Sure

Series C, $100 million, Oct. 5

Description: SaaS and API ecosystem for insurance program launches
Round leaders: Declaration Partners and Kinnevik
Other participants: WndrCo, W. R. Berkley, Menlo Ventures

“Sure is emerging as the leading enabler for insurance companies and global brands to build the next generation of products together, and among their customers you already find our portfolio companies." — Ola Nordbye, Kinnevik

Ladder

Series D, $100 million, Oct. 4

Description: Digital life insurance
Round leaders: Thomvest Ventures, OMERS Growth Equity

"We are very pleased to count Ladder as OMERS Growth Equity's first direct fintech investment – as well as our entry in the insurtech space, expanding on the insurtech presence established by our OMERS Ventures colleagues. We believe that the company offers a truly transformative approach, including through its efficient adjudication of risk and enhanced user experience." — Saar Pikar, OMERS Growth Equity.

Getsafe

$63 million, Series B, Oct. 6

Description: Digital P&C insurer in Germany and England
Round leaders: Abacon Capital

Other participants: Earlybird, CommerzVentures, Swiss Re

"Getsafe's vision to excite people with a digital insurance experience, and to sustainably change this industry is a fantastic journey to be part of... The disruption of the insurance sector is well underway and holds lots of growth opportunities. Getsafe is uniquely positioned to bridge the gap between traditional insurance distribution and the needs of a new generation of customers across Europe." - Christian Nagel, Earlybird

Coterie

$50 million, Series B, Oct. 26

Description: Digital commercial insurance
Round leaders: Weatherford Capital

Other participants: RPM Ventures, Intact Ventures, Group 1001, Alpha Edison

“In their drive to serve both their partners and their policyholders, Coterie has delivered value by modernizing an antiquated industry through innovation and exceptional service." - Drew Weatherford, Weatherford Capital

Clyde

$41 million, Series B, Oct. 19

Description: Digital warranty platform
Round leaders: Headline

Other participants: Vulcan, Spark Capital, Crosslink

“Looking at the market, there is an inherent gap in the product lifecycle — where the purchase of a product and the post-purchase experience of that product are disconnected. By building out a complete product that addresses this void, Clyde is solving a critical need for everyone involved in the transaction. That vision and the company’s incredible team are just two of the reasons we are excited to partner and invest in Clyde.” — Mathias Schilling, Headline

Cover Whale

$15.5 million, Seed, Oct. 5

Description: Commercial auto MGA
Round leaders: Ambac Financial, Applied Financial Technologies

"We are pleased to be a lead investor in Cover Whale as the company continues to grow its tech enabled platform using leading, propriety AI driven data analytics to profitably underwrite drivers in the commercial auto space. Insurtech platforms like Cover Whale, that are able to use data driven underwriting to quickly and profitably bind coverage within minutes of a submission, are market leaders in providing innovative distribution solutions in the commercial auto space." — Claude LeBlanc, Ambac

Voom

$15 million, Series B, Oct. 5

Description: Pay-per-mile programs for drones, motorcycles, gig drivers
Round leaders: JAL Ventures, UP.Partners

Other participants: F2 Capital, Arbor Ventures, Verizon Ventures, ICON Continuity Fund

“The mobility industry is evolving extremely quickly, but traditional insurance providers do not. In order to serve the most innovative mobility segments, VOOM has established its own end-to-end insurance software stack which has now been proven with great success. We are excited to join VOOM on their journey as they expand their business to additional mobility verticals.” — Ben Marcus, UP.Partners