Top insurtech funding rounds, March 2025

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There were about 57 funding events in the insurtech sector between March 1 and March 31, 2025, 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 February, click here. These updates will continue monthly.

Nirvana Insurance

• $80,000,000.00, Series C, March 10 
• Type of company: Leveraging telematics data to drive AI-powered insurance for trucking fleets
• Investors: General Catalyst, Valor Equity Partners, Lightspeed Venture Partners, Elad Gil, Sam Hodges

"With AI and over 20 billion miles of highly granular telematics data points at our core, we're the only insurance company to invest in end-to-end data integration and modeling architecture from day one," CEO and Co-founder Rushil Goel wrote in a blog post. "It's this foundational work that enables our platform to bring in data from various vehicle hardware sensors and harmonize different formats, frequencies, and volumes of information into a usable data asset that powers our predictive risk models." 

Richmond National

• $55,000,000.00, Venture - Series Unknown, March 25 
• Type of company: P&C and liability insurance underwriter for small and mid-sized businesses
• Investors: HF Capital, WT Holdings, Bonhill Capital

"We appreciate the continued confidence our shareholders have in our team and what we are building together," said Joe Kavanagh, President and CEO. "This growth capital will enable us to continue the momentum we have achieved so far. Our talented employees, backed by the ongoing support of our shareholders, are building a tremendous company and an outstanding culture."

CoverForce

• $13,000,000.00, Series A, March 5 
• Type of company: Digital tools for brokers, PEOs and distributors in the commercial insurance space
• Investors: Insight Partners, QED Investors, Nyca Partners, Karman Ventures, Darian Shirazi

"The insurance market is built on a legacy of paper and PDF — a huge issue in a market worth more than $960 billion," Kaivan Wadia, CTO and co-founder of CoverForce, said in a press release. "CoverForce delivers a unified API infrastructure that decreases the time to integrate from months to weeks, saving our partners millions of dollars in R&D costs."

XN Captive

• $11,500,000.00, Seed, March 21 
• Type of company: Full service captive insurance provider
• Investors: Caffeinated Capital

Converge

• $5,000,000.00, Venture - Series Unknown, March 3 
• Type of company: Cyber insurance underwriting backed by AI tools
• Investors: QBE Ventures, Forgepoint Capital

"At QBE, we are committed to supporting innovative partners who are shaping the future of risk management," said Serene Davis, QBE Global Head of Cyber. "Converge has demonstrated a unique ability to blend underwriting expertise with a world class data model and nimble platform, and we see this investment as an opportunity to deepen our collaboration and help drive sustainable growth in the cyber insurance space."

Outmarket AI

• $4,700,000.00, Seed, March 6 
• Type of company: Commercial insurance platform backed by AI
• Investors: Fika Ventures, TTV, Dash Fund

"The Outmarket team has a powerful combination of deep AI expertise and insurance industry experience," said TX Zhuo, Managing Partner at Fika Ventures. "They're not just building a better software tool. They're creating the platform that will power intelligent commercial insurance workflows for the next decade and beyond. We're thrilled to partner with them on this journey."

ResiQuant

• $4,000,000.00, Seed, March 14 
• Type of company: AI-powered property intelligence platform 
• Investors: LDV Capital, Alumni Ventures, Pear VC, Foothill Ventures

"Property carriers make billion-dollar exposure and capital allocation decisions with dangerously incomplete data," said Dr. Omar Issa, ResiQuant's CEO, in a statement. "We're transforming this paradigm by delivering engineering-grade analysis that reveals hidden structural vulnerabilities in every building — helping carriers underwrite with confidence and maintain coverage precisely where others are forced to retreat."

Kay.ai

• $3,000,000.00, Seed, March 25 
• Type of company: AI employees for insurance operations
• Investors: Wing Venture Capital, South Park Commons, 101 Weston Labs

"The U.S. Bureau of Labor Statistics projects that the insurance industry will face a shortage of nearly 400,000 workers by 2026," said Vishal Rohra, co-founder and CEO of Kay.ai. "Despite this looming talent shortage, brokers and agencies still spend up to 80% of their time on paperwork, weighed down by archaic systems and misaligned incentives. We eliminate that burden and act like a digital coworker that handles the most tedious tasks so their team can focus on high-value work."

Dipp AI

• $1,200,000.00, Pre-Seed, March 17
• Type of company: AI-based business operations products including insurance specific solutions

Harper

• $500,000.00, Pre-Seed, March 12
• Type of company: Commercial E&S insurance brokerage utilizing AI
• Investors: Y Combinator