Top insurtech funding rounds, March 2024

April 8, 2024 5:30 AM

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There were about 50 funding events in the insurtech sector between March 1 and March 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 February click here. These updates will continue monthly.

Coterie Insurance

$27,000,000.00, Venture - Series Unknown, March 19

Type of company: Insurtech streamlining the buying and selling of small business insurance

Investors: Alpha Edison, Intact Ventures, Greenlight Reinsurance, Weatherford Capital, Group1001, RPM Ventures, Hiscox

"We're incredibly grateful for the recognition and belief in how we're reimagining the small commercial insurance space through continued innovation and dedication to independent agents and brokers," remarked David McFarland, CEO of Coterie, in a statement. "This is an incredibly exciting time in Coterie's growth as we focus on bringing enhanced value for our partners by pushing boundaries to shape the future of insurance."

Vouch

$25,000,000.00, Series C, March 11

Type of company: Business insurance company aimed at technology startups

Investors: Ribbit Capital, 500 Global, Alumni Ventures, Y Combinator, SVB Financial Group, Everywhere Ventures (The Fund)

"2023 was a landmark year for Vouch, driven by our team's dedication and our investors' belief in our mission," Sam Hodges, co-founder and CEO of Vouch, said in a statement. "I'm proud that we're one of the few companies in our market that has achieved our goals despite industry headwinds, balancing pursuit of our big vision with strong business performance. And most importantly, we've been there when our clients need us most, successfully resolving hundreds of claims – many of which are complex and potentially company-limiting – totaling many millions of dollars. This additional equity funding enables us to expand our insurance product set and distribution channels and also to continue investing in our technology platform."

Oka, The Carbon Insurance Company

$10,000,000.00, Seed, March 28

Type of company: Insurance solution for the carbon credit market

Investors: Aquiline Capital Partners LP, firstminute capital, Overview Capital, Aquiline Technology Growth

"In a difficult market for venture funding and the VCM alike, we're delighted by the vote of confidence in Oka," Oka CEO Chris Slater said in a press release. "The capital committed by our brilliant investors and capital partners puts us one step closer to realizing our ambitious vision of insuring every carbon credit. Coupled with our early customer traction, their invaluable support reinforces our thesis that insurance is the 'missing piece' required to unlock transformational market scale."

X Squared

$5,465,474.00, Venture - Series Unknown, March 25

Type of company: Software provider for insurance restoration contractors

Sertis

$3,200,000.00, Seed, March 26

Type of company: Insurer of professionally managed multifamily property portfolios

Investors: JLL Spark Global Ventures, BrokerTech Ventures, InsurTech NY

"This funding round validates our innovation, strategic business model, and vision to deliver a stable and affordable multifamily insurance market and continue to strengthen our relationships with top brokers and independent agencies nationwide," Mark Gardella, CEO of Sertis, stated in a press release.

Amber Technologies

$3,180,000.00, Seed, March 20

Type of company: Insurance and repair provider for EV vehicles

Investors: Primer Sazze Partners, Global Millennial Capital, Era, Root and Shoot Ventures, Virta Ventures

DigsFact

$1,000,000.00, Seed, March 8

Type of company: Remote evaluation of property claims and AI damage prevention

Investors: Forum Ventures, EthAum Venture Partners, RevTech Labs