Top insurtech funding rounds, June 2024

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There were about 40 funding events in the insurtech sector between June 1 and June 30, 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 May, click here. These updates will continue monthly.

Sixfold AI

$15,000,000.00, Series A, June 5
Type of company: Insurtech applying AI to underwriting

Investors: Salesforce Ventures, Scale Venture Partners, Bessemer Venture Partners, Crystal Venture Partners

"With these additional resources, Sixfold will expand our already exceptional team of engineers to further enhance our products and accelerate our R&D efforts," Alex Schmelkin, co-founder and CEO, said in a blog post on the company's website. "On the business & operations side, we will broaden our offerings and grow our footprint beyond North America to the United Kingdom and European Union."

Understory

$15,000,000.00, Series A, June 5
Type of company: Insurance products based on its risk model and global network of weather sensors

Investors: True Ventures, Prelude Ventures, Gener8tor, Bolt, Revolution's Rise of the Rest Seed Fund, Bradley Horowitz, 4490 Ventures

"Expanding from a tech-focused startup to a leading figure in the insurance market exemplifies our ability to scale solutions that tackle real-world problems," Alex Kubicek, co-founder and CEO of Understory, said in a press release. "Our latest venture into renewable energy insurance underpins our commitment to rearchitecting insurance structures that support sustainable industry growth while mitigating environmental risks."

Porch Financial

$7,999,997.00, Venture - Series Unknown, June 5
Type of company: Software solutions for life insurance companies

LogRock

$4,999,994.00, Venture - Series Unknown, June 10
Type of company: One stop platform for comparing truck insurance

Investors: Better Tomorrow Ventures, Dynamo, 9Yards Capital, QED

Quantiv Risk

$952,000.00, Seed, June 14
Type of company: Analyst of auto accidents using vehicle data