Top insurtech funding rounds, Jan. 2023

February 1, 2023 6:22 AM

City workers walk during a quiet lunchtime due to train strikes in the City of London, UK, on Tuesday, Dec. 13, 2022. Rail workers have begun a series of strikes designed to cripple Britain's transport system over the Christmas period, leading the transport secretary to claim that public opinion is turning against the unions. Photographer: Chris J. Ratcliffe/Bloomberg — City workers walk during a quiet lunchtime due to train strikes in the City of London on Dec. 13, 2022.

There were more than 20 funding events in the insurtech sector between Jan. 1 and Jan. 31, 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.)

This includes one round of $25 million and two rounds over $15 million.

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 December, click here. These updates will continue monthly.

Dayforward

$25 million, Series B, Jan. 23

Type of company: digital-first life insurtech
Round leader: AXA Venture Partners
Other participants: HSCM Ventures, Juxtapose, and Munich Re Ventures.

Vikas Singhal, founding partner of HSCM Ventures, said in a statement: "As a full-stack insurance company with a focus on automated underwriting and a streamlined front-end, Dayforward is positioned to innovate across core areas of the industry and seeks to bring customized products to the market that fit specific customer needs. We are excited to partner with Aaron and the team."

Joyn Insurance

$17.7 million, Series A, Jan. 12

Type of company: commercial underwriting insurtech
Round leader: OMERS Ventures
Other participants: Avanta Ventures, ManchesterStory, Cohen Circle, SiriusPoint and several private individual investors.

David Wechsler at OMERS Ventures, said in a statement: "As we were doing our diligence while evaluating this opportunity, I was particularly struck by the broker feedback I received from those who had worked with Joyn. Despite a high bar for admitted products, the E&S quote and bind experience at many companies is still largely done by pen and paper, and the brokers we talked to have been stunned at how Joyn addresses these longstanding inefficiencies."

iLife

$17 million, Series A, Jan. 26

Type of company: operating system for insurance carriers and agencies
Round leader: Foundation Capital, Brewer Lane Ventures and SCOR Ventures
Other participants: GTMFund and OpenView Partners.

"Over the last two decades, I've led and advised some of the largest life insurance companies in the world, and I've seldom seen a company as innovative and game-changing for this industry as iLife," said John Kim, now Founder and Managing Partner of Brewer Lane Ventures, in a press release. "Nelson and his team are arming agents and carriers at all levels with everything they need to excel at their jobs. We are delighted to support iLife on this next phase of their journey."

Boxx Insurance

$14.4 million, Series B, Jan. 31

Type of company: cybersecurity insurtech
Round leader: Zurich Insurance Company

"We've seen how difficult it is to build cyber insurance solutions for the small business and consumer segments – it is costly and requires deep technical expertise to stay ahead. BOXX addresses these challenges unambiguously, affordably, and with a genuine understanding of what customers and their risk advisors need," said Jack Howell, CEO of Zurich Global Ventures, in a statement. "Helping customers with innovative digital solutions and embedding them into the customer journey, is critical. It's impressive to see the simplicity in how BOXX is tackling such a complex global challenge."

Pathpoint

$12.5 million, Unknown, Jan. 26

Type of company: digital insurance brokerage services
Round leader: Caffeinated Capital

"This investment is about deeply investing in Pathpoint's Go-to-Market function," said Raymond Tonsing, Founder and Managing Partner at Caffeinated Capital, in a press release.

Floodbase

$12 million, Series A, Jan. 26

Type of company: flood risk analysis insurtech
Round leader: Lowercarbon Capital
Other participants: Collaborative Fund, Floating Point and Vidavo

"Global warming leads to more water in the atmosphere, more water leads to heavier storms, heavier storms lead to greater flooding, and the predictable outcome is that hundreds of millions of people all over the world are newly at risk," said Clay Dumas, general partner and co-founder at Lowercarbon Capital, in a press release. "The best protection is insurance, and Floodbase makes it possible for the world's largest insurers to extend coverage to parts of the world that were previously uninsurable. This isn't just a matter of humanitarian urgency, it's a generational opportunity in global risk markets."

reThought

$10.5 million, Series B, Jan. 30

Type of company: flood MGA
Round leader: IA Capital Group
Other participants: Telstra Ventures, Hudson Structured Capital Management, ArcTern Ventures and by an unnamed strategic investor.

Matthew Perlman, partner at IA Capital, said in a statement: "As the contours of flood risk continue to change, we're confident the reThought team will maintain and expand its edge as the most sophisticated flood underwriter in the market, and a high-performing partner to brokers and reinsurers."

Liberate Innovations

$7 million, Seed, Jan. 5

Type of company: SaaS platform
Round leader: Eclipse

"Eclipse backs entrepreneurs who solve age-old industry challenges through innovative, tech-forward solutions. Liberate's technology allows P&C insurers to transform their operations at a radically faster pace, enabling them to operate more efficiently and quickly capitalize on the benefits of digital transformation, such as lower costs and improved experiences for both their end customers and employees," said Aidan Madigan-Curtis, Partner at Eclipse, in a press release.