Top insurtech funding rounds of April 2022

May 2, 2022 6:20 AM

There were 25 funding rounds in the insurtech sector between April 1 and April 29, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

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 March, click here. These updates will continue monthly.

Newfront

$200 million, Series D, April 12

Type of company: Digital insurance brokerage platform
Round leader: Goldman Sachs, B Capital
Other participants: Founders Fund, Meritech Capital

"[Newfront founder] Spike and the team understand that enterprises will always want to work with a human broker, as their needs are nuanced and policies don't fit a template. What the industry really needs is the 'bionic broker' - the most talented brokers in the country powered by the best technology stack. As Newfront continues to build an important distribution channel, we believe they will have opportunities to innovate up and down the insurance stack – across product, capital, claims, and risk management." - Matt Levinson, Partner, B Capital

EvolutionIQ

$21 million, Series A, April 12

Type of company: Claims software provider
Round leader: Brewer Lane Ventures
Other participants: FirstRound Capital, FirstMark Capital, Foundation Capital, Altai Ventures, Asymmetric Capital Partners, Reliance Standard Life, New York Life Ventures, Guardian Life, Sedgwick

"EvolutionIQ is modernizing claims organizations to be competitive in the 21st century – and the results their clients are seeing are truly staggering. It's a solution that has been long sought after. The existing systems are antiquated, and we pride ourselves on backing companies like EvolutionIQ who build platforms that transform industries." — John Kim, founder and managing partner, Brewer Lane Ventures

Covr Financial Technologies

$15 million, Series B, April 7

Type of company: Digital platform for life insurance comparison
Participants: Stone Point Ventures, Sony Innovation Fund by IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, Contour Venture Partners, Commerce Ventures, Tribeca Early Stage Partners.

"We've watched Covr grow and expand its digital insurance offering and look forward to continued innovations in this growing space." Peter Longo, Connecticut Innovations

BriteCo

$9 million, Series A, April 6

Type of company: Direct to consumer watch and jewelry insurance
Round leader: Brand Foundry Ventures
Other participants: Western Technology Investment and Hyde Park Angels

“BriteCo’s clear vision and impressive execution in modernizing the jewelry insurance customer experience is exciting. We’re proud to be a part of the digital transformation and innovation that BriteCo is bringing to this industry.” — Brian Spaly, General Partner, Brand Foundry Ventures

Relativity6

$5.25 million, seed, April 5

Type of company: Business information for commercial insurance use
Round leader: Fin Capital
Other participants: State Auto Labs Fund, Vectr Ventures, Cortado Ventures, Angel Ventures

"Relativity6 enables true and transparent classifications of SMEs, solving for a pain point that has stifled automation of financial market products for today's multi-dimensional SME offerings. We're thrilled to be supporting Relativity6 as they provide a translation and verification layer for insurers seeking to provide better and more accurate insurance products for small businesses." — Emy Donavan, partner, Fin Capital

Sigo Seguros

$5.4 million, seed, April 7

Type of company: Auto insurance for Spanish-speaking consumers
Round leader: Listen Ventures and Chingona Ventures

"Sigo Seguros has built an insurance product that understands the pain points of Hispanic working-class drivers. Their approach to underwriting, removing predatory tactics and fees, and the mobile-first solution undoubtedly puts this consumer population first." — Rick Desai, Managing Partner and Head of Investments, Listen Ventures.