Recent InsurTech funding announcements include a French company developing enterprise software products and services for credit and surety insurers; a Nevada-based SaaS-based digital insurance platform; and a UK-headquartered company centered around bicycle insurance.
French InsurTech Tinubu Square raised nearly $16.3 million in new venture funding designed to fuel new international growth.
Current investors Long Arc Capital in New York and French investment bank Bpifrance participated in the round.
Tinubu Square sells enterprise software products and services to credit and surety insurers. The company has offices in Paris, London, New York, Montreal and Singapore.
The company said the money will fuel international expansion, as per a 2018 five-year plan focused on growing its global footprint and propelling innovation.
Nevada-based Talage, a SaaS-based digital insurance platform, said it has closed a $5 million financing.
The InsurTech said it will use the Series A funding to scale its engineering and business development teams in an effort to address customer demand.
Merus Capital led the financing round, with participation from Calibrate Ventures, WTI and Hallador Investment Advisors. All are existing investors, with the exception of Calibrate Ventures.
Talage’s, launched in 2015, touts its platform as enabling small business owners to easily purchase essential commercial coverage from agents online. The SaaS-based software streamlines the manual task of selling coverage, something it said will enable significant cost and time savings for insurance agents. Today, agents are using the technology to improve the economics of their small business books, and carriers are working with Talage to provide this tool to their agents, the company said.
The Talage platform is now live across the country, and the company said it has been used to sell more than $1 million in insurance coverage to businesses in over 40 states.
UK-based InsurTech Laka announced via its blog that it raised $4.7 million to help fuel an expansion across Europe.
Part of that growth plan includes the planned launch of its European headquarters in the Netherlands sometime this year. Venture capital firms LocalGloba and Creandum led the round, which also included angel investors Nick Evans (chairman of Rapha) and Oren Peleg (former CEO of Fitness First).
Laka pitches its business model as community-based insurance, initially focused on bike insurance and related gear. Laka settles claims first and then shares the cost with the community at the end of the month. Plans also call for using its funding to expand its product offerings, including a recovery and health coverage option for cyclists who have been injured or had an accident.
Sources: Tinubu Square, Talage and Laka.