Top insurtech funding rounds of May 2022

June 1, 2022 6:30 AM

Commercial buildings in the Central district of Hong Kong, China, on Monday, Jan. 24, 2022. Vacant office stock in Hong Kong climbed to a record high in December to 9.1 million square feet (845,000 square meters) -- equivalent to nearly 158 football fields, according to real-estate services provider CBRE Group Inc. Photographer: Paul Yeung/Bloomberg — Commercial buildings in the Central district of Hong Kong, China, on Jan. 24, 2022.

There were about 20 funding rounds in the insurtech sector between May 1 and May 31, 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 April, click here. These updates will continue monthly.

Acrisure

$725 million, Series B-2, May 31

Type of company: fintech and insurance broker
Round leader: A wholly-owned subsidiary of the Abu Dhabi Investment Authority
Other participants: Guggenheim Investments on behalf of certain clients and Oak Hill Advisors

Hamad Shahwan Aldhaheri, executive director, private equities department, ADIA, said in a statement: “Acrisure has grown at a rapid pace to become one of the world’s leading insurance brokers, and our investment aims to support the company as it continues to execute on its strategy. This transaction adds to our extensive portfolio of investments across the insurance industry value chain, a large and attractive market backed by long‑term growth trends.”

CoverGo

$15 million, Series A, May 11

Type of company: SaaS insurance platform
Round leader: SemperVirens VC
Other participants: SixThirty, Tribeca Early Stage Partners and Fresco Capital

Caribou Honig, general partner of SemperVirens, said in a statement: "There are only a handful of technologies that are significantly transforming the insurance industry, and no-code is clearly on the short list. As carriers lean into enabling innovation, CoverGo is uniquely positioned to accelerate their digital transformation and drive efficiencies across the insurance value chain. CoverGo's next-generation platform is providing carriers an unbeatable mix of speed to market, cost savings, and security to succeed both now and in the future. We are excited to support CoverGo on its growth journey and expansion in the U.S. market."

Faye

$8 million, Seed, May 11

Type of company: digital travel insurance
Round leader: Viola Ventures and F2 Venture Capital
Other participants: Portage Ventures, Global Founders Capital and former NBA player Omri Casspi.

Omry Ben David, general partner, Viola Ventures, said in a statement: "Faye is re-inventing the category of consumer travel insurance in the U.S. where data isn't leveraged yet for bespoke, price-optimized coverage in an industry with very favorable growth characteristics and unit economics."

Trellis

$5 million, Series A, May 18

Type of company: digital solutions insurtech
Round leader: Amex Ventures

“We’re excited to back Trellis in their mission to simplify the insurance buying process and help consumers make important financial decisions,” said Margaret Lim, managing director, Amex Ventures, in a statement. “Trellis’ strong user growth momentum and partnership traction demonstrates that their value proposition is resonating.”

LogRock

$3.5 million, Seed, May 26

Type of company: trucking compliance insurtech
Round leader: Dynamo Ventures
Other participants: QED and 9Yards Capital

"Ensuring companies stay compliant certainly isn't the sexiest venture, but in the trucking industry, it's one of the most important aspects to get right," said Jon Bradford, managing partner of Dynamo Ventures, in a statement. "At Dynamo, we get excited by visionary founders that understand the importance of bringing powerful technology solutions to overlooked opportunities like this, which is why we're thrilled to back LogRock."

Other notable rounds:

Spot Insurance: $25 million, unknown, May 24

Salty: $22.5 million, unknown, May 19

Federato: $15 million, Series A, May 17