InsurTech Denver’s Post

Top 10 Insurance/InsurTech Capital Raises in the U.S. - September 16th-30th, 2024 Several interesting transactions closed in the Insurance/InsurTech sector this week. If you would like more info on these deals or would like to discuss the capital raising market for your company, please contact me. Merger/Acquisition and Corporate 1. SpottedRisk, a provider of insurance solutions to media companies, was acquired by CAC Specialty, a subsidiary of Cobbs Allen. 2. Doma Holdings, a real estate transaction and title insurance provider, was acquired by Title Resources, via its financial sponsor Centerbridge Partners, through a $97.09 million public-to-private LBO. (Lead Investor: Centerbridge Partners) 3. Blue Chip Insurance, a provider of insurance services, was acquired by Inszone Insurance Services, via its financial sponsors Ares Capital, BHMS Investments, Ares Management, and Lightyear Capital, through an LBO. (Lead Investor: Ares Capital) Later Stage VC 4. Zing Health, a Medicare-focused insurance company, raised $140 million of venture funding in a deal led by First Trust Capital Partners, Health2047 Capital Partners, and CRG. (Lead Investor: First Trust Capital Partners) 5. Roots Automation, an AI-driven insurance automation platform, raised $22.2 million through a funding led by Harbert Growth Partners, putting the company's pre-money valuation at $70 million. (Lead Investor: Harbert Growth Partners) 6. eMaxx Assurance Group of Companies, a risk management provider, raised $20 million through a funding led by Walkabout Ventures, putting the company's pre-money valuation at $60.15 million. (Lead Investor: Walkabout Ventures) Early Stage VC 7. arqu, an InsurTech platform, raised $10 million of Series A funding in a deal led by Crosslink Capital, putting the company's pre-money valuation at $29 million. (Lead Investor: Crosslink Capital) 8. Rover AI, an AI insurance assistant, secured $300,000 of venture funding in the form of SAFE notes. 9. Functional Finance, an InsurTech startup, raised $20 million of venture funding to further develop its financial insurance products. Angel, Seed, and Grant 10. Dentite, a dental insurance startup, raised $900,000 of angel funding in the form of convertible debt. #castleplacement #capitalraising #privateequity #venturecapital #insurance #insurtech #investment

Top 10 InsurTech Capital Raises in the U.S. - August 1st - 11th, 2024 The InsurTech sector has seen significant activity this past week, with several companies securing substantial funding to drive innovation.    If you would like more info on these deals or would like to discuss the capital raising market for your company, please DM me.   Here are the top 10 capital raises:   Merger/Acquisition and Corporate 1. Columbia Insurance & Wealth Management, based in Vancouver, Washington, was acquired by Highstreet Insurance Partners through an LBO. 2. Insurance Management Company, headquartered in Erie, Pennsylvania, was acquired by Hub International through an LBO. 3. Southern Colorado Insurance Center, from Colorado Springs, Colorado, was acquired by Hub International through an LBO. 4. Lincoln Insurance Group, based in McDonough, Georgia, was acquired by King Insurance Partners through an LBO. 5. US Midcorp And Entertainment Insurance, a businesses unit of Allianz Global Corporate & Specialty was acquired by Arch Capital Group for US$ 450 million.   Later Stage VC 6. Nayya, located in New York, New York, raised later-stage VC funding, securing support from ADP Ventures for its innovative insurance solutions.   Early Stage VC 7. Walnut Insurance, based in Toronto, Ontario, raised $3.34 million in early-stage VC funding to enhance its insurance platform. (Lead Investor: NAVentures) 8. AutoComplete, from San Francisco, California, received backing from AutoNation and Bain Capital Ventures in its early-stage VC funding round.   Seed Round, Angel, and Grant 9. Chaiz, headquartered in Austin, Texas, raised $3.96 million in seed funding to develop its insurance tech platform. (Lead Investor: Resilience VC) 10. Fair, based in Dover, Delaware, secured $1.44 million in seed funding to innovate in automotive insurance. (Investors: Antler, Blue Collective, Redbud VC)   #castleplacement 📈 #capitalraising 💼 #privateequity #venturecapital #investment #InsurTech

B2B Insurtech Coverdash has closed on a $13.5 million Series A funding round, according to a note from the company. The company notes that this follows a $2.5 million Seed round from last year. Since it's founding in 2022, Coverdash has topped more than 100 embedded distribution partnerships since its founding. Nyca Partners led the funding, joined by existing investors, including Bling Capital, AXIS (AXIS Capital) Digital Ventures, Tokio Marine Group Future Fund, Expansion VC, Cameron Ventures, and others. Coverdash was founded in 2022 seeking to provide insurance products for SMEs and startups in the United States. Ralph Betesh, co-founder and CEO of Coverdash, says his company is acting as a virtual risk management arm, and their service goes beyond coverage, providing support to smaller firms. “In today’s challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash is dedicated to empowering both our partners and our customers with these capabilities.” https://lnkd.in/exdDEuDr #Insurance #Insurtech #Embeddedinsurance #Openinsurance #funding

WHILE INSURTECH DECLINES MASS, AUDITAMOS BY GRUPO QONECTAPP EXPANDS RAPIDLY ORGANICALLY: + The Jimenez Cocq brothers have launched the first Proptech Ecosystem in the insurance industry, integrated as real estate co-ownership assistance, to common space policies in buildings and condominiums, expanding this massive propellant activator model in August of this year. organic demand, associated with local companies from: USA, Mexico, Colombia, Panama, Peru and Chile. Now it will begin to prepare its next launch of its own payment platform for maintenance and rental expenses, in its own ecosystem, generating a big difference with the insurtech peers, where the vast majority are closing their operations due to lack of financing in risk capital, and they, have applied a strategy of being close to their potential clients, integrating and digitizing their Compliance Audit Firm, and strengthening their services, with the incorporation of several managers, responsible for maximizing the positive experience for the committees of administration and administrators, the last to join was Rodrigo Sandoval, HDI Subscriber Manager, and Rodrigo Téllez, Senior Inspector of the Superintendency of Casinos in Chile. Visit: AuditamosAsistencia.cl

Top 10 Insurance/InsurTech Capital Raises in the U.S. - October 16th-31st, 2024 Several interesting transactions closed in the Insurance/InsurTech sector over the past two weeks. If you would like more info on these deals or would like to discuss the capital raising market for your company, please contact me. PIPE 1. HOMEE, an AI-driven claims management platform for the P&C insurance industry raised $12 million in Series C funding. 2. Benefit Harbor, a flexible benefits tech company received $2 million in funding to enhance its platform, which supports employers in managing diverse benefits strategies and transitioning to consumer-driven health plans. Merger/Acquisition and Corporate 3. Likewize, distributor of mobile devices and specialized wireless services intended to simplify the wireless world was acquired by Genstar Capital through an LBO. Later Stage VC 4. Branch (Multi-line Insurance), developer of an insurance platform designed to protect against financial hardship through its nonprofit initiative secured $51 million in Series D funding. 5. Osigu, a healthcare payments platform raised $25 million in Series B funding led by IDC Ventures with Visa's participation. 6. INSHUR, developer of a digital insurance platform raised $19 million of venture funding in a deal led by Viola Growth. 7. Delos Insurance Solutions, developer of a property insurance platform raised $15.87 million through a combination of Series A, Series A-1, and Series A-2 venture funding in a deal led by HSBC Venture & Growth Investments. 8. PolicyMe, provider of life insurance services raised $15 million of venture funding from Blue Cross Canassurance. The fund will be used to boost the company's technological advancements. Angel, Seed, and Grant 9. CheckRx, operator of a data intelligence company raised $400,000 of angel funding from undisclosed investors, putting the company's pre-money valuation at $8 million. 10. IrisMed, operator of an AI-based revenue capture platform raised $250,000 of Series 1 seed funding from Noemis Ventures, Antler, Banyan Ventures (New York) and Atlas SGR. #castleplacement #capitalraising #privateequity #venturecapital #investment #Insurance #InsurTech

Insurtech funding drop shows that disruption is not the way, but a collaborative and practical integration of technology into the Insurance business. "While funding for insurtech companies has generally declined in Q1 2024, sector stakeholders suggest it is more of a balancing out than a cause for concern." "There’s wave one, being disruption, (...), and then wave two being a little bit more practical and collaborative,” Mr. Albarella said." #insurance #digitaltransformation # insurtech https://lnkd.in/gwqnGBYy

It’s great to see QBE Ventures have the same belief in the potential of Aurora as I do. Despite the hundreds of millions pounds spent by the insurance industry over the past decade the huge majority of SME to mid market is transacted through brokers and over email. Any trace of digital engagement will involve the Acturis rails built over 20 years ago. Decent progress has been made by insurers in the last 3 years in ingesting emails more efficiently and auto-pricing but I can’t believe they see that as the end game. Despite the latent demand for a better more digitally-enabled way of transacting we have not seen the emergence of a game changing SME platform since Simply Business was sold to Travelers back for $490m back in 2017. The Aurora platform is easy for brokers to use, pricing is fully algorithmic, it houses an excellent range of products both live and on the way and best in class capacity behind most of them. It has a strong management team and now an excellent strategic investor in QBE Ventures. I have great hopes for Aurora If the industry wants to provide a better insurance experience to small business and do that more cost effectively than it does now then we need more companies like this. One to watch and to support. James Orchard Peta Kilian Simon Pink Jan-Vincent Finn Bijal Patel Carla Havemann Matthew Jones Charles Burgess InsTech Zoja Wojcik Kirsty Plank Lauren Stables

Insurtech Funding Surges to $1.38B in Q3

🚀 Walnut Insurance is making waves! The Toronto-based insurtech just secured $4.6 million CAD to supercharge its embedded insurance platform, with backing from big names like Telus, Diagram, and Portage Ventures. Walnut's mission? To make insurance more accessible and integrated for businesses, reducing marketing costs and improving distribution. With a focus on speed and innovation, they're poised to redefine the industry. What do you think about the future of embedded insurance? Share your thoughts in the comments below! 💬👇 #Startup #Funding #Innovation #Fintech #TorontoStartups #BusinessGrowth #TechNews #Investment #InsuranceTech #Startups

Want to exit as an early-stage founder? Yes, it is possible. But it requires a different approach to typical M&A dealmaking. A bit of context… I get 5-10 messages per week from relatively early-stage founders (traction, but not massively profitable yet) who are looking to exit. There are many reasons why - one of several projects, need more stable finances, tapped out and unsure what to do next. Etc. This also applies to relatively small businesses (sub-£5M revenue), owner-operated with a good team where the motivation may be a life-style change or retirement. Now. To be blunt and honest, in 90% of cases there isn’t an exit path - usually because of mis-match in expectations. (Eg: “We’re just one small investment away from building a $BN+ company”) But. Most of the time you can salvage a £1-10M outcome over a 12-36 month period. How? By treating it as an investment case to deliver an outcome for a specific target company. For example: You have a software product that helps insurance companies manage supply-chain risk. Let’s say the business does £500k revenue and covers costs. Your average M&A Advisory would try to sell the company based on the revenue/EBITDA and (after many months of false hope) fail to do so. They will get offers - but rarely ones you want to accept. My advice - and what I always recommend founders / owners do below 1M EBITDA - is to approach specific targets with an investment case to deliver outcomes. For example: Making / saving a target insurance company Z benefits over an agreed timescale with milestone payments. Becuase taking supply chain risk. This is a multi-million, even billion, sized problem that all wrestle with - and invest significant CapEx and OpEx into annually. If you can solve that - or deliver X saving … you get Y. Sounds fair, no? This is a very standard deal in enterprise consulting land. And beats shutting the venture down and feeling like you’ve failed. No. It’s not the all-cash deal from Google. Yes. It will require work to implement. Yes. It is a viable path for most owners / founders to realise a good return for creating value in a relatively de-risked way. See. What many founders / owners overlook is that the most valuable thing they have created isn’t IP … software … their service offering … etc … It’s actually their understanding of the problem, how to solve it, and a team who can solve it. So. If you are in this situation and looking for an exit. But aren’t really acquirable yet, why not give this a go? First step is putting together a short-list of targets who you might approach and are already investing in the problem (bigger is better). Hope useful. I wish someone had given me this advice on the dozens of early-stage ideas I walked away from over the years! #exitstrategy #founder #openequity