Top insurtech funding rounds, August 2023

September 5, 2023 6:31 AM

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There were more than 30 funding events in the insurtech sector between August 1 and August 31, 2023, according to a review by Digital Insurance. What follows is a selection of these, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model. (Other funding events, such as private-equity infusions, are included in the overall count.)

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.

Jerry

$110 million, Series C, August 2

Type of company: Auto insurer and car ownership app

Round leader: Park West Asset Management

Other participants: TriplePoint Capital, Plug and Play Ventures, Highland Capital Partners and Goodwater Capital.

"Jerry is delivering on its superapp promise of serving drivers' needs beyond insurance by entering the financing, maintenance and repairs, and safety service categories," said Corey Mulloy, general partner at Highland Capital Partners, in a statement. "Leveraging AI to deliver these data-backed, high touch services efficiently meets the demand of American drivers. This app is consistently adding value for customers and building long-term relationships with car owners nationwide."

Resilience

$100 million, Series D, August 7

Type of company: Cyber insurer

Round leader: Intact Ventures

Other participants: Lightspeed Venture Partners, General Catalyst and Founders Fund.

Justin Smith-Lorenzetti, Intact Ventures, said in a statement: "We're thrilled to lead Resilience's financing round and to work together to build the cyber risk platform of the future. We're eager to continue pairing the innovative cybersecurity solutions and expertise of Resilience with the insurance expertise of Intact Insurance's underwriting companies as Resilience's primary capacity provider."

Lula

$35.5 million, Series B, August 3

Type of company: Risk, claims and policy management platform

Round leader: NextView Ventures and Kholsa Ventures

Other participants: Founders Fund, Steve McLaughlin, who is the founder and managing partner of Financial Technology Partners, Steve Pagliuca, who is the co-chair of Bain Capital and Plug and Play Ventures.

"We have been working closely with Michael and Matthew since Lula's inception in early 2020 and with their impeccable product-market fit and a formidable founding team, they are poised to become an undisputed market leader," said Lee Hower, lead investor and founding partner at NextView Ventures, in a statement. "Their scalable insurtech solution made our decision to increase our investment an easy one, and we are delighted to continue our support for the company."

Functional Finance

$8 million, Seed, August 3

Type of company: Insurtech software platform

Round leader: New Enterprise Associates, Walkabout Ventures and Altai Ventures.

Other participants: CV Starr Insurance

"The Functional Finance team has created a breakthrough technology that we believe will drive positive experiences and outcomes for the insurance industry, which has historically lagged in adoption of new technologies," said Rick Yang, partner, head of technology investing, NEA, in a statement. "Rashmi, Tony and the Functional Finance team bring valuable experience and a deep understanding of industry-specific opportunities, and we are thrilled to partner with them to modernize insurance data and reporting."

Irys Insurtech

$3.5 million, Seed, August 24

Type of company: Open API insurtech

Round leader: Markd

Other participants: RevTech Labs, MTech Capital, Cofounders Capital and BrokerTech Ventures.

Parker Beauchamp of Markd, said in a statement: "In my distribution experience, there was never a bigger drag on growth, profitability, innovation, and customer happiness than an agency management system. I have no issue with legacy claims of those to be the original insurtechs. They certainly act like it. In Margeaux and her team, we knew we had finally found someone who has been a successful insurance agency account and operations manager, and they created and will continually innovate an AMS other professionals like she all dream of having."