Top insurtech funding rounds of June 2022

July 1, 2022 6:30 AM

The Broadgate Tower skyscraper in London, U.K., on Thursday, Jan. 7, 2021. Persimmon Plc, the U.K.’s biggest housebuilder, said the long-term outlook for the country’s housing market remained resilient despite the economic gloom and latest national lockdown. Photographer: Hollie Adams/Bloomberg — The Broadgate Tower skyscraper in London, U.K., on Jan. 7, 2021.

There were about 18 funding rounds in the insurtech sector between June 1 and June 30, 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 May, click here. These updates will continue monthly.

Branch

$147 million, Series C, June 8

Type of company: full-stack insurtech
Round leader: Weatherford Capital.
Other participants: Acrew, AmFam Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire, and Tower IV.

"For too long, the insurance industry has been plagued by an overly expensive approach to customer acquisition, driving up the price of insurance. Branch's model is helping to ensure insurance is accessible for all," said David Seider, principal at Weatherford Capital, in a statement. "We are excited about this partnership and look forward to seeing Branch quickly and efficiently roll out nationwide affordable, high-quality insurance that all Americans deserve."

Openly

$75 million, Series C, June 21

Type of company: homeowners insurance provider
Other participants: Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars and Mtech Capital.

Courtney Robinson, founding partner at Advance Venture Partners, said in a statement: "We are excited about our continued partnership with Openly. AVP's participation in this round underscores our confidence in Openly's team and their approach to modernizing the property and casualty insurance market with technology-driven underwriting and best-in-class service."

Ledger Investing

$75 million, Series B, June 22

Type of company: an open-source insurance marketplace connecting risk to capital.
Round leader: WestCap.
Other participants: Teachers’ Venture Growth, Intact Ventures, SignalFire, MassMutual Ventures, Allegis Capital and Accel.

"Ledger Investing is bringing critical transparency and automation to risk transfer," Jeff Mullen, partner at WestCap, who will be joining the Ledger Investing Board of Directors, said in a press release. "With its industry-first open data platform, powerful analytics and objective pricing models, Ledger is uniquely positioned to drive transformational change by creating new capital opportunities for MGAs and insurers, as well as an entirely new asset class for many investors."

Instanda

$45 million, Series B, June 20

Type of company: no-code insurance platform.
Round leader: Toscafund Asset Management.
Other participants: Dale Ventures.

Fabrizio Cesario, partner at Toscafund, said in a statement: “Our investment in INSTANDA fits with our strategy of partnering up with exciting, founder-led, disruptive financial services businesses across Europe. We have a strong track record in selecting high growth technology-driven businesses and look forward to working with INSTANDA’s management team to successfully develop the business further.”

Foxen

$44 million, Series A, June 2

Type of company: insurtech and fintech products for the real estate market.
Round leader: Summit Partners
Other participants: Level Equity.

"With intuitive products that are designed to be easily adopted, seamlessly integrated and quickly revenue generating, Foxen applies a fresh approach to complex processes in the real estate, insurance, and financial categories,” Colin Mistele, managing director at Summit Partners, who has joined the Foxen Board of Directors, said in a press release.

Hourly.io

$27 million, Series A, June 6

Type of company: a workers’ comp insurance and payroll platform.
Round leader: Glilot Capital Partners.
Other participants: S Capital, MS&AD Ventures, J-Ventures, Vintage Investment Partners and Upshot.

Additional rounds to note:
Nava: $40 million, Series B, June 8.
Spot Insurance: $25 million, Series A, June 29.
Pawlicy Advisor: $12 million, Series B, June 15.
Amplify: $10.1 million, Series unknown, June 24.