Property/casualty related InsurTech financings in the 2021 first quarter came together at a healthy clip, as startups focused on addressing needs in an insurance industry facing accelerated transformation due to COVID-19.
Tentative results from the quarter appear to show a continued venture capital recovery similar to the second half of 2020. Venture investment dropped considerably in the 2020 first half in response to the coronavirus pandemic before rebounding.
There were at least 18 financings in Q1 2020 covered by Carrier Management, worth just over $1 billion overall and focused on multiple P/C insurance industry sectors and processes. Interestingly, Carrier Management tracked approximately $1.7 billion in InsurTech venture capital investments of note for all of 2020, representing more than 30 P/C insurance-specific startups.
There were a number of later stage startups that pulled in $100 million or well above that in the 2021 first quarter. Among them: Next Insurance pulled in $250 million, Pie Insurance raised $118 million, Coalition secured $175 million, and both Corvus and TypTap raised $100 million.
Below are links to Carrier Management’s coverage of significant P/C insurance-related vc financings during the 2021 first quarter:
- Aclaimant Raises $15M to Expand Safety/Risk Management Software Lineup and Reach
- Next Insurance Reaches $881M in VC Cash After New $250M Funding Round
- AXA Joins $20M VC Round for Idelic, a Commercial Trucking Analytics Startup
- Claims Management InsurTech Snapsheet Raises $30 Million
- Pie Insurance Raises $118M From Allianz and More
- Counterpart Pulls in $10M to Expand Management Liability Insurance Platform
- Cyber Insurance Firm Coalition Secures $175M to Fuel Global Expansion, New Products
- DeepSee.ai Raises $22.6 Million to Expand Reach of Knowledge Processing Automation Platform
- Cowbell Cyber Pulls in $20M From Brewer Lane, Markel, Others
- Hi Marley Envisions Expansion of Its Intelligent Communications Platform With $25M Venture Investment
- Corvus Secures $100M VC Infusion; Expansion Planned for Smart Cyber Cover and More
- Agency Distribution/Licensing Compliance Startup Raises $25 Million
- Florida’s TypTap Attracts $100M Investment to Fuel Flood Insurance Expansion
- AI-Driven Insurance Distribution Platform Wins $11 Million Financing Round
- Insurer Analytics Firm Earnix Reaches Unicorn Status With $1B Value
- InsurTech MGA LeaseLock Raises $52M; Liberty Mutual, American Family Among Investors
- InsurTech Joshu Raises $3.7M for Commercial Insurance Digital Platform
- Online Selling Platform Apollo Insurance Solutions Pulls in a $13.5M Financing Round