Top insurtech funding rounds September 2021

October 4, 2021 7:34 AM

There were about 35 funding rounds in the insurtech sector between Sept. 1 and Sept. 30, 2021, according to a review by Digital Insurance. What follows is a selection of the funding rounds. A portion of the data was sourced from Crunchbase. For our previous edition, which covered the month of August, click here. These updates will continue monthly.

Coalition

$205 million, Series E, Sept. 28

Type of company: Cyber insurance and security
Round leader: Durable Capital, T. Rowe Price Associates and Whale Rock Capital

“Coalition is solving a critical gap in the cyber risk and insurance space by aligning the right incentives,” said Henry Ellenbogen, CIO of Durable Capital Partners LP. “We believe digital assets will soon be more valuable than physical assets placing Coalition firmly on the path toward long-term sustainable growth and value creation.”

Insurify

$100 million, Series B, Sept.1

Type of company: Virtual insurance agent and comparison platform
Round leader: Motive Partners
Other participants: Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, Moneta VC.

“Insurify is bringing cutting-edge digital distribution technology to the insurance market, a $2 trillion industry in the United States alone. Insurify is already growing rapidly and the new round of investment will allow the company to accelerate its investment in enriching their existing services and extending their reach to additional insurance products." - James O’Neill, Founding Partner at Motive Partners.

Vouch

$90 million, Series F, Sept. 10

Type of company: Digital insurance platform for startups
Round participants: Redpoint Ventures, Silicon Valley Bank Capital, Ribbit Capital, Allegis Group, Sound Ventures, and SiriusPoint
Other news: Along with the funding, Vouch announced coverage for people working at home, broader cyber coverage, and three new board members.

Marshmallow

$85 million, Series B, Sept. 7

Type of company: Digital auto insurer in the UK
Round participants: SCOR, Passion Capital, Investec

Other news: Marshmallow became UK's latest Black-owned unicorn with the funding.

Cover Genius

$72 million, Series C, Sept. 27

Type of company: Platform for embedded insurance
Round leader: Sompo Holdings
Other participants: G Squared

"Cover Genius’ impressive management team has built a global, multi-line insurance offering with what we believe to be unrivalled breadth,” said Larry Aschebrook, Founder & Managing Partner, G Squared. “The company has partnered with a number of top-tier companies to utilize its insurance distribution platform and has demonstrated clear recurring revenue growth with those partners. We view the unique underwriting customization as a key differentiator and are delighted to support Cover Genius in this exciting next chapter.”

Buckle

$6 million, Series B, Sept. 29

Type of company: Digital insurance provider for gig economy workers
Round leader: Volery Capital Partners Holdings

Other participants: Eldridge, Assurant Ventures, HSCM Bermuda

“The pandemic has shown the essential value that gig workers contribute to the broader economy,” said Manny Citron, managing partner at Volery. “The gig ecosystem is growing rapidly but requires innovative and inclusive financial services to address the needs of this dynamic workforce. We support Buckle’s efforts to reimagine insurance, credit and other financial products for this growing, yet underserved market. We are excited to be part of the journey.”

Omaha National

$45 million, Series B, Sept. 29

Type of company: Digital workers' compensation insurance provider
Round leader: Accomplice

“We were drawn to Omaha National’s proprietary technology and their forward-thinking culture,” said Ryan Moore, Founding Partner with Accomplice. “We’re excited to be supporting their efforts to expand their strategy.”

Hedvig

$45 million, Series B, Sept. 29

Type of company: Scanadinavian-based homeowner, renter, student and travel coverage provider
Round leader: Anthemis

Other participants: Cherry Ventures, Obvious Ventures and CommerzVentures

"Hedvig is taking a new approach to insurance that is about freedom and the ability to deal with situations where life does not go according to plan. The team has designed an insurance experience based on how people actually want help, and they are building an insurance company that people love." —Matthew Jones, Anthemis (via Medium)

Sproutt

$26 million, Series B, Sept. 14

Type of company: Digital life insurance
Round leader: MoreTech Venture

Other participants: Harel Group, The Raptor Group, Falcon Edge Capital

"We see a huge opportunity to revolutionise the way life insurance is priced and delivered to customers through data analytics, real-time policy issuance, cheaper coverage and long-term user engagement", said Sam Bernstein, Partner at MoreTech Ventures. "Unlike auto and home, life insurance is a largely paper driven and slow-moving process in which large parts of society find themselves uninsured, underinsured, or paying expensive premiums."

Jetty

$23 million, round unknown, Sept. 9

Type of company: Products for renters and property managers including security deposit insurance
Round participants: Citi, Flourish Ventures

"We're seeing overwhelming demand from renters and property managers alike for new financial services across the entire renter lifecycle," said Mike Rudoy, Co-Founder and CEO of Jetty. "Our team is working toward building the most all-encompassing financial services platforms for the rental market."

BriteCore

$20 million, Series C, Sept. 14

Type of company: Provides policy admin, data and digital software for insurance
Round participants: Radian Capital, Warburg Pincus

Sureify

$15 million, Series C, Sept. 28

Type of company: Life insurance digital platform
Round leader: Aspen Capital Group

“Sureify’s innovative, white-label SaaS solution addresses an enormous market opportunity and provides significant ROI to clients. Their platform enables life insurers to build on important agent/policyholder relationships with personalized sales, service and meaningful ongoing engagement at a fraction of the time and cost required to revamp a legacy back-end system,” said Steve Jones, Managing Partner of Aspen Capital Group.

Kalepa

$14 million, Series A, Sept. 3

Type of company: AI offering for commercial insurance
Round leader: Inspired Capital
Other participants: IA Ventures

"We are now formally launching our Copilot-powered MGA, Kalepa Insurance Services, to further advance our mission to deliver insurance with pricing and coverage that match the true exposures and needs of each business. Kalepa’s Efficient Frontier Insurance offering is a win-win for insurance carriers and businesses alike." — Paul Monasterio, Cofounder, Kalepa, via Medium

Foxquilt

$8 million, Series A, Sept. 16

Type of company: Digital commercial insurer targeting small businesses
Round leader: Luge Capital

Other participants: AmTrust Financial, Extreme Venture Partners and Side Door Ventures

"Of all the solutions we looked at, Foxquilt was by far the best one for SMBs and, given that they design their own insurance products and underwriting process, they can save their customers time, risk and money," said David Nault, General Partner of Luge Capital. "We also loved that Foxquilt used a combination of proprietary data, AI and industry insights to properly assess risk and make the right recommendations to business owners.''