Top insurtech funding rounds, August 2022

September 1, 2022 6:23 AM

There were about 30 funding rounds in the insurtech sector between August 1 and August 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

This includes two rounds of more than $20 million in funding, and 10 seed rounds.

A portion of the data was sourced from Crunchbase. Other information, including quotes from investing VCs, comes from company announcements. For our previous edition, which covered the month of July, click here. These updates will continue monthly.

Fairmatic

$42 million, Series A, Aug. 31

Type of company: Telematics-based fleet insurance

Round leader: Foundation Capital

Other participants: Aquiline Technology Growth

"With a total addressable market of $160 billion, the commercial insurance category is ripe for a refresh. Fairmatic offers new ways for fleets to derive the same technology-based cost savings and benefits that consumers have enjoyed for years." — Charles Moldow, Foundation Capital

Modern LIfe

$15 million, seed, August 9

Type of company: Life insurance brokerage for advisors

Round leader: Thrive Capital

Other participants: Hippo, Plaid, Reddit, Flatiron Health, Newfront, At Bay, Vouch, Cedar, Lattice.

"...[Advisors], who are responsible for 90% of the industry's distribution, are left operating without the tools they need. With its unique focus on the advisor, seasoned executive team, and breakthrough technology, Modern Life is uniquely suited to help these professionals serve their clients faster, easier, and more confidently." — Ryan Pripstein, Thrive Capital

COVU

$10 million, seed, August 17

Type of company: AI platform for insurance agencies

Round leader: ManchesterStory Group

"Insurance customer expectations evolve every year, and many independent agencies are worried they don't have the time and resources to modernize and grow independently. We believe strongly in the COVU business model because the market has indicated that this is how insurance agents want to work and this is the type of support they need." — Matt Kinley, ManchesterStory Group

CompScience

$6 million, seed, Aug. 25

Type of company: AI risk assessment and recommendation engine for workers' compensation

Round participants: Working Capital Fund, Preface Ventures, Hustle Fund, Pathbreaker Ventures

"CompScience's use of computer vision technology offers the promise of game-changing, real-time transparency at scale. By gathering and analyzing visual imagery and providing visibility into working conditions, CompScience offers the potential to prevent tens of thousands of workplace injuries while maintaining data privacy." — Ed Marcum, Working Capital Fund

iCover

$5 million, pre-Series A, Aug. 31

Type of company: Algorithmic underwriting for life insurance

Round leader: Private investor Kesan Parasuraman