Top insurtech funding rounds of Q1 2021

April 5, 2021 5:15 AM

The first quarter of 2021 had the most total insutech funding rounds since 2019 and tied for the most over $10 million in that time, according to Digital Insurance's quarterly review of data from Crunchbase. Following are some of the most notable rounds from the U.S., Canada and Europe regions. Note that going forward, Digital Insurance will review this data monthly in order to provide a clearer view of the insurtech market. Our next edition will go up in early May, covering rounds of all sizes from April.

$250 million, Series E, March 31

Type of company: Small business insurance
Round leader: FinTLV Ventures and Battery Ventures
Other participants: CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared
Michael Brown, general partner at Battery Ventures: "We believe Next Insurance is fundamentally changing the landscape of insurance and their passion for serving and supporting small businesses perfectly align with Battery's investment goals."

Coalition

$175 million, Series D, March 17

Type of company: Provider of digital cyber insurance and security tools.
Round leader: Index Ventures
Other participants: General Atlantic
Paul Stamas, Managing Director and Global Co-Head of Financial Services at General Atlantic: "Despite a surge in cyber attacks and ransomware, Coalition has delivered industry-leading loss performance by leveraging differentiated technology across the policy lifecycle."

Zego

$150 million, Series C, March 12

Type of company: Commercial auto insurer
Round leader: DST Global
Other participants: General Catalyst, Taavet Hinrikus, Target Global, Balderton Capital and Latitude

Pie Insurance`

$118 million, Series C, March 25

Type of company: Online small business insurance provider.
Round leader: Allianz X and Acrew Capital
Other participants: Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings
Dr. Nazim Cetin, CEO of Allianz X: "For Allianz, there are plenty of opportunities for cooperation with Pie, for example, in the joint development and sale of insurance solutions. We also see collaboration potential with some of our other B2B portfolio companies."

Corvus

$100 million, Series C, March 10

Type of company: Commercial insurance provider
Round leader: Insight Partners
Other participants: Bain Capital Ventures, Hudson Structured Capital Management, MTech Capital, Obvious Ventures, .406 Ventures, and Telstra Ventures
Deven Parekh, Managing Director at Insight Partners: "Corvus is leading the way by building a foundation in cyber insurance with a world-class team, transformative product, and ambitious vision."

TypTap Insurance

$100 million, PE round, Feb. 26

Type of company: Home and flood insurance provider in Florida
Round leader: Centerbridge Partners
Eric Hoffman, Managing Director at Centerbridge: "We have been enthusiastically observing TypTap’s growth trajectory and progress over the last couple of years and are particularly impressed by what the leadership team has been able to accomplish with respect to profitably scaling its platform.”

Rhino Insurance

$95 million, PE round, Jan. 26

Type of company: Security-deposit replacement insurance
Round leader: Tiger Global Management
Scott Shleifer, Partner at Tiger Global Management: "We are excited to support the Rhino team. Security deposit insurance is still in its early days, but we believe it will become an increasingly popular product for renters."

LeaseLock

$52 million, Series B, Feb. 3

Type of company: Lease insurance for property owners
Round leader: Westerly Winds, Wildcat Venture Partners
Other participants: SoftBank Ventures Asia, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, Strata Equity Group, Veteran Capital, and Mucker Capital
Sherman Li, Partner of SoftBank Ventures Asia: "As we surveyed the market landscape, LeaseLock stood out as the only company to truly develop a new insurance technology product—leveraged by AI—to deliver a financially sound and impactful solution. We are excited to partner with and support the company in furthering its mission."

Snapsheet

$30 million, Series E2, March 25

Type of company: Claims management
Round leader: Ping An Global Voyager Fund, Pivot Investment
Other participants: Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, Commerce Ventures

DealerPolicy

$30 million, Series B, Feb. 2

Type of company: Point-of-sale (dealer) auto insurance
Round leader: 3L Capital and Hudson Structured Capital Management

Hi Marley

$25 million, Series B, March 11

Type of company: Omnichannel communication platform for insurance
Round leader: Emergence Capital
Other participants: Underscore, True Ventures, Bain Capital Ventures, Greenspring, Brewer Lane Ventures.
Gordon Ritter, founder and general partner, Emergence Capital: "Emergence is excited to partner with Hi Marley, as we believe their people, their vision, and their timing are uniquely situated to transform the insurance industry"

AgentSync

$25 million, Series A, March 8

Type of company: Agent/broker onboarding and management platform
Round leader: Craft Ventures
Other participants: Marc Benioff, Caffeinated Capital, Operator Collective, Nine Four Ventures
David Sacks, co-founder and general partner of Craft Ventures: "Automating licensing and compliance is just the first step of AgentSync's ambitious road map. We see an opportunity for the company to expand vertically by adding certifications, recruiting, and territory management and to expand horizontally to serve any industry that requires certifications."

Lovys

$20 million, Series A, Jan. 18

Type of company: Digital personal P&C insurance
Participants: Heartcore, NewAlpha, Raise Ventures and prior backers Maif Avenir, Portugal Ventures and Bpifrance

Cowbell Cyber

$20 million, Series A, March 11

Type of company: Cyber insurance for SMEs
Round Leader: Brewer Lane Ventures
Other participants: Pivot Investment Partners, Avanta Ventures, Markel Corporation, and existing investors ManchesterStory, Tri-Valley Ventures, and Holmes Murphy
Martha Notaras, managing partner, Brewer Lane Ventures: "We have been cyber-curious for a long time. The mixture of the tech platform that makes it easy for agents and brokers,but also outreach to clients that don’t have access to cyber, that was really the combined package that we saw at Cowbell."

Coterie

$11.5 million, Series A-1, Feb. 5

Type of company: Small-business insurance provider
Round Leader: Intact Ventures
Other participants: Alpha Edison, Lackawanna Insurance Group, RPM Ventures, Allos Ventures
Karim Hirji, Senior Vice President and Managing Director, Intact Ventures: "By either embedding its coverage options directly into the platforms that businesses already operate within, or by offering seamless binding capabilities to traditional agencies, Coterie helps out small business owners who need simple, timely, and affordable insurance coverage."

Zelros

$11 million, Series A, Feb. 24

Type of company: AI for insurance distribution
Round leader: BGV
Other participants: ISAI Cap Venture, Pug and Play, HI INOV, 42CAP, astorya.vc
Eric Buatois, general partner, BGV: "Zelros is using AI to improve traditional insurance-industry standards and deliver immediate business value and ROI improvements for its customers. Their solution is helping insurance professionals to be more efficient and integrates smoothly into existing workflows while providing transparency on the final recommendation. We're thrilled to work together with Zelros to build their business in Europe, North America, and beyond."

Nathan Golia

Editor-in-Chief, Digital Insurance

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