Y-Combinator backed CatX raises US$2.7m in seed funding

CatX Co-founders Benedict Altier (right) and Lucas Schneider (left)
Insurtech CatX has raised US$2.7m in seed funding – a key milestone for the UK startup in its mission to bridge the supply and demand gap in reinsurance

UK-based insurtech CatX has raised US$2.7m in seed funding. Backed by Y-Combinator, the insurtech says this investment will be crucial in its mission to bridge the gap between supply and demand in the reinsurance industry.

CatX: Bringing alternative capital to reinsurance

The insurtech’s platform is designed to facilitate the flow of capital into the (re)insurance industry, and it will now be primed to do so with investment from top Silicon Valley venture capital (VC) firms and angel investors from leading proprietary trading firms and hedge funds.

New funding in CatX comes after it was accepted into Y-Combinator earlier in 2023, before being named one of the top Y-Combinator startups by TechCrunch following its debut at the accelerator’s demo day in September 2023.

Founded by Benedict Altier and Lucas Schneider, CatX aims to address the current shortage in reinsurance capital needed to protect insurers from significant losses. 

This is particularly true for P&C carriers offering natural catastrophe (natcat) protection, and cyber insurance providers. 

In some cases, a lack of reinsurance capital has led some insurers to cease offering cover to consumers in adversely affected areas or circumstances – such as those seeking property cover in hurricane-prone Florida. 

For CatX, the solution is to promote more diverse capital investment in the reinsurance market, by offering high-return investment opportunities to institutional investors and providing them with the tools they need to understand insurance risks.

Co-founder and CEO of CatX Benedict Altier says: “Our goal is to help make the insurance industry more robust and adaptable in the face of increasing global challenges.

“In an era where the frequency and intensity of catastrophes are on the rise, the need for adequate capital to safeguard against these risks has never been more important.

“By channeling alternative capital into insurance, we're not only helping to close the growing protection gap but also unlocking a promising new asset class for investors that is uncorrelated to traditional investments like stocks and bonds.”

Altier’s founding partner and CTO, Lucas Schneider adds: “At CatX, we focus on providing all the tools necessary for investors to understand and invest in insurance risk. Our platform features advanced risk models to generate actionable investment insights. 

“A key focus for CatX is to make the whole investment process as simple as possible by digitising the workflow and utilising AI tools to shorten contract negotiations. 

“Technological innovation is critical in attracting alternative capital providers that want sophisticated analytics and information tools.”


For more insights from InsurTech Digital, you can see our latest edition of the InsurTech Digital here, or you can follow us on LinkedIn and Twitter

You may also be interested in our sister site, FinTech Magazine, which you can also follow on LinkedIn and Twitter.


BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.


Featured Articles

What is an Insurance API?

In this deep dive with Mayur Upadhyaya, CEO at APIContext, we explain insurance APIs and discuss their role in the digital revolution

Cyber Insurance & Robust Cybersecurity Measures: An Analysis

InsurTech magazine speaks to Matthew Hilsenrad, Senior Director of Cybersecurity at Abacus Group about reactive and proactive cyber defence systems

The Uncertain Future of Wefox: Mubadala’s Internal Dispute

Uncertainty is looming at once high flying European insurtech Wefox, with lead investor Mubadala considering deal with rival Ardonagh

IMG and Teladoc Expand Telehealth Services for Travellers


UHG CEO Witty Admits Hack hit Third of US Citizens' Data


Allianz Announces Partnership With Clearspeed