Top insurtech funding rounds, November 2023

December 6, 2023 9:15 AM

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There were about 40 funding events in the insurtech sector between November 1 and November 30, 2023, 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 October, click here. These updates will continue monthly.

NEXT Insurance

$265,000,000.00, Series F, Nov. 1

Type of company: Digital small business insurer

Investors: Allstate, Allianz X, CapitalG, Ribbit Capital, G Squared, Global Founders Capital

"We founded NEXT because we saw an opportunity to help millions of small and microbusinesses across the U.S. and made it our mission to help entrepreneurs thrive," said Guy Goldstein, CEO and co-founder of NEXT Insurance. "Building on our existing support, we are excited to welcome Allianz X and Allstate as investors, deepen our reinsurance relationship with Allianz Re, and foster a meaningful partnership with Allstate to offer millions of their customers our one-stop-shop small business insurance offering."

Cowbell Cyber

$25,000,000.00, Series B, Nov. 1

Type of company: Adaptive cyber insurer for small- to medium-sized enterprises

Investors: Prosperity7 Ventures, Anthemis Group, Permira, Holmes Murphy & Associates, Nyca Partners

"Momentum and policyholder growth is strong, with record renewal retention," said Jack Kudale, Founder and CEO of Cowbell. "We just closed our largest quarter to-date on the strength of omnichannel distribution, and with a focus on servicing our broker partners and policyholders. With this new investment, we will deepen our focus on serving our chosen markets in the US and UK. This milestone is a testament to our expertise, culture, and market leadership."

CatX

$2,700,000.00, Seed, Nov. 24

Type of company: Digital marketplace for insurance risk

Investors: HackLegacy VC, Y Combinator

"Our goal is to help make the insurance industry more robust and adaptable in the face of increasing global challenges," said Benedict Altier, co-founder and CEO of CatX. "In an era where the frequency and intensity of catastrophes are on the rise, the need for adequate capital to safeguard against these risks has never been more important. By channeling alternative capital into insurance, we're not only helping to close the growing protection gap but also unlocking a promising new asset class for investors that is uncorrelated to traditional investments like stocks and bonds."