Top insurtech funding rounds, Sept. 2022

October 3, 2022 5:02 AM

A bicyclist on Market Street in the financial district of San Francisco, California, U.S., on Monday, May 9, 2022.

There were more than 30 funding rounds in the insurtech sector between Sept. 1 and Sept. 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.

This includes six rounds of more than $20 million in funding, and 11 seed rounds.

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 August, click here. These updates will continue monthly.

Pie

Series D, $315 million, Sept. 21

Type of company: Workers' comp coverage provider for small businesses
Round leader: Centerbridge Partners, Allianz X
Other participants: White Mountains Insurance Group, Gallatin Point Capital, Greycroft, Acrew Capital

"We're attracted to technology enablement in the small commercial insurance market, and Centerbridge is excited to partner with Pie on its journey to transform the industry." – Eric Hoffman, Managing Director, Centerbridge Partners.

Bamboo

Series A, $16 million, Sept. 19

Type of company: Digital multiline MGU
Round leader: Eos Venture Partners

"We are thrilled to partner with the experienced team at Bamboo and support their product and geographic expansion plans. Bamboo has demonstrated strong growth coupled with profitable underwriting that will ultimately differentiate insurtech winners." - Zach Powell, partner, Eos

Federato

Series A, $15 million, Sept. 19

Type of company: Risk platform for P&C and specialty underwriters
Round leader: Emergence Capital
Other participants: Caffeinated Capital, Pear

"The company's RiskOps platform serves insurers' most important function, underwriting, which sits at the very core of any insurer's decision making. This is an exciting combination, In conducting our due diligence prior to investing in the company, what really stood out was how enamored clients were with the Federato solution and the team's ability to deliver rapid time to value." – Lotti Siniscalco, Emergence Capital Partner

Insurance Lounge

Series unknown, $15 millon, Sept. 19

Type of company: Hybrid-digital insurance agency
Round participants: Brian Modesitt, Alta Point Capital

"I am enthusiastic to be partnering with Michael and the Insurance Lounge team. Not many agencies have been able to offer a compelling omni-channel experience like Insurance Lounge." - Brian Modesitt

Seed, $14 million, Sept. 28

Type of company: Blockchain-based reinsurer
Round participants: Tribe Capital, Defy, Exor, Stratos, Framework, Morgan Creek Digital, SiriusPoint

"The opportunity set for a decentralized approach to reinsurance is immense - there's nearly a trillion of existing insurance surplus to be tokenized, and a huge amount of capital on the sidelines that will start to earn (re)insurance premiums in the near future. Re is ideally positioned to capture the growth in this new marketplace that is unlocked through blockchain technology." –Arjun Sethi, Co-Founder and Partner, Tribe Capital

Policyme

Series A, $18 million (Canadian), Sept. 20

Type of company: Digital Life insurance
Round participants: RGAX, Securian Financial, SiriusPoint, HCS Capital, Westdale Properties

"Their ability to deliver a consumer-centric product with a seamless experience puts them in an ideal spot to expand their suite of offerings and distribution channels. We're excited to be part of PolicyMe's continued success," – Luis Felipe San Martin, Managing Partner, HCS Capital

Covertree

Seed, $10 million, Sept. 19

Type of company: Digital MGA for manufactured homes
Round leader: AV8 Ventures, Distributed Ventures
Other participants: Detroit Venture Partners, Ludlow Ventures, and Annox Capital

"Markel is excited to partner with CoverTree to benefit what has been an underserved market for many years. Our combined focus on ease of use, robust coverage offerings, pricing sophistication and technology will undoubtedly lead to a best-in-class product offering within the manufactured home insurance segment," – Jeff May, Executive Underwriting Officer, Markel.