Top insurtech funding rounds, January 2024

February 6, 2024 8:04 AM

Enjoy complimentary access to top ideas and insights — selected by our editors.

There were about 30 funding events in the insurtech sector between January 1 and January 31, 2024, according to a review by Digital Insurance. What follows is a selection of these, focusing on those in the insurtech and property & casualty 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 December, click here. These updates will continue monthly.

Kin Insurance

$14,999,952.00, Series Unknown, Jan. 17

Type of company: Direct-to-consumer digital home insurer

Investors: 500 Global, CSC Upshot, Flourish Ventures, Runway Growth Capital, Industry Ventures

DigitalOwl

$12,000,000.00, Series B, Jan. 9

Type of company: Insurtech platform using generative AI to review medical records

Investors: Reinsurance Group Of America, Fusion, Insight Partners, Ibex Investors, Tau Ventures

"With applications across numerous disciplines, including underwriting, automation, claims, and in-force analysis, DigitalOwl's technology addresses inefficiencies that have plagued the life insurance underwriting process for decades," said Yuval Man, co-founder and CEO, DigitalOwl. "Working closely with RGA, we will be positioned to deliver transformative solutions to more clients and lead the digital transformation that is needed in the industry."

Rainbow

$12,000,000.00, Seed, Jan. 10

Type of company: Pay-as-you-go restaurant insurer

Investors: 8VC, Caffeinated Capital, Buckley Ventures, Habitat Partners, Zigg Capital

"Coming out of the pandemic, we saw a gap in the process of other underwriting companies and carriers focused on small commercial, and this was super clear with restaurants and their ever-evolving nature," said Rainbow's CEO and co-founder Bobby Touran. "Restaurants are a massive category where every operator requires insurance, and it has proven to be a challenging class for many capacity providers. We felt that building deep domain expertise in the verticals we focus on would allow us to use technology to tailor our underwriting and prioritize loss ratio, all while maintaining the critically important customer-centric approach to small business."

MIC Global

$6,000,000.00, Seed, Jan. 25

Type of company: Digital micro-insurer

Investors: Launchpad Capital, Greenlight Reinsurance, Ironsides Partners

"We are pleased to welcome Launchpad Capital, GreenlightRe, and Ironsides Partners as strategic investors and partners to help fuel MIC Global's continued growth as the preeminent embedded micro insurance provider," said Jamie Crystal, co-founder and CEO of MIC Global. "MIC is reimagining how insurance is bought and sold, and the additional capital will support the company's global growth strategy with a focus on expanding our technology-enabled insurance platform to provide protection to people in both developed and emerging countries through our banking, mobile phone, digital/technology, insurance, and insurtech partners."

Korr

$3,200,000.00, Seed, Jan. 11

Type of company: Insurance management app for agents and carriers

Investors: Motive Ventures, Tokio Marine Future Fund, Plug and Play

"We started Korr two years ago with the thesis that cloud-native architecture and innovation will drive positive change in insurance, particularly in the post-COVID workplace and marketplace," said Gregory Ritchie, CEO and founder of Korr. "We have invented a forward-thinking product that drives competitive advantage, cutting legacy costs and constraints, and converting decades of historical data out-of-the-box. We continue to execute on our vision, building Korr on AWS along with our early corporate design partners."

Draivn

$1,904,799.00, Seed, Jan. 5

Type of company: Telematics data software for insurers and broker

Terabitten Technologies

$225,000.00, Series Unknown, Jan. 12

Type of company: Creator of insurance premium tax software, Prematax