Top insurtech funding rounds May 2021

June 1, 2021 7:20 AM

There were 33 funding rounds in the insurtech sector recorded by Crunchbase between May 1 and May 28, 2021, according to a review by Digital Insurance. What follows is a selection of these. For our previous edition, which covered the month of April, click here. These updates will continue on a monthly cadence.

Shift Technology

$220 million, Series D, May 6

Type of company: AI platform for auto insurance claims
Round leader: Advent
Other participants: Avenir, Accel, Bessemer Venture Partners, General Catalyst, Iris Capital
Thomas Weisman, director, Advent: “Shift's advanced suite of SaaS products is helping insurers to reshape manual and often time-consuming claims processes in a safer and more automated way. We are proud to be part of this exciting company's next wave of growth.”

Ethos

$200 million, Series D, May 11

Type of company: Digitally distributed life insurance
Round leader: General Catlyst
Other participants: Sequoia Capital, Accel, GV, Roc Nation
Kyle Doherty, partner at General Catalyst: “Traditional life insurance remains largely unchanged over the years. It's an area that's ripe for innovation, and Ethos' successful execution demonstrates they are clearly ahead of all others in leading this digital transformation."

Kin Insurance

$63.9 million, Series C, May 10

Type of company: Digital home insurance
Round leader: Senator Investment Group, Hudson Structured Capital Management
Other participants: University of Chicago Startup Investment Program, Allegis NL Capital, Alpha Edison
Other news: Kin is said to be in talks to go public through a SPAC arrangement.

Jerry

$28 million, Series B, May 5

Type of company: Car ownership app including insurance comparison
Round leader: Goodwater Capital
Other participants: Tekion, DVx Ventures, Stash, Greenlight
Art Agrawal, co-founder and CEO:"We’re bringing the daily needs of car owners – insurance, loans, maintenance, repairs, warranties, parking, and more – in line with modern e-commerce expectations to create a frictionless cost-saving experience."

Boost

$20 million, Series B, May 17

Type of company: B-to-b digital insurance platform
Round leader: RRE Ventures
Other participants: Fin VC, Gaingels, Hack VC, Greycroft, Coatue, and Conversion Capital
Jason Black, General Partner of RRE Ventures: "API-driven infrastructure platforms have fundamentally changed the way companies are built and scaled in almost every fintech vertical. We've seen firsthand that Boost is far and away the leader in the embedded insurance space, so we're incredibly excited to join the team as they continue powering innovation in an industry that's ripe for disruption."

Planck

$20 million, May 12

Type of company: AI platform for commerical insurance
Round participants: 3L Capital, Greenfield Partners, Team8, Viola Fintech, Arbor Ventures and Eight Roads.
Yuda Duron, Partner at Greenfield Partners: "By tapping into the vast array of available, digitized information on small and medium sized businesses, carriers working with Planck have an unprecedented ability to know their customers and have seen significant improvements in loss and expense ratios. They’ve seen that their underwriting models perform when leveraging accurate risk insights."

Corvus Insurance

$15 million, Series C, May 26

Type of company: AI-powered commerical insurance
Round participants: FinTLV and Aquiline Technology Growth
Max Chee, head of Aquiline: "We’re excited to help the Corvus team as the company further expands its capabilities and products. Their deep understanding of evolving cyber threats, coupled with proactive engagement with the policyholder for prevention and risk management, gives them a superior offering in the marketplace.”

Obie

$10.7 million, Series A, May 26

Type of company: Digital coverage for landlords and property owners
Round leader: Battery Ventures
Other participants: Thomvest Ventures, Funders Club, MetaProp, and Second Century Ventures
Battery Ventures General Partner Michael Brown: “When we saw what the Obie team had built, we were immediately struck by how their technology didn’t just slap a band-aid on traditional approaches to insurance coverage; it brings intelligence and simplicity to the process to match each policy application to the ideal carrier for respective risk factors. This results in a win for all parties.”

Mile Auto

$10.3 million, seed, May 24

Type of company: Digital auto insurance for low-mileage drivers
Round participants: Ulu Ventures, Emergent Ventures, Thornton Capital, and Sure Ventures.
Miriam Rivera, CEO, co-founder and managing director of Ulu Ventures: “Mile Auto's data-driven approach to insuring an underserved segment, lower-mileage drivers, is exactly what the market needs right now. We place a high value on transparency, values and vision, and we believe that Mile Auto's founding team of serial entrepreneurs can have a great impact on the industry. This is demonstrated by innovative partnerships they've struck, like the one they are announcing today with Ford. This is why we invested early, and we're excited to be a part of the company's journey as they grow."

Mile Auto also announced a partnership with Ford.

Nathan Golia

Editor-in-Chief, Digital Insurance