Top insurtech funding rounds, April 2023

May 2, 2023 7:05 AM

There were more than 30 funding events in the insurtech sector between April 1 and April 30, 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 March, click here. These updates will continue monthly.

Inshur

$26 million, Series B up-round, April 20

Type of company: Embedded insurance platform for rideshare and on-demand drivers.
Participating funders: JVP, Munich Re Ventures, Viola Fintech, MTech Capital
Other notes: Inshur announced the acquisition of American Business Insurance Services, a U.S. commercial-auto agency, the same day as the funding.

"In a platform economy of micro to small businesses, insurance simply hasn't matched the needs of its insureds. It is why we are proud to be invested in INSHUR, which is enabling a whole generation within the digital labor workforce to confidently embark on work through its dynamic insurance platform across the US and Europe. Whether you're a courier delivering Amazon packages or working in rideshare using a platform like Uber, INSHUR is on course to become the category leader in commercial on-demand insurance. INSHUR's ability to do dynamic real-time AI rating and pricing and understand each driver for their own merits, can make a big difference in the ability to provide them with the right kind of insurance solutions." - Erel Margalit, Chairman and Founder, JVP

Capitola

$15.6 million, Series A, April 17

Type of company: Digital distribution for commercial and insurance
Round leader: Munich Re Ventures
Other participants: Lightspeed Ventures

Other notes: Inshur announced the acquisition of American Business Insurance Services, a U.S. commercial-auto agency, the same day as the funding.

"The U.S. specialty risk market has grown exponentially over the last few decades and would benefit from a digital marketplace that streamlines processes and expands the option for insurance placement. We are excited by Capitola's approach to this opportunity and are thrilled to support their journey." — Oshri Kaplan, managing director at Munich Re Ventures

Policybound

$5 million, series unknown, Apr. 17

Type of company: Digital platform for insurance agents
Round leader: Archetype

"We welcome the PolicyBound team to the Archetype ecosystem. This investment is a testament to Archetype's unique approach. PolicyBound's vision, innovative technology, and customer-centric approach make them an emerging insurtech leader, and we are confident they will continue to drive growth and innovation for the industry." — Chetan Bagga, Founder and CEO of Archetype

Other notable information

Bennie, a digital benefits platform, raised a $12 million seed round on April 19.
Carmacare, a digital auto warranty platform, announced a $4.1 million seed round April 4.
Billy, a platform for digital certificates of insurance for construction, announced a $2.5 million seed round April 14.