Top insurtech funding rounds, Feb. 2023

March 1, 2023 7:04 AM

There were more than 20 funding events in the insurtech sector between Feb. 1 and Feb. 28, 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.)

There were seven seed or pre-seed rounds during February.

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 January, click here. These updates will continue monthly.

Flock

$38million, Series B, Feb. 27

Type of company: telematics platform for fleets
Round leader: Octopus Ventures
Other participants: CommerzVentures, Social Capital, Dig Ventures, Anthemis, Foresight Ventures

"Flock has a vision that can make the world safer not just for today's vehicles but for the connected and autonomous vehicles of tomorrow. That vision of changing the world for the better is one we share at Octopus Ventures. That and the brilliant opportunity that Ed, Antton and their team are seizing are why we're backing Flock to become a category-defining company in the fleet insurance space." — Malcolm Ferguson, Partner, Octopus Ventures, in a statement.

EvolutionIQ

$33.1 million, Series B, Feb. 28

Type of company: AI claims platform
Round leader: Brewer Lane Ventures
Other participants: First Round Capital, FirstMark Capital, Foundation Capital, Principal Financial Group

"I firmly believe we are a better organization as a result of working with EvolutionIQ. I still remember the excitement I felt from the claims leadership after the early results came in. Principal is looking forward to a deeper relationship with EvolutionIQ as we expand across our claims operation." — Kara Hoogensen, SVP of specialty benefits at Principal, in a statement.

Goose

$4 million, Series A, Feb. 16

Type of company: Multiline digital agency
Round leader: Axis Insurance Managers
Other participants: Impression Ventures, Real Ventures, ManchesterStory

"There is a big void in the market today for a digital and app-first insurance brand that gives consumers the ability to discover and buy affordable insurance products 24/7 in minutes completely self-serve. Having first invested in Goose in 2020 and seen its unique approach, the team's ability to execute, and the positive response from customers and insurance partners alike in both Canada and the U.S., we believe Goose will be a market-leading player in this space and are excited to join the team and our co-investors in this new round of funding." — Hamzah Nassif, partner, Real Ventures, in a statement