Spotlight on top insurtech funding, July 2021

August 2, 2021 7:15 AM

There were about 36 funding rounds in the insurtech sector between July 1 and July 30, 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 June, click here. These updates will continue monthly.

At-Bay

$185 million, Series D, July 27

Type of company: Cyber insurance
Round leader: Icon Ventures and Lightspeed Venture Partners
Other participants: Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital.

"At-Bay continues to prove itself as an innovator in cyber insurance,” said Yoni Cheifetz, partner at Lightspeed Venture Partners and At-Bay Board Member, in a press release. “We believe in At-Bay’s vision of challenging industry conventions and reimagining ways to assess cyber risk, which is why we have supported the company every step of the way."

Bolttech

$180 million, Series A, July 1

Type of company: International insurtech startup
Round leader: Activant Capital Group
Other participants: Tony Fadell, principal at Future Shape, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments.

"As avid investors in commerce infrastructure and insurtech, we understand the skill that's needed to connect this highly fragmented industry while also eliminating unnecessary friction and unlocking the purchase experience that consumers want,” said Steve Sarracino, founder and partner at Activant, in a press release. “The scale and breadth of bolttech's platform make them a clear leader in insurtech and an enabler for the industry at large, and we're incredibly excited to partner with Rob and the global team as they redefine what's possible in insurance."

Ethos

$100 million, Series D, July 21

Type of company: Life insurance provider
Round leader: SoftBank Vision Fund 2
Other participants: Sequoia Capital; Accel; GV (formerly Google Ventures); General Catalyst; Jay-Z's Roc Nation; and the investment vehicles of stars Will Smith and Robert Downey Jr.

"Ethos is leveraging data and its vertically integrated tech stack to fundamentally transform life insurance in the U.S,” said Munish Varma, managing partner at SoftBank Investment Advisers, in a press release. Through a fast and user-friendly online application process, the company can accurately underwrite and insure a broad segment of customers quickly. We are excited to partner with Peter Colis and the exceptional team at Ethos."

YuLife

$70 million, Series B, July 14

Type of company: Gamification life insurance startup
Round leader: Target Global
Other participants: Eurazeo, Latitude, Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd.

"YuLife is redefining life insurance, using the most innovative technologies to transform a largely traditional industry," said Ben Kaminski, partner at Target Global, in a press release. "With health and wellbeing increasingly thrust into the limelight in the wake of Covid-19, YuLife is fundamentally changing insurance by incentivizing people to lead healthier lifestyles. YuLife is ideally positioned to build on its tenfold growth during the pandemic and lead the way in helping its clients respond to the challenges posed by an ever-changing working environment. We are very proud to partner with YuLife on its journey of becoming a global leader in life insurance."

Friss

$65 million, Series B, July 28

Type of company: Artificial Intelligence fraud and risk detection software.
Round leader: Accel-KKR
Other participants: FT Partners and Aquiline.

“Insurance fraud is a massive problem that is increasing in a digital world, and FRISS delivers a differentiated solution by pairing cutting-edge technology and a rich data ecosystem with years of deep industry knowledge and a strong understanding of the customer’s needs,” said Joe Porten, principal at Accel-KKR and incoming board member at Friss, in a press release. “Accel-KKR has a strong track record in partnering with great entrepreneurs to accelerate growth and create market-leading technology companies. We are excited to support Friss in the company’s next phase of growth.”

Inshur

$35 million, Series B, July 1

Type of company: Commercial auto insurance provider
Round leader: JVP
Other participants: Viola Fintech and MTech Capital.

"Inshur is leading an insurance revolution in the new economy, based on mobility, drivers and business owners who want to take fate into their own hands," said Erel Margalit, JVP chairman and founder, in a press release. "Whether you are an Uber driver, a locksmith or a courier, you need new and dynamic insurance that will allow you to take control of your destiny and your business. Inshur is enabling this new economy of small businesses to thrive, with operations in both the U.S. and Europe.”

Lula

$18 Million, Series A, July 8

Type of company: Insurance infrastructure startup
Round leader: Founders Fund and Khosla Ventures.
Other participants: SoftBank, Bill Ackman, Nextview Ventures, and Florida Funders.

“When we moved back from Boston to build Lula here, everybody told us a generational company couldn’t be built in Miami,” said Matthew Vega-Sanz, CEO and co-founder, in a press release. “It’s surreal to raise a round of this size and to be building something that will revolutionize what is arguably the most important industry in our economy, but even more surreal is the thought that our story may inspire others in the Hispanic community to explore opportunities in tech.”

Spot

$17.5 million, July 28

Type of company: Injury insurance startup
Round leader: GreatPoint Ventures
Other participants: Montage Ventures, Mutual of Omaha, MS&AD, and Silverton Partners.

"Spot is a fundamental fix to the broken U.S. health insurance system, which currently leaves so many people physically and financially ruined,” said Mike McCormick, principal at GreatPoint Ventures, in a press release. “I believe Spot can fill health coverage gaps for millions of Americans who need better healthcare, and I’m honored to support the company’s mission.”

Agentero

$13.5 million, Series A, July 27

Type of company: Insurtech platform for agents
Round leader: Alma Mundi Ventures
Other participants: Foundation Capital, Union Square Ventures, Financial Venture Studio, and Two Culture Capital.

"At Mundi Ventures, we invest in companies that not only provide products that people and businesses want, but also that have the power to transform industries,” said Rajeev Singh-Molares, founder and managing partner at Alma Mundi Ventures, in a press release. “Agentero—with its focus on strengthening agents' abilities to compete in today's digital market using analytics and access to insurance products—is making a big impact on the insurance industry. We believe that Luis Pino and his team are outstanding and have the ability to execute this vision successfully.

Wagmo

$12.5 million, Series A, July 6

Type of company: Pet insurance
Round leader: Revolution Ventures
Other participants: Clocktower Technology Ventures, Female Founders Fund, Vestigo Ventures, Jeffrey Katzenberg, co-founder and managing partner of WndrCo, Jim Grube, former CFO of Chewy, Marilyn Hirsch, SVP of corporate development at Allstate; David Ronick, co-founder and former CEO of Stash, and Michael Akkerman, chief product & strategy officer at Cardlytics.

“Currently, only 3% of pets are insured due to poor customer experience and outdated offerings from legacy carriers,” said Clara Sieg, partner at Revolution Ventures, in a press release. “Yet pets have become an increasingly prominent part of owners’ lives, particularly for younger generations. Wagmo exceeds the expectations of today’s pet parents by offering superior customer experience through its mobile-first technology, SMS messaging support, and easy reimbursements through streamlined online payment systems.”

Guros

$5.8 million, July 28

Type of company: Latin America-based insurance technology platform
Round leader: F-Prime Capital and Cometa
Other participants: Clocktower, Insurify, Leap, and Magma Partners.

“We are excited to accompany Guros in this new stage as we believe that the company’s strategy to simplify access to insurance is necessary in such a complex industry,” said David Jegen, Managing Partner at F-Prime Capital, in a press release. “Today, practically any product or service can be purchased over the internet, but this shift is occurring at a much slower pace in insurance. We believe that Guros, with this funding round, will be able to drive the shift in the insurance industry so that a 100% digital experience occurs faster.”

Trusty.care

$4 million, July 22

Type of company: Medicare sales software for insurance brokers.
Round leader: Gaingels, ManchesterStory Ventures, and Rebalance Capital.
Other participants: Boro Capital, various family offices, and Angel investors.

“Trusty.care has built an equally scalable and impactful way to help solve a sizable injustice — senior bankruptcy from out-of-pocket medical expenses,” said Josh Tanenbaum, managing partner at Rebalance Capital, in a press release. “Their differentiated data set addresses the abusive insurance product placement crisis, solving a true market problem. We couldn’t be more proud to be part of this journey.”

Amplify

$2.5 million, July 29

Type of company: Permanent life insurance platform
Round leader: Anthemis
Other participants: Transverse Ventures Fund

“Anthemis is proud to back Amplify as they design and distribute permanent life insurance products that help under-served customers build wealth and health,” said Ruth Foxe Blader, partner at Anthemis, in a press release.