Top insurtech funding rounds, February 2024

March 5, 2024 5:30 AM

Enjoy complimentary access to top ideas and insights — selected by our editors.

There were about 40 funding events in the insurtech sector between February 1 and February 29, 2024, according to a review by Digital Insurance. What follows is a selection of these, focusing on those in the insurtech and property & casualty 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 January click here. These updates will continue monthly.

Amplify Life Insurance

$16,302,143.00, Series Unknown, Feb. 13

Type of company: Platform for permanent life insurance

Investors: Transverse Insurance Group, Greycroft, Crosslink Capital, Munich Re Ventures, Conversion Capital

Kin Insurance

$15,000,000.00, Series D, Feb. 5

Type of company: Direct-to-consumer digital home insurer

Investors: Activate Capital

"Investors appreciate our focus on the fundamentals – maintaining positive unit economics, using technology for accurate pricing and better underwriting, and eliminating unnecessary steps in the insurance journey," said Sean Harper, CEO of Kin, in a press release. "We ended the year with approximately $85 million in cash, which doesn't include the cash in the reciprocal exchanges we manage. But in this environment, having a strong balance sheet is particularly beneficial, which is why we're excited to partner with Activate on the investment."

Coverdash

$13,500,000.00, Series A, Feb. 28

Type of company: Embedded business insurance agency

Investors: Nyca Partners, Bling Capital, Cameron Ventures, Tokio Marine Future Fund, AXIS Digital Ventures

"We're not just making insurance accessible and straightforward for business owners nationwide, we're acting as their virtual risk management arm," said Ralph Betesh, Co-Founder and CEO of Coverdash, in a statement. "Coverdash goes beyond coverage – we offer startups and SMBs the support they need, especially in today's challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash is dedicated to empowering both our partners and our customers with these capabilities."

Shepherd

$13,500,000.00, Series A, Feb. 7

Type of company: Insurtech for commercial construction

Investors: Costanoa Ventures, Procore, Y Combinator, Spark Capital, Era Ventures

"There is an urgent need for innovation in the commercial construction insurance industry," said Justin Levine, CEO of Shepherd, in an announcement. "Our mission at Shepherd is ambitious but simple: to create the first comprehensive platform that combines top-tier insurance offerings with world-class software to help commercial businesses manage risk and prevent losses."

Cake

$1,300,000.00, Pre-Seed, Feb. 14

Type of company: Platform to buy and sell insurance books of business

Investors: Markd, 101 Weston Labs, 2ndF, Iridium Bloom, Independent Insurance Agents of North Carolina

"As we witness a shift away from private equity dominance, our platform makes it progressively simpler for agents to adapt to the changing insurance landscape," said Adam Bowe, Co-founder and CEO, in a news release. "We offer a unique opportunity for agents to buy and sell their books of business, or even fractional sales with slices of their books, with each other."

Drodat

$400,000.00, Pre-Seed, Feb. 1

Type of company: Insurtech using drones and AI to bolster property insurance

"As Drodat continues rapidly expanding our unmatched statewide Florida property database in coming months, our proprietary aerial imagery and condition history records will soon transform insurance practices around pricing, underwriting, risk management, fraud detection and much more," Jacob Oressie, co-founder of Drodat, told Coverager. "No longer will carriers be forced to endlessly pay out vast sums as victims of weather data being creatively weaponized against them by crafty fraudsters. Drodat finally levels the evidentiary playing field to benefit insurers through the unprecedented power of visual facts."