Top 10 insurtech funding rounds in 2022

It's been a mixed year for insurtech, with funding successes tempered by a harsh economic reality. Here's the top 10 insurtech investment rounds of 2022

Despite the economic uncertainty, it’s been a strong year for our insurtechs. There have been no fewer than 11 insurtechs this year to raise more than US$100mn in a series venture round, which will hopefully propel the insurance industry to new heights in 2023. This gives us the opportunity to cast a glance back over the top 10 insurtech funding rounds of the year and celebrate the companies who pulled off major fundraising in 2022.

We’re only focusing on series venture rounds as well as VC and PE; debt financing is great if you can get it, but it would slightly skew this list. All information was correct at the time of writing.


 

1. Wefox

How much? US$400mn

What series? Series D

When? July 2022

Berlin-based insurtech Wefox secured itself a US$4.5bn valuation back in July, when it raised US$400mn in a Series D funding round. That capital injection guaranteed its place as the world’s most valuable privately held insurtech and represented the latest milestone for the rapidly growing company, which had only recently reached the 2mn customer mark.

 

2. Pie Insurance

How much? US$400mn

What series? Series D

When? September 2022

A US-based insurtech that provides workers compensation insurance for small businesses, Pie Insurance raised US$315mn in Series D funding this September. It was the second biggest insurtech series round of the year, after Wefox, with CEO John Swigart praising the company’s ability to grow quickly while still delivering strong unit economics.

 

3. Newfront

How much? US$200mn

What series? Series D

When? April 2022

San Francisco-based insurance broker Newfront raised US$200mn in Series D funding at a valuation north of US$2bn in April. The funding will further Newfront’s objective to modernise the insurance industry, allowing it to grow its technology teams and focus on harnessing data-driven insights for clients.

 

4. Accelerant

How much? US$193mn

What series? Private equity

When? January 2022

Insurtech Accelerant raised US$193mn in a private equity round back last January. The Atlanta-based company empowers underwriters with superior risk exchange and data analytics, coupled with long-term capacity commitments. The PE funding came from Todd Boehly’s Eldridge with participation from Deer Park, Marshall Wace, MS&AD Ventures and others.

 

5. Branch

How much? US$147mn

What series? Series C

When? June 2022

Ohio-based home and auto insurance startup Branch Insurance raised $147mn in its Series C funding round in June – the largest Series C of the year. It gave the insurtech unicorn status, with a post-money valuation of US$1.05bn, and took the amount of total funding to date close to US$230mn. At the time, Branch said it would use the new capital to accelerate its rollout in the US, having already launched in 28 states.

 

=6. Policygenius

How much? US$125mn

What series? Series E

When? March 2022

It was a mixed year for US-based insurtech platform Policygenius, which raised US$125mn in Series E funding in March before announcing that it would have to cut 25% of its workforce just a couple of months later – indicative of the mixed year insurtech has had, facing up to some harsh economic realities. The round itself was a huge vote of confidence in the New York-headquartered business, one of just two on this list to progress as far as Series E.

 

=6. Betterfly

How much? Also US$125mn

What series? Series C

When? February 2022

Chilean insurtech startup Betterfly secured unicorn status for the first time in February when it raised US$125mn in a Series C funding round. Betterfly encourages individuals to live more healthily, and turns these habit changes into benefits like life insurance. It has been a good year for the firm; less than six months after the Series C round, it expanded into Europe through the acquisition of Spanish fintech Flexoh.

 

=8. Turtlemint

How much? US$120mn

What series? Series E

When? April 2022

Mumbai-based insurtech Turtlemint will not be too disappointed with a US$900mn valuation, even if it does fall slightly short of coveted unicorn status. Turtlemint raised US$120mn in a Series E funding round in April, allowing the company to expand into new markets, build out its leadership team and strengthen its product portfolio.

 

=8. Descartes Underwriting

How much? Also US$120mn

What series? Series B

When? January 2022

Descartes Underwriting is one of two insurtechs on this list to have raised nine-figure sums at Series B stage – a seriously impressive feat for a young company. Founded in 2018, the Parisian company is disrupting the insurance industry by utilising parametric insurance solutions, new data sources and AI to drive transformation within a challenging risk landscape – natural catastrophes.

 

=10. Cowbell Cyber

How much? US$100mn

What series? Series B

When? March 2022

With geopolitical events and the rise of hybrid working models sharpening the threat landscape, cyber insurance became a trending line in 2022. In March, cyber insurance provider Cowbell Cyber secured US$100mn in new funding from the likes of Anthemis Group, Permira, PruVen Capital and NYCA Partners. It will use the funding to accelerate its approach to cyber risk underwriting.

 

=10. InsuranceDekho

How much? US$100mn

What series? Unnamed venture round

When? July 2022

The second and last Indian insurtech on this list, InsuranceDekho raised US$100mn in a venture round in July, having recently established its ‘feet-on-the-street’ programme. Less than half of Indians own a smartphone, so taking insurance to the masses is one way to increase insurance penetration within India. The programme targets street vendors, shop owners and housewives and aims to engage those who don’t have access to the internet.

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