Top insurtech funding rounds, July 2023

August 1, 2023 6:12 AM

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There were more than 40 funding events in the insurtech sector between July 1 and July 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 June, click here. These updates will continue monthly.

Augment Risk

$100 million, Unknown, July 14

Type of company: Reinsurance broker
Round leader: Altamont Capital Partners

"Augment was founded because we believed that by taking a holistic approach to our partners' needs — broking the entire client, rather than any single class of business — we could unlock unprecedented opportunities for growth," said Alex Kazanjian, managing director, Augment, in a statement. "Focusing on establishing long term relationships with our clients, rather than on their product, enables us to deliver the creative approaches today's market needs."

Tractable

$65 million, Series E, July 18

Type of company: AI software for car and home
Round leader: SoftBank Vision Fund
Other participants: Insight Partners and Georgian.

Nahoko Hoshino, investment director, for SoftBank Investment Advisers, said in a statement: "We are excited to work with Alex, Razvan and team, who have been the forerunners of applying AI computer vision to bring efficiency into the insurance claims management process via applying AI computer vision. As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases. Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption."

Steadily

$28.5 million, Series B, July 5

Type of company: Landlord insurance company
Round leader: Zigg Capital
Other participants: Nine Four Ventures, Matrix Partners, Koch Ventures and Clocktower Technology Ventures.

Dave Eisenberg, Co-Founder and Managing Partner at Zigg Capital, said in a statement: "When it comes to real estate, the category has been slower to evolve, and insurance in specific has a reputation for outdated processes and lackluster service. Clients are demanding a more modern experience from their insurers and Steadily has proven itself a standout leader in this space. The team is fulfilling an unmet need in a growing market and continuing to better itself over time with a clear focus on user experience at every touch point."

Certificial

$15 million, Series B, July 12

Type of company: Insurance verification platform
Round leader: Nyca Partners
Other participants: Nationwide Ventures, IA Capital Group, Fin Capital, Cofounders Capital and Cameron Ventures.

"Certificial has solidified itself at the intersection of the insurance industry and organizations' risk management functions," said Stephanie Khoo, Nyca, in a statement. "The execution of their vision for transforming this process has fueled 40x the number of transactions on the platform over the last year and we're thrilled to partner with them to support this growth."

CompScience

$10 million, Series A, July 27

Type of company: AI workers' comp insurtech
Round leader: Valor Equity Partners
Other participant: Four More Capital

Sigo Seguros

$5.1 million, Pre-Series A, July 11

Type of company: Spanish-first auto insurtech
Round leader: Zeal Capital Partners and Listen Ventures
Other participants: Chingona Ventures, Revolution's Rise of the Rest, Fiat Ventures and Remarkable Ventures.

"Sigo Seguros created an insurance product that is purpose-built to support the needs of working-class Hispanic drivers," said Andy Will, Principal at Zeal Capital Partners, in a statement. "By going direct to the consumer with a digital-first approach, Sigo is able to drive greater access and lower costs for communities that need it most. I could not think of a better representation of our Inclusive Investing™ strategy, and we are fortunate to be on this journey with Nestor and his team."

Snapsheet

$5 million, Unknown, July 18

Type of company: Virtual appraisal technology and claims management software
Round leader: State Farm Ventures

"State Farm Ventures has been tracking Snapsheet for a while and is pleased to invest in them as a differentiated claims technology company," said Michael Remmes, VP of State Farm Ventures, in a statement. "Snapsheet has been a trusted relationship for a number of years, and this investment demonstrates State Farm's commitment to customer-centric solutions that help drive innovation and streamline the claims process."

Koop Technologies

$5 million, Seed, July 11

Type of company: Robotics insurtech
Round leader: Alley Robotics Ventures
Other participants: Fusion Fund, Ubiquity Ventures, Bee Partners, WestWave Capital and Sure Ventures.