Top insurtech funding rounds, Dec. 2022

January 3, 2023 12:21 PM

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There were about 20 funding events in the insurtech sector between Dec. 1 and Dec. 31, 2022, 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.)

This includes two rounds of more than $10 million in funding, and three seed or pre-seed rounds.

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 November, click here. These updates will continue monthly.

Bondaval

$15 million, Series A, Dec. 14

Type of company: B2B insurtech
Round leader: Tallis Capital
Other participants: Octopus Ventures, Insurtech Gateway, TrueSight, Expa, FJ Labs, and Broadhaven Ventures.

"What the Bondaval team has been able to achieve in its first couple of years is truly remarkable. We rarely see this pace and thoughtfulness of execution, which is a testament to the talented team that Tom and Sam are assembling, combined with exceptional demand for this product," said Thomas Williams, general partner at Talis Capital, in a statement. "The simple elegance of MicroBonds unlocks several transformational use-cases, which have the potential to fundamentally alter credit markets. We see limitless potential for Bondaval and are delighted to partner with this world-class team."

Evertas

$14 million, Series A, Dec. 12

Type of company: Cryptoasset insurance
Round leader: Polychain Capital
Other participants: SinoGlobal, Bloccelerte, Foundation Capital, Norgard Capital and others.

Polychain Capital Founder and CEO Olaf Carlson-Wee said in a statement: "The crypto industry currently lacks insurance products and Evertas is well-suited to help fill that gap, which is one of the many reasons we're excited to partner with them. The founders are crypto natives who have a deep understanding of both crypto-asset security and insurance, and are building the right tools, relationships, and products to push the next phase of crypto adoption and maturation."

Vertical Insure

$4 million, seed, Dec. 14

Type of company: Embedded insurance platform
Round leaders: Rally Ventures and Dundee VC

"Embedded insurance is a huge opportunity. In numerous industries the addition of embedded insurance has been shown to double the revenue of a vertical SaaS company. These platforms know the needs of their customers, and Vertical Insure leverages their existing data to recommend, underwrite and price customized coverage to ultimately create a more valuable product," said Greg Beaufait, partner at Dundee Venture Capital, in a statement.

Oyster

$3.6 million, seed, Dec. 13

Type of company: Point-of-sale personal insurance
Round leader: New Stack Ventures
Other participants: Global Founders Capital, Conversion Capital, Cambrian Ventures, SNR VC, Kearny Jackson, Valia Ventures, Interlace Ventures, and V1 VC, alongside a group of angels including Garrett Koehn, President of CRC Insurance, Gokul Rajaram, executive at DoorDash, Eugene Marinelli, Founder of Blend, and Joe Schmidt, Partner at a16z.

"You can buy a $5,000 ebike or engagement ring online in just a few clicks and get it delivered the next day. Want to get insurance for that purchase? Good luck! It's an offline process that can take many days and lots of paperwork," said Rex Salisbury, founding partner, Cambrian Ventures, in a statement. "Oyster is offering embedded insurance for high growth ecommerce categories to allow consumers to seamlessly insure some of their most important possessions at point of sale in a few minutes. It's a huge opportunity to move personal insurance into the digital age."

Top insurtech funding rounds, Dec. 2022

Bondaval

Evertas

Vertical Insure

Oyster

Starfish Specialty Insurance