Big insurtech rounds go up in Q4

January 6, 2021 5:38 AM

A total of 57 insurtech funding rounds occurred in the fourth quarter of 2020, lower year-over-year but still higher than the depths of the coronavirus pandemic. About half of those rounds were for $10 million or more, continuing a trend toward fewer companies receiving higher amounts as bets are placed in an uncertain business environment. Digital Insurance analyzed data from Crunchbase to produce this list of notable rounds.

Unqork

$207 million, Series C

Date: Oct. 6
Contributing companies: BlackRock, Eldridge, Fin Venture Capital, Hewlett Packard Enterprise, Schonfeld Strategic Advisors, Sunley House Capital Management
What they're saying (Michele Trogni, operating partner, Eldridge): "As a no-code platform that is designed to simplify and digitize mission-critical and often highly complex business functions at large organizations, Unqork is uniquely positioned in the market. It makes the buy versus build decision a no-brainer."

Oscar

$140 million, series unknown

Date: Dec. 17
Contributing companies: Tiger Global Management (leader,) Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla, Lakestar and Reinvent.
Other information: Oscar's second round of greater than $100 million in 2020.

Bind

$105 million, Series B

Date: Oct. 21
Contributing companies: Ascension Ventures
What they said (Ryan Schuler, Managing Director of Ascension Ventures): “It has been rewarding to see Bind progress from an idea of leveraging data and technology to create a next-generation insurance design into a platform that is gaining market traction with employers, including several of our health system partners, and with members, who give the company a high Net Promoter Score for illuminating treatment paths with clear prices."

Bestow

$70 million, Series C

Date: Dec. 16
Contributing companies: Breyer Capital, Valar Ventures, New Enterprise Associates, Core Innovation Ventures, Morpheus Ventures and Sammons Financial
Other information: Bestow acquired Centurion Life Insurance Company on Dec. 1.

Newfront Insurance

$68 million, Series C

Date: Oct. 20
Contributing companies: Lead investors are Founders Fund and Meritech Capital
Other information: Newfront has raised $100 million in total, it announced at the time of this funding round.

Openly

$40 million, Series B

Date: Dec. 17
Contributing companies: Advance Venture Partners (lead), Gradient Ventures, Obvious Ventures, PJC and Greenlight Re
What they're saying (Vishal Vasishth, Co-Founder of Obvious Ventures): “Openly brings technology-driven transparency, efficiency and user experience design to the fore with agents. This is enabling the team to transform the insurance sector in world positive ways, and this latest funding will help propel their purpose."