Top insurtech funding rounds, October 2023

November 3, 2023 12:07 PM

Enjoy complimentary access to top ideas and insights — selected by our editors.

There were about 50 funding events in the insurtech sector between October 1 and October 31, 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 September, click here. These updates will continue monthly.

Headway

125,000,000.00, Series C, Oct. 5

Type of company: Mental healthcare platform

Investors: Andreessen Horowitz, Thrive Capital, Accel, Google Ventures, Everywhere Ventures (The Fund)

"We've seen a whole class of entrepreneur therapists because we have unlocked the barriers to launch and grow your businesses. We've made accepting insurance easier, which means attracting way more patients," CEO Andrew Adams said.

AgentSync

50,000,000.00, Series B, Oct. 26

Type of company: Insurance compliance and growth software

Investors: Caffeinated Capital, Anthemis Group, Elad Gil, Tiger Global Management, Craft Ventures

"AgentSync has become core infrastructure for hundreds of insurance companies, helping them scale distribution and reduce costs," said Brian Murray, Partner at Craft Ventures. "We are excited to deepen our partnership with the AgentSync team as they continue to upgrade the resilience and efficiency of the insurance industry."

Matic Insurance

20,000,000.00, Series B, Oct. 11

Type of company: Free insurance marketplace

Investors: Intuit, Plug and Play Ventures, Mr. Cooper Group, Cultivation Capital, Fenway Summer Ventures

"Despite the macroeconomic environment and challenging insurance market, Matic continues to profitably grow," said Ben Madick, CEO and Co-Founder of Matic. "The commitment from new and existing investors demonstrates Matic's sustainable business model that thrives in all markets through partner-led growth. We are thrilled to partner with Intuit Ventures and be one of the first insurtechs joining their portfolio. This successful round is a testament to the hard work and dedication of the Matic team and I couldn't be prouder of the business we have built together."

Reserv

20,000,000.00, Series A, Oct. 3

Type of company: P&C third party administrator

Investors: 8VC, Convex Group, Bain Capital Ventures, Anthemis Group, Arch Capital Group

"Insurance carriers are realizing that a TPA using modern technology can deliver outsized benefits relative to TPA incumbents burdened by legacy home-grown software," said CJ Przybyl, co-founder and CEO of Reserv. "We are enabling the best talent in the industry to focus on the customer experience while leveraging AI to ensure a consistent and scalable organization."

Layr

10,000,000.00, Series Unknown, Oct. 24

Type of company: Commercial insurance platform utilizing AI and machine learning

Investors: Partners Group, The K Fund, Cota Capital, Holmes Murphy & Associates, Flyover Capital

"One of every four dollars in the GDP goes through the insurance industry, yet it's glacially slow to change. Many of the tools to distribute and service insurance products are outdated, using the same technology as when I entered the industry 20 years ago. Layr's changing that for underwriters, brokers, and policyholders," said Phillip Naples, founder and CEO of Layr. "When brokers use Layr for their small business insurance management, their policyholders receive insurance services that are as easy and painless as their online banking. With Layr, broker partners handle more clients with ease and at higher margins, all while gaining valuable business intelligence. It's time to bring small business insurance into the 21st century."

Upfort

8,000,000.00, Series A, Oct. 26

Type of company: Cyber security and insurance platform

Investors: Gaingels, Y Combinator, Trajectory Ventures, Eniac Ventures, SYN Ventures

"Upfort was founded as a comprehensive cyber platform to safeguard businesses against evolving threats and new risks. The new investment will enable us to build on these efforts as we continue our mission of accelerating the world's journey toward cyber resilience," said Xing Xin, Upfort CEO and Co-Founder. "We are grateful for the ongoing support of all of our investors, including SYN Ventures, as we fundamentally transform the economics of cyber risk. Today's announcement is a testament to their trust and support of our work to bolster cyber resilience for companies worldwide."