Top insurtech funding rounds, June 2021

July 1, 2021 7:14 AM

There were 36 funding rounds in the insurtech sector recorded by Crunchbase between June 1 and June 30, 2021, according to a review by Digital Insurance. What follows is a selection of these. For our previous edition, which covered the month of May, click here. These updates will continue on a monthly cadence.

WeFox

650 million, series C, June 1

Type of Company: Full-stack insurance
Round Leader: Target Global
Other Participants: OMERS Ventures, Gsquared, Merian, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp, and Sound Ventures. New investors include LGT, Partners Group, Jupiter, and FinTLV
Yaron Valler, General Partner at Target Global: “wefox is unique among the insurtech players with ample room for growth ahead. wefox continues to deliver exceptional results backed with demonstrable year-on-year revenue growth, which saw their insurance carrier, wefox Insurance, report a profit earlier this year, marking them out to be the first insurtech to reach profitability.”

Bought by Many

350 million Series D, June 1

Type of Company: Pet insurance
Round Leader: EQT Growth
Carolina Brochado, Partner in EQT Growth’s advisory team: “Bought By Many’s digital-first approach is unrivalled in pet insurance, a market that is large and underpenetrated in most European countries and the US. It benefits from secular tailwinds such as the humanisation of pets and higher spend on pet care, and is also uniquely positioned to benefit as global digitalization continues to gather pace.”

Guideline

200 million, series E, June 16

Type of Company: Retirement insurance providers for small-mid size businesses
Round Leader: General Atlantic
Other Participants: Generation Investment Management, Greyhound Capital, Felicis Ventures, Propel Ventures
Aaron Goldman, Managing Director and Global Co-Head of Financial Services at General Atlantic: “Guideline is uniquely positioned as a modern, digital-first solution for small and mid-size employers who have been traditionally underserved by legacy providers. The Guideline team deeply understands the needs of its client base, offering a holistic platform that allows employers to seamlessly provide retirement benefits and enables employees to begin building retirement savings.”

Embroker

100 million, Series C, June 9

Type of Company: Digital Business Insurance
Round Leader: FTV Capital
Other Participants: HSCM Bermuda and Gaingels and follow on from Tola Capital, Canaan Partners, Bee Partners, and MassMutual Ventures
Mike Vostrizansky, FTV Capital principal and Embroker board member: “Led by a management team with deep domain expertise, Embroker has thoughtfully taken a digital-first approach to broadening its suite of proprietary specialty line offerings and enhancing its technology infrastructure. This strategy has resulted in an accelerating growth trajectory as the company is successfully delivering on the unique needs of the vertical business segments.”

Tractable

60 million, Series D, June 17

Type of Company: AI for claims
Round Leader: Insight Partners and Georgian
Emily Walsh, Partner at Georgian Partners: “Tractable’s industry-leading computer vision capabilities are continuing to fuel incredible customer ROI and growth for the firm. We're excited to continue to partner with Tractable as they apply their artificial intelligence capabilities to new, multi-billion dollar market opportunities in the used vehicle and natural disaster recovery industries.”

Branch Insurance

50 million, Series B, June 9

Type of Company: start-up with bundled home and auto insurance
Round Leader: Anthemis Group
Other Participants: Acrew, Cherry Creek Holdings, and existing investors Greycroft, HSCM Bermuda, American Family Ventures, SignalFire, SCOR P&C Ventures, Foundation Capital, and Tower IV
Ruth Foxe Blader, Partner at Anthemis Group: “It's no coincidence that Branch is the first investment from our new growth fund; we are thrilled to support a company so aligned to Anthemis' core values of authentic collaboration, virtuous cycle outcomes, and diversity and inclusivity. Branch is innovating on both tech and product design to build a 21st-century insurance company."

Akur8

30 million, Series B, June 17

Type of Company: AI-based Insurtech
Julien Creuzé, Partner at BlackFin Capital Partners: “The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide. We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”

Trellis

10 million, Series A, June 03

Type of Company: Insurance Technology Platform
Round Leader: QED Investors
Other Participants: NYCA Partners and General Catalyst
Matt Burton, a partner at QED Investors: “Trellis has made incredible progress in removing friction from the insurance-buying experience. We are moving toward a world where you will be able to seamlessly switch insurance providers, and Trellis' technology is enabling these new customer journeys. Daniel and his team are executing their vision flawlessly, demystifying the process and saving people money at the same time.”

Certificial

$5.8 million, Series A, June 08

Type of Company: certificate of insurance (COI) issuance and compliance management platform
Round Leader: IA Capital
Other Participants: Nationwide, Cofounders Capital, Fin VC, and Cameron Ventures
Matt Perlman, Partner at IA Capital: “We are thrilled to be partnering with Pete and the whole Certificial team as they overcome a major pain point for the commercial insurance industry and businesses of all types. We've been incredibly impressed by their technical capabilities, industry savvy and the dynamic, frictionless platform they are building to connect stakeholders throughout the insurance verification process."

Honeycomb

$3.3 million, June 22

Type of Company: managing general agent for commercial real estate insurance
Other Participants: Phoenix Insurance, New Era Capital Partners, IT-Farm Corporation and NFP Ventures
Adam Blumencranz, vice president, NFP Ventures: “The US multi-family property insurance is one of the most wildly inefficient insurance markets. Complex policies, too small to justify thorough manual underwriting practices, lead to broad-brush risk assessment where many insurers restrict coverage based on region or building age. Honeycomb corrects this with AI-based precision underwriting that offers the simplest way to shop for customized insurance in the market, regardless of building type. The platform’s innovative risk management offerings also allow brokers to have more frequent and meaningful engagement with customers over the lifetime of a policy.”