InsurTech

wefox, the Berlin-based digital insurance company has raised US$650 million in Series C funding round led by Target Global, with participation from existing investors including OMERS Ventures, G Squared, Merian Ventures, Horizons Ventures, Eurazeo, Mubadala, Creditease, Salesforce Ventures, Speedinvest, Alma Mundi Ventures, Victory Park Capital, Mountain Partners, Seedcamp and Sound Ventures. New investors include LGT Capital Partners, Partners Group, Jupiter Fund Management and FinTLV Ventures.

Founded in 2015, Berlin based wefox is a digital insurance company aiming to make people safe and prevent risk by reinventing insurance at scale through technology. The digital insurance startup intends to invest the proceeds in expanding into the US and Asia within the next two years while strengthening its presence in its existing markets in Germany, Austria, Switzerland, and Poland.

InsurTech startup Ethos Technologies raised $200 million in a Series D funding round led by General Catalyst. The current round valued the company at more than $2 billion bringing the total amount of funds raised to over $308 million to date.

The investment round also witnessed participation of existing investors including Accel, GV, and Sequoia Capital. The company’s impressive investor list includes Goldman Sachs, Heroic Ventures, Stanford University, Roc Nation from rapper Jay-Z and the investment vehicles of actors Robert Downey Jr. and Will Smith.

Founded in 2016 by by Lingke Wang and Peter Colis, San Francisco based Ethos provides a technology platform for third-party administration services for life insurance companies.

Shift Technology, the French AI based insurtech startup, raised $220 million in a series D funding round from Advent International, Avenir Growth Capital, Accel, Bessemer Venture Partners, General Catalyst, Iris Capital and Bpifrance, at a valuaiton of over $1billion. This makes Shift the latest french fintech startup to enter the unicorn club.

Founded in 2013 by David Durrleman, Eric Sibony and Jeremy Jawish, Paris based Shift is a provider of AI-driven decision automation and optimization technology for the global insurance industry. The startup, which also operates in the UK and the US, will expand its team of data scientists, particularly in France.

Level, an insurtech startup that enables employers flexible ways to offer benefits to employees, secured $27 million in a Series A funding round led by Khosla Ventures and Lightspeed Venture Partners, and witnessed participation from existing investors First Round Capital and Homebrew.

Founded in 2018 by Paul Aaron, New York City-based Level says it’s “rebuilding insurance from the ground up” via flexible networks and real-time claims with the goal of helping employers and employees get the most out of their benefit dollars.

London based commercial mobility insurtech Zego has emerged as the UK’s first insurtech unicorn after raising $150 million, valuing the company at $1.1 billion. The Series C round of funding, the largest ever raised by a UK-founded insurtech, was led by DST Global and General Catalyst, along with participation of existing investors Latitude, Balderton Capital, TransferWise and Target Global, bringing the total amount of funding to $200 million.

Zego, founded in 2016 by Harry Franks, Sten Saar and Stuart Kelly, is a commercial auto and ‘New Mobility’ insurance provider, powering opportunities for modern business by saving time and money. The insurtech will use the raised funds to accelerate its growth and expand into new markets to aim deeper penetration across Europe.

India Based InsurTech Riskcovry announced that it has raised $5 million in Series A funding round led by Omidyar Network India and also witnessed participation from existing investors Bharat Inclusion Seed Fund, Varanium Capital and Better Capital. Other investors who also invested are Pentathlon Ventures and DMI Sparkle Fund.

The company will use the raised funds for its technology, products, partnerships, data sciences and growth. “We believe we can help serve a severely underpenetrated markets like India and we are very excited to partner with Omidyar Network India and all other investors in helping build a more inclusive insurance ecosystem in India,” the founders said in a joint statement.

Riskcovry was founded by Suvendu Prusty, Saurabh Bhandari, Vidya Sridharan and Chiranth Patil in 2018. The insurtech startup helps companies offer digital insurance products and services to their end-customers across industries.

AgentSync, a Denver, Colorado based provider of technology tools and infrastructure for the insurance sector, raised $25m in Series A funding. The fintech states that the funds will be utilized to accelerate product development and build its comprehensive producer management solution.

The Series A round was led by Elad Gil and David Sacks’ Craft Ventures, along with Marc Benioff, Caffeinated Capital, Operator Collective and Nine Four Ventures. AgentSync was valued at $220m in this round.

AgentSync was founded by Niranjan Sabharwal and Jenn Knight in 2018. The startup leverages automation and technology to build AgentSync Manage, its tech-forward producer management system. The product is built on the Salesforce platform and offers direct integration with NIPR (National Insurance Producer Registry) to enable carriers, agencies, and MGAs to grow and scale. Its customers include Hippo Insurance, Lemonade, Hub International, Embroker, iptiQ (a subsidiary of Swiss Re), Beam Dental, Centene, and Rippling, among others.

Singapore-based insurtech firm Symbo Platform Holdings, announced the completion of a US$9.4 million (approx. SG$12.55 million) funding round led by CreditEase Fintech Investment Fund from China.

The round also saw significant participation from San Francisco-based Think Investments, along with follow-on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.

The insurtech, which is active in India and Southeast Asia, said it will use the investment to bolster its core technology platform and leadership team to bring its offerings to scale across its core markets. It will focus on recruitment across senior technology and product functions, in addition to senior business development hires in Singapore, Malaysia and Indonesia.

A large part of the funds will be invested into Symbo’s Indian affiliate, with the intention of acquiring complete ownership of the business, subject to applicable regulatory approvals.

The funding round comes after Symbo’s acquisition of Singapore-based digital health platform Vivant, expanding its health insurance offering and client base in the region.