Top insurtech funding rounds, June 2023

July 3, 2023 6:30 AM

Buildings on California Street in the Financial District of San Francisco, California, US, on Wednesday, May 3, 2023. San Francisco's office-vacancy rate soared to a record 27.6% at the end of 2022, compared with just 3.7% before the pandemic. Photographer: Jason Henry/Bloomberg — Buildings on California Street in the Financial District of San Francisco on May 3, 2023.

There were more than 30 funding events in the insurtech sector between June 1 and June 30, 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 May, click here. These updates will continue monthly.

The Hagerty Group

$105 million, Post-IPO Equity, June 23

Type of company: Car and boat specialty insurer
Strategic investors: State Farm, Markel Group and the Hagerty family

State Farm's Chairman, President and Chief Executive Officer Michael Tipsord said in a statement: "We are pleased to continue to grow our investment in Hagerty and help support their strategic business objectives as we prepare for the upcoming launch of our commercial relationship."

Federato

$25 million, Series B, June 27

Type of company: Riskops platform for P&C and specialty insurance
Round leader: Caffeinated Capital
Other participants: Emergence Capital and Pear VC

Varun Gupta, partner at Caffeinated Capital, who joins the company's board, said in a statement: "Federato's software is so valuable that billion-dollar global insurance companies and startup MGAs alike buy, use, and evangelize it. After hearing rave reviews from those customers, seeing the company's strong growth, and observing the team's march towards building the industry cloud for P&C, we are excited to triple down."

Meanwhile

$19 million, Seed, June 6

Type of company: Life insurer that accepts premiums and pays claims in cryptocurrency
Round leader: Sam Altman and Lachy Groom
Other participants: Gradient Ventures.

"Meanwhile is sitting at the confluence of the AI and digital assets transformation," said Anna Patterson, managing partner at Gradient Ventures, in a statement. "The team has an opportunity to change how consumers use digital money and set a new standard for tech-enabled life insurance providers. We're excited to support Zac and Max on their mission."

Ole Insurance Group

$12 million, Series A, June 1

Type of company: Digital-first, full-stack insurance carrier
Round leader: AV8 Ventures and Alma Mundi Ventures
Other participants: Morro Ventures

Raincoat

$6.5 million, Seed, June 27

Type of company: Embedded climate insurance products
Round leader: TwoSigma Ventures
Other participants: Mundi Ventures, Revolution's Rise of the Rest Seed Fund and EleFund