Top insurtech funding rounds, September 2024

October 10, 2024 5:30 AM

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There were about 58 funding events in the insurtech sector between September 1 and September 30, 2024, 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 August, click here. These updates will continue monthly.

Ledger Investing

$100,000,000.00, Venture Series Undisclosed, September 24

Type of company: Online marketplace securitizing insurance risk

Investors: Y Combinator, 500 Global, Accel, AmWINS, Page One Ventures

"This is an important development for Ledger as we expand from primarily securitizing MGA-originated portfolios to supporting the long-term capital management of leading (re)insurers," Samir Shah, CEO of Ledger, said in a press release. "Our experience in capital modeling and structuring was instrumental in developing a flexible and sustainable solution that created value for both sides."

Oyster

$59,000,000.00, Series D, September 4

Type of company: HR platform for global companies

Investors: Silver Lake Waterman, Endeavor Catalyst, Emergence, Base10 Partners, PayPal Ventures, Georgian

"For us, this Series D fundraise is an important milestone," Tony Jamous, co-founder and CEO of Oyster, wrote in a blog post. "This latest round of investment will enable Oyster to continue to serve our diverse and global customer base, providing the compliance, support and intelligence infrastructure we've become known for. It will also empower us to accelerate our roadmap, scale our impact, and remain the first choice for employers looking for a specialized global employment experience."

Ledgebrook

$17,000,000.00, Series B, September 12

Type of company: Insurtech Excess & Surplus Managing General Agent for wholesale brokers

Investors: Duquesne Family Office, Floating Point, Brand Foundry Ventures, American Family Ventures, Stephens Group, Markd

"We are thrilled to welcome Duquesne Family Office and The Stephens Group into the Ledgebrook family," said Gage Caligaris, founder and CEO, in an announcement. "Their commitment to long-term thinking aligns well with our vision for what Ledgebrook can be in the coming decades. It's a rare opportunity to be able to bring on partners of this caliber and I couldn't be more excited."

Sigo Seguros

$10,500,000.00, Series A, September 10

Type of company: Auto insurer focused on serving Spanish-speaking communities

Investors: Varco Capital, Listen, Angeles Ventures, Blockchain Founders Fund, Bond, Revolution's Rise of the Rest Seed Fund

"The existing insurance industry overlooks the Latino community despite its outperformance in terms of loss ratios," said Néstor Hugo Solari, co-founder and CEO at Sigo, in a press release. "Large, national insurance carriers intentionally ignore our customers and prioritize the use of credit score[s], while small, regional carriers provide antiquated service through opaque, fee-heavy independent agent channels,"

Demex

$10,250,000.00, Series A, September 5

Type of company: Climate risk coverage and reinsurance for non-catastrophic weather events

Investors: Congruent Ventures, MetaProp, Moxxie Ventures, Blue Bear Capital, QBE Ventures

"Insurance carriers are taking significant losses from high frequency events such as thunderstorms and have been digging into their surpluses for years," said Abe Yokell, co-founder and managing partner of Congruent Ventures, in a statement. "Reinsurers, too, have experienced higher than expected losses due to secondary perils. The Demex model — developed by a blue-chip team from industry heavyweights — quantifies risk and reduces deviation, which broadens reinsurance offerings and ultimately provides a stronger insurance industry for property owners."

arqu

$10,000,000.00, Series A, September 22

Type of company: Digital wholesale insurance brokerage in E&S market

Investors: Crosslink Capital, Lightspeed Venture Partners, Intact Ventures, Nationwide Ventures, Foxe Capital

"We empower our broker teams with technology to provide unparalleled service to our retail brokerage customers and be the best pre-underwriting partners for our capacity providers," said Chi Lee, co-founder and CEO of arqu, in a statement. "With the E&S segment on track for its seventh consecutive year of double-digit growth, we see data-driven broking as the key to managing large-scale commercial risks in an increasingly challenging world."

kWh Analytics

$2,400,000.00, Grant, September 12

Type of company: Insurance and data analytics for the solar industry

Investors: U.S. Department of Energy, Elemental Impact, Engie, For Good Ventures, Anthemis

"This award is a testament to both the long-standing partnership between kWh Analytics and the U.S. Energy Department, and our organization's commitment to advancing the energy transition," said Jason Kaminsky, CEO of kWh Analytics, in a news release. "Our deep industry knowledge and unparalleled data give us unique insight into climate-resilient design, construction, and management of renewable energy assets — knowledge that we apply to our underwriting decisions and risk assessment."