Top insurtech funding rounds, November 2024

Enjoy complimentary access to top ideas and insights — selected by our editors.

Tomohiro Ohsumi/Bloomberg

There were about 40 funding events in the insurtech sector between November 1 and November 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 October, click here. These updates will continue monthly.

Clearcover

• $44,000,000.00, Undisclosed, November 6
• Type of company: Digital car insurance company
• Investors: 500 Global, Lightbank, Silicon Valley Bank, Cox Enterprises, IA Capital Group

Federato

• $40,000,000.00, Series C, November 20
• Type of company: AI-driven RiskOps platform
• Investors: StepStone Group, Pear VC, Emergence, Caffeinated Capital, Emergence Capital

"We have been closely following Federato's rapid growth over the past five years as an LP in several organizations who have been investors in the company since inception," said John Avirett, Partner at StepStone Group, in a press release. "Founders Will and William's deep expertise in AI and their dedication to bringing a true vertical AI product to the insurance industry is impressive. Federato's fast-growing customer base is a testament to the impact they've already delivered."

Oyster

• $5,000,000.00, Series D, November 11
• Type of company: HR platform for global companies
• Investors: ServiceNow Ventures, Kima Ventures, Base10 Partners, Emergence, Georgian, Stripes

"For enterprises to grow their teams efficiently and compliantly across borders, they need a trusted partner that helps simplify the complex global employment experience," said Victor Chang, vice president of ServiceNow Ventures, in a statement. "Oyster's strategy to build the infrastructure and intelligence required to make global hiring as easy and scalable as local hiring, coupled with an intent focus on the customer, gives us confidence in their ability to transform the hiring process and deliver great experiences for employees."

Wallit

• $1,375,000.00, Undisclosed, November 15
• Type of company: Digital wallet and benefits platform
• Investors: MAGIC Fund

Friendly

• $1,250,000.00, Seed, November 19
• Type of company: AI solutions to automated Insurance and Financial Services workflows
• Investors: Global Insurance Accelerator