Top insurtech funding rounds, March 2022

April 1, 2022 6:15 AM

di-business-stock-121620 — Morning commuters cross a road in the central business district of Tokyo, Japan, on Jan. 4, 2019.

There were about 25 funding rounds in the insurtech sector between March 1 and March 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds, focusing on those in the P&C and life insurance sectors that are part of the venture-capital financing model.

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 February, click here. These updates will continue monthly.

Policygenius

$125 million, Series E, March 17

Description: Insurance distribution platform.
Other participants: KKR, Norwest Venture Partners, Revolution Ventures, Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial, Pacific Life, AXA Venture Partners and MassMutual Ventures.

"Over the past eight years, we've invested in the critical areas of technology, operations, and product development to deliver the best outcomes for our customers, carriers, and distribution partners," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said in a statement. "With the support of our new and existing investors, we're excited to expand our already-large reach across the trillion-dollar insurance market."

Cowbell Cyber

$100 million, Series B, March 15

Description: Cyber insurance provider for small, medium-sized businesses.
Round leader: Anthemis Group
Other participants: Permira Funds, PruVen Capital, NYCA Partners, Viola Fintech and all existing investors.

"With its unique approach to cyber risk underwriting and continued collaboration with cybersecurity suppliers, Cowbell Cyber has positioned itself as the leader in the cyber insurance space for SMEs," said Matthew Jones, managing director at Anthemis Group, in a statement. "The company has accomplished stellar results to date and we are thrilled to be a part of their next chapter. We look forward to the innovation they'll continue to bring to the cyber insurance market."

Kin Insurance

$82 million, Series D, March 1

Description: Direct-to-consumer home insurance.
Round leader: QED Investors
Other participants: Commerce Ventures, Flourish Ventures, Hudson Structured Capital Management Ltd, Alpha Edison, Allegis NL Capital, Avanta Ventures, August Capital, Geodesic Capital and PROOF.VC.

Amias Gerety, Partner at QED, said in a statement: “Kin was built exactly for the digital world, where people want greater simplicity, highly customized experiences, and the ability for more self-service. This capital will allow Kin to be even more ambitious, expanding their offerings and growing to serve millions of households.”

Socotra

$50 million, Series C, March 14

$50 million, Series C, March 14
Description: Core platform for insurtechs.
Round leader: Insight Partners
Other participants: 8VC, Portage Ventures, Brewer Lane, MS&AD Ventures and Nationwide Ventures.

“Socotra is a truly next-generation platform, which allows customers to embrace cloud-native software via APIs and a microservices architecture. This innovation improves speed of delivery and reduces total cost of ownership for innovative insurers who want to launch new products or rearchitect existing lines of business,” said Jonathan Rosenbaum, managing director at Insight Partners, in a statement. “Ultimately, this leads to material value for the end consumers looking for customized insurance products with fast time to purchase. We at Insight are excited to partner with Socotra on this next chapter of its growth journey.”

Onuu

$6 million, Seed A, March 16

Description: Banking and insurance solution.
Round leader: VC Leap Global Partners
Other participants: Ulu Ventures, SV LATAM Capital, Jumpstarter Ventures, Verso Capital, and Capital Factory Ventures.

“We believe fintech has entered a new phase of contextual financial services, where companies like Onuu will use AI-driven approaches to provide relevant financial services within the context of their users’ financial lives,” said Roman Leal, managing partner of Leap Global Partners, in a statement. “Onuu’s vision of providing financial security for the roughly 166 million Americans traditionally left out by financial institutions is well aligned with our mission of challenging the status quo in fintech.”

Pendella Technologies

$5.2 million, Seed-2, March 1

Description: Cloud-based technology company focused on removing bias from life insurance.
Round leader: American Family Ventures and MassMutual Ventures.
Other participants: TASC Ventures, SixThirty, Assurity Ventures Inc., Aflac Ventures, MTech Capital and Early Light Ventures.

"Our fund deeply believes platforms simplifying and improving insurance distribution will generate substantial value in the market," said Kyle Beatty, managing director at American Family Ventures, in a statement. “We are excited to partner with the Pendella team, which we feel is uniquely situated to embed and seamlessly deliver valuable life and disability products through distribution partners."