Top insurtech funding rounds, September 2023

October 2, 2023 6:27 AM

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There were about 40 funding events in the insurtech sector between September 1 and September 30, 2023, according to a review by Digital Insurance. What follows is a selection of these, focusing on those in the P&C and life insurance 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 August, click here. These updates will continue monthly.

Openly

$100 million, Series D, Sept. 21

Type of company: Homeowners insurance provider

Round leader: Eden Global Partners

Other participants: Gradient Ventures, Clocktower Technology Ventures, Trinity Capital and others.

Beam

$40 million, Series unknown, Sept. 12

Type of company: Digital employee benefits

Round leader: Georgian

Kin

$33 million, Series D, Sept. 13

Type of company: Digital home insurer

Round leader: QED Investors

Other participants: Geodesic Capital, Allegis Capital, Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda) and Alpha Edison.

"Kin is structured to scale and skillfully manage the entire insurance value chain, which is why we're so excited to double down on our investment in this truly seminal business," said Amias Gerety, partner at QED, in a statement. "By leveraging advanced analytics and led by an experienced and world-class management team, Kin is able to offer terrific service at an affordable price. Their direct-to-consumer approach and vertically integrated value-added chain assures that customers receive a best-in-class experience, even in markets that other insurers are pulling out of. We believe that Kin will be known as the defining company of the insurtech 2.0 era."

Clara Analytics

$24 million, Series C, Sept. 7

Type of company: Artificial intelligence for insurance claims

Round leader: Spring Lake Equity Partners

Other participants: Aspen Capital Group, Oak HC/FT and QBE Ventures.

"The insurance industry is facing a perfect storm of forces that have been driving losses higher in recent years," said Jeff Williams, Partner at Spring Lake Equity Partners, in a statement. "CLARA's AI platform is the missing ingredient that empowers several of the world's most innovative carriers and self-insured companies to rein in spiraling loss costs and deliver tremendous value to policyholders and shareholders. CLARA is poised to dominate this space because they are laser-focused on claims optimization and delivering a substantial return on investment for their customers."

Delos Insurance

$7.3 million, Seed, Sept. 14

Type of company: digital property insurer for high risk catastrophe areas

Round leader: IA Capital Group

Other participants: Blue Bear Capital; Gallatin Point Capital; Generation Space through Seraphim Space Investment Trust PLC; Avanta Ventures, the corporate venture arm of CSAA Insurance Group; Red Dog Capital; DNX Ventures; Robert Glanville; and Jonathan Crystal.

"We are impressed by Delos' success and growth trajectory in this incredibly challenging California wildfire insurance market," said Matt Perlman, Partner at IA Capital, in a statement. "Delos provides homeowners with a creative and viable solution to the persistent problem of insuring homes in areas under threat of wildfire. We are pleased to provide further support to help fuel their expansion in California and beyond."

Authentic

$5.5 million, Seed, Sept. 20

Type of company: A captive insurance platform

Round leader: Slow Ventures

Other participants: Altai Ventures, MGV, Upper90, Clocktower, Commerce Ventures, Mischief Ventures, Core Innovation Capital, and prominent insurance executives.

"Authentic's 'captive in a box' allows them to sidestep the current distribution problems of adverse risk selection that the insurance industry has struggled to overcome," said Sam Lessin, Managing Partner, Slow Ventures, in a statement. "Authentic's partners stand to benefit from sharing data to better assess and price risk, as they are the ones that reap the rewards from more successful programs."

Jetty

$2 million, Series unknown, Sept. 6

Type of company: Real estate insurance platform

Round leader: Citi Ventures

Other participants: Experian Ventures, Fundrise, and PayPal Ventures.