Top insurtech funding rounds April 2021

May 4, 2021 7:28 AM

Commercial buildings in the central business district of Tokyo, Japan.

There were 36 funding rounds in the insurtech sector recorded by Crunchbase between April 1 and April 30, 2021, according to a review by Digital Insurance. What follows is a selection of these. For our previous edition, which covered all of the first quarter, click here. (These updates will continue on a monthly cadence until further notice).

Clearcover

$200 million, Series D, April 13

Type of company: Private passenger auto
Round leader: Eldridge
Other participants: American Family Ventures, Cox Enterprises, OMERS Ventures
Todd Boehly, Chairman and CEO of Eldridge: “As the industry continues to evolve from analogue to digital, Clearcover is well positioned to scale while delivering a competitive product and better experience to consumers across the US.”

The Zebra

$150 million, Series D, April 12

Type of company: Digital agent/broker
Round participants: Weatherford Capital and Accel
Mark Cuban, entrepreneur: “"As one of the earliest investors in The Zebra, this inflection point in the company's history is something I've been eagerly anticipating. 'Startup' isn't the right word anymore. The Zebra is a full fledged tech company that is taking on - and solving - some of the biggest challenges in the $638B insurance industry.”

Qover

$25 million, Series B, April 27

Type of company: API for embedded insurance
Round leader:Prime Ventures
Other participants: Cathay Innovation
Margaret Perchik, principal, Prime Ventures: "Qover has built up a technology stack that allows them to launch and embed almost any insurance product and offer it across borders quickly and reliably, making them a trusted partner to both the digital economy and incumbent insurers. The business has seen phenomenal growth over the past year, signing landmark customers across a number of high growth verticals."

Arturo

$25 million, Series B, April 27

Type of company: Aerial/geospatial data and analytics
Round leader: Atlantic Bridge Capital
Other participants: RPS Ventures, Crosslink Capital, IAG Firemark Ventures
SunirKapoor, Operating Partner, Atlantic Bridge: "Over the past twelve months, Arturo increased its revenue over 300%, which speaks directly to the tangible value it offers to leading insurers. Arturo now counts among its clients two of the top five P&C insurers in the US, in addition to the two leading insurers in the Australian market. We’re confident in Arturo’s continued expansion in bringing AI to the insurance industry and beyond.”

Gradient AI

$20 million, Series B, April 14

Type of company: AI platform for insurance
Round leader: American Family Ventures
Other participants: Stone Point Capital, BSC Capital, MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures.
Kyle Beatty, American Family Ventures: "Gradient AI’s technology and its deep and diverse proprietary data position the company to enable all lines of insurance to introduce step-change improvements in their processes.”

Brella Insurance

$15 million, Series A

Type of company: Supplemental insurance
Round leader: Brewer Lane Ventures
Brewer Lane Ventures Founder and Managing Partner, John Kim: "Health insurance is a significant financial burden for American workers, even when they have employer-sponsored insurance. Brella's combination of technology and insurance plan innovation uniquely positions it to meet this need with broad distribution through employers, brokers, and strategic partnerships."

Wunderite

$3 million, seed, April 28

Type of company: Customer-facing platform for insurance agencies
Round leader: Spark Capital
Other participants: Boston Seed

Fenris

$2.7 million, unknown round, April 7

Type of company: Third-party data and machine learning platform for insurers
Round leader: IDEA Fund Partners
Other participants: Six-Thirty VC, CIT GAP Funds, Rezon8 Capital, BrokerTech Ventures and Alerion Ventures
John Cambrier, Managing Partner, IDEA Fund Partners: "Fenris has all of the key attributes we look for in terms of market, team, technology, and momentum. Fenris is more flexible, easier to implement, and has proprietary scoring algorithms to serve use cases more broadly than the incumbents. We're excited to be partnering with such an experienced and dynamic team with a product line that is delivering clear value to hungry customers."

Sigo

$1.5 million, seed, April 27

Type of company: Digital auto insurer targeting Latino and immigrant communities.
Round participants: Amicle Capital, Bonded Capital Ventures, Demeter Capital, Financial Solutions Lab, Park City Angels, and gANGELS
Karl Gouverneur, CTO at Struxtion, former CTO at Northwestern Mutual, investor: "Emerging standard auto insurance is a $20 billion market, but because basic liability coverage is less profitable for legacy insurers, they ignore and/or overcharge customers. Sigo has built a solution for a vastly underserved segment of customers who, unfortunately, may only know a discriminatory system."

Nathan Golia

Editor-in-Chief, Digital Insurance

Insurtech

Start-up funding