Top insurtech funding rounds, July 2022

August 2, 2022 6:10 AM

There were about 33 funding rounds in the insurtech sector between July 1 and July 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 five rounds of more than $20 million in funding, and 14 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 June, click here. These updates will continue monthly.

Wefox

$400 million, Series D, July 12

Type of company: full-stack insurtech

Round leader: Mubadala Investment Company

Other participants: Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global

“Unlike most direct to consumer insurtechs, wefox acts as an ecosystem enabler - empowering the various distribution channels instead of competing with them. This model has allowed wefox to scale quickly and sustainably, providing brokers and customers alike a platform that seamlessly digitizes the insurance market.” - Ibrahim Ajami, head of Mubadala Ventures

Coalition

$250 million, Series F, July 8

Type of company: cyber insurance

Round participants: Allianz X, Valor Equity Partners, Kinetic Partners

““Coalition’s active, tech-based approach to cybersecurity and cyber insurance has proven to be profoundly effective, which is also reflected in its outstanding business results. The trends driving the importance of cyber defense are irreversible. We see an active approach as the most effective solution for addressing cyberthreats to businesses both now and in the future.” – Dr. Nazim Cetin, CEO of Allianz X

Yu Life

$120 million, Series C, July 7

Type of company: Life insurance

Round leader: Dai-ichi Life Holdings

Other participants: Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo

"YuLife has immense potential to build on its achievements to date, and we are thrilled to invest and help propel YuLife towards its next steps and scale its global operations. YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference to the lives of those using financial products.“ – Toshiaki Sumino, Director, Managing Executive Officer, Dai-ichi Life Holdings, Inc.

Element

€21.4 million, Series B, July 15

Type of company: Full-stack insurtech; licensed as insurer

Round leader: Versorgungswerk Zahnärztekammer Berlin (VZB)

Other participants: Alma Mundi, Witan Group and Ilavska Vuillermoz Capital

“We invested at an early stage of the company's development and see Element’s growth and innovation as a confirmation of their commitment to set standards in the industry, both on the product side and in their ESG efforts.” – VZB Director Ralf Wohltman

Wallife

€12 million, Series A, July 20

Type of company: Insurer focusing on emerging risks from biometrics and similar technology

Round leader: United Ventures

Other participants: Aptafin

“Scientific and technological progress introduces changes in our lives at an extremely fast pace. In this context, we were attracted by Wallife's pioneering vision to build the world's first company capable of providing answers on safety and protection from emerging and unknown risks. This investment represents United Ventures' entry into the Insurtech sector, a highly innovative and fast-growing market.” – Massimiliano Magrini, Managing Partner of United Ventures

Koffie Insurance

$11 million, Series A, July 19

Type of company: Truck insurer

Round leader: Anthemis Group

Other participants: Lerer Hippeau Ventures, Plug and Play Ventures, CP Overture, Breakout Capital, Two Lanterns Venture Partners

““We bet on Koffie to re-envision the financial future of the trucking industry. The team has decades of experience serving the sector, uniquely positioning them to offer a broad array of solutions. The trucking industry has been vastly underserved in financial services for decades and Koffie is in a perfect position to meet truckers’ needs.“ – Amy Nauiokas, Founder and Co-CIO of Anthemis Group.