Top insurtech funding rounds, March 2023

April 5, 2023 6:44 AM

Skyscrapers and commercial buildings on the skyline of the City of London, UK, on Monday, March 6, 2023. London’s investment appeal in a post-Brexit world is rapidly deteriorating. Photographer: Jason Alden/Bloomberg — Skyscrapers and commercial buildings on the skyline of the City of London on March 6, 2023.

There were more than 30 funding events in the insurtech sector between March 1 and March 31, 2023, according to a review by Digital Insurance. What follows is a selection of these, focusing on those in the P&C and life insurance 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 February, click here. These updates will continue monthly.

Fairmatic

$46 million, Series B, March 16

Type of company: commercial auto insurtech
Round leader: Battery Ventures
Other participants: Current investors and Bridge Bank.

"Fairmatic addresses the central requirement of improving commercial auto insurance: motivating safer driving. The company does so by capturing the rich data signal generated by our smartphones and applying it to the task of identifying unsafe driving behavior, which enables Fairmatic to offer insurance products that both reward fleet managers for safer driving and potentially achieve greater profitability than traditional, loss-based approaches to underwriting and pricing," said Battery Ventures Partner Marcus Ryu, the former CEO and co-founder of insurtech company Guidewire Software.

Assured Allies

$42.5 million, Series B, March 7

Type of company: long-term care insurtech
Round leader: FinTLV Ventures and Harel Insurance
Other participants: Lumir Ventures, Funds managed by Hamilton Lane, New Era Capital Partners, MS&AD Ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Company, Akilia Partners, and Samsung Next.

"We are proud to have co-led this funding round for Assured Allies together with Harel Insurance, and to be a part of their mission to make successful aging accessible for everyone. With the growing demand for long-term care solutions, we believe in the potential of Assured Allies' evidence-based long-term care and wellness programs and their ability to revolutionize the aging experience. Our investment reflects our confidence in the talented team, their innovative approach, and the future of the long-term care industry in the US market," said Gil Arazi, founder and managing partner of FinTLV Ventures.

Kin

$15 million, Series D, March 22

Type of company: homeowners insurance
Round participants: Geodesic Capital, QED Investors and additional investors.

Jon Rezneck, partner and head of the investment team at Geodesic Capital, said: "Homeowners insurance distribution is an acyclical market and Kin's unit economics, which have always been good, have only continued to improve. We were pleased for the opportunity to continue to support Kin by putting additional capital to work, further powering their mission to simplify and personalize home insurance."

Zorro

$11.5 million, seed, March 28

Type of company: employee, broker benefits platform
Round participants: Pitango and 10D.

"Zorro's founders have leveraged their strong backgrounds in healthcare, financial investments and technology to address an unmet need in the market," said Rami Kalish, managing partner and co-founder of Pitango. "This new model that simplifies the employee health benefit selection process will undoubtedly see quick adoption by small to medium-sized businesses due to its ease of use and immediate return on investment."

Other rounds:
Westhill, property & casualty insurtech, $8.5 million, series unknown, March 16.
LineSlip Solutions, commercial SaaS insurtech, $5.6 million, series unknown, March 10.
Pendella Technologies, life and disability insurtech, $2.7 million, series unknown, March 28.