Europe

More AI in the industry as Qantev gets its Series A

Paris-based Qantev, an AI platform for health insurers, has raised ten million euros in a Series A round led by Omnes and RAISE Ventures. The platform is an AI-powered data analytics solution co-founded by CEO Tarik Dadi and CTO Hadrien De March in 2019 and is looking to get in on the health insurance space – the fastest growing business line for insurance across the globe. 

Source: Insurance Edge 

Not looking to water down the market, Neat raises big seed round

Neat, another Paris-based insurance enabler, has received €10 million in seed funding. The insurtech, another player in the flourishing embedded insurance space, is looking to add 40 new faces to the team over the next year or so. A worrying thought for other key actors in the arena as the founders Fabien Cazes and Maximilien Dauzet together have around 30 years’ experience – also given their number of transactions has grown over 350% in the span of a month. With experienced investment firms leading the round such as Octopus Ventures and Mundi Ventures, alongside New Alpha and Founders Future, you should really watch out for these guys.

Source: Tech EU 

Lukango starts journey with pre-seed funding

Lukango, founded by Joanne Safo – a former exec at Munich Re Digital Partners – has raised £275,000 in pre-seed funding to help serve the micro business community. Their backers include some serious big hitters in the industry such as former Bupa CEO and current Non-Executive Director for Admiral Group, Evelyn Bourke, former Digital Partners CEO Andrew Rear – familiar to anyone in the insurance conferences scene – and Mark Hunt, former senior advisor to the Nasdaq. 

Source: UK Tech News

Another deal in France as Olino gets $2 million boost

Olino, yet another French embedded insurance provider has raised €2.2 million in seed funding. Formerly known as Riskee, their round was backed by Newfund, Astorya.VC and MCapital. Co-Founders Dorian Jorry and Quentin Fabre plan to onboard more talent, improve its insurance solutions aimed at SMEs and cement their place in the European market.

Source: Insurtech Digital

North America

Life Insurance is getting Amplified with new cash injection

Munich Re Ventures has led a growth funding round for Amplify. CEO Hanna Wu will use the funds to improve the company’s product line as well as launch a mobile application to allow customers to manage their policies and investment policies all year round.  

Source: FinSMEs

New York’s Otonomi is loading up with $3.4 million raise 

And covering two buzzwords, one emerging the other re-emerging, is Otonomi which has just raised $3.4 million in an oversubscribed funding round led by ATX Ventures. Focusing on the freight sector CEO, Yann Barbarroux’s blockchain-powered parametric insurance is the first of its kind in a hitherto unexplored space. 

Source: PR News Wire

Kin goes down the debt-financing route with $145 million

Kin, a B2C home insurance provider, has received $145 million in committed debt facility led by Runway and Avenue. The first $100 million was funded immediately while the remaining $45 million will be handed over in two tranches once the company hits certain milestones. Sean Harper, Kin’s CEO, said, ““We’re pleased to work with such thoughtful and steady growth partners like Runway and Avenue who understand our needs and want to help strengthen our position.”

Source: Businesswire

Elpha Secure gets $20 million in Series A

Elpha Secure, a cyber insurance start-up has completed a $20 million Series A round led by Canapi Ventures. Aimed at SMEs, the technology that CEO Preetam Dutta and his team have built combines cybersecurity technology with insurance products. Dutta said “Digital threats are growing in variety, frequency, and intensity, so cyber insurance is becoming indispensable. Yet, smaller businesses are finding they don’t have adequate cyber infrastructure to qualify for insurance. Instead of challenging business owners to define and implement the required cybersecurity measures themselves, we provide these measures through our software as well as the insurance policy. We’re only just getting started, and we look forward to expanding our reach and serving even more businesses in need in the years to come.” 

Source: Businesswire

Asia Pacific

Commercial insurtech BimaKavach finalises sizeable seed round

Indian insurtech BimaKavach, has raised $2 million in a seed funding round led by WaterBridge Ventures along with Blume Ventures, Arali Ventures and Eximius Ventures. Offering bespoke insurance solutions to businesses, CEO Tejas Jain uses highly sophisticated underwriting models backed up by state of the art technology to support MSMEs. 

Source: Inc42

The bolttech train keeps on running

bolttech is showing no signs of slowing down as it has secured another $50 million from Tokio Marine. Now valued at around $1.5 billion, Singapore’s only homegrown insurtech unicorn processes $50 billion worth of annualized premiums and has connected more than 800 distributors with over 200 insurers. Not bad work at all for a company that’s only been around since 2020.  

Source: Tech in Asia

Middle East & Africa

And your latest unicorn is…

Ding ding ding! Vesttoo is your latest insurtech unicorn! Mouro Capital led a Series C round worth $80 million which has garnered the company a valuation of $1 billion and means that the insurtech is yet another unicorn to come out of Israel’s scene of almost relentless innovation. CEO Yaniv Bertele said, “Our clients and equity partners understand the Vesttoo vision and the opportunity we provide. In a time rife with uncertainty, Vesttoo is showing resilience, financial strength and profitability, thanks to our compelling value proposition. Our AI-based marketplace is set to propel the insurance industry forward by better connecting risk to capital sourced from global investors.”

Source: PR Newswire