Top insurtech funding rounds, July 2024

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There were about 38 funding events in the insurtech sector between July 1 and July 31, 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 June, click here. These updates will continue monthly.

Cowbell

$60,000,000.00, Series C, July 26

Type of company: Adaptive cyber insurance for small and medium-sized enterprises

Investors: Zurich Insurance Group, Permira, PruVen Capital, Nyca Partners, Holmes Murphy & Associates

"This investment from Zurich is the strongest endorsement of Cowbell's vision and capabilities yet and deepens our footprint in the global cyber insurance market," Jack Kudale, founder and CEO, Cowbell said in a press release. "With a refined focus on product expansion, we will accelerate our efforts to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses globally, ensuring they have the protection and tools they need to navigate the rising threats in the evolving cyber landscape."

Gradient AI

$56,100,000.00, Series C, July 30

Type of company: AI solutions for underwriting, claims management, and other insurance procedures

Investors: Centana Growth Partners, Stone Point Capital, American Family Ventures, MassMutual Ventures, Forté Ventures

"While we are gratified to secure this significant investment from both Centana and our existing investors, this is just the first step," stated Stan Smith, CEO of Gradient AI. "Now it's up to us to use this funding wisely, enhancing our platform and delivering unparalleled value to our customers. Insurers are becoming increasingly sophisticated in their risk assessment and are focused on improving their operational efficiencies. We are helping them achieve these goals by automating processes, reducing costs, and significantly improving results."

District Cover

$7,000,000.00, Seed, July 23

Type of company: Insurance provider for city-based small businesses

Investors: Andreessen Horowitz, AmWINS Group, Liquid 2 Ventures, Foxe Capital, Impact America Fund