VC fundraising for InsurTech companies
InsurTech raised the most capital and lost the most multiple of any fintech segment between 2020 and 2023, concentrated in the full-stack carriers whose loss ratios caught up with their growth stories. Capital today flows to MGAs, distribution platforms and underwriting and claims technology - shorter path to profitability, less balance-sheet risk. The active investors have rotated to specialist insurance funds, carrier venture arms and a smaller set of fintech generalists.
The investor mix is more carrier-led than other fintech segments. Specialist InsurTech funds (Anthemis, MTech Capital, Eos Venture Partners) sit alongside fintech generalists (Ribbit, QED, Bain Capital Ventures) and the venture arms of the major carriers and brokers - Aon, Marsh, MunichRe Ventures, Aflac Ventures, MassMutual Ventures, Nationwide Ventures. Those carrier arms are often the path to commercial relationships as well as capital. Flow has direct relationships across this base.
Flow has experience running VC fundraising processes for insurtech companies across MGAs and digital brokers, full-stack carriers, embedded insurance platforms, claims technology and underwriting analytics. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"InsurTech" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Gross written premium
Net earned premium
Loss ratio
Expense ratio
Combined ratio
Policies in force
Renewal rate
Commission revenue
Claims frequency
Reserves adequacy
InsurTech valuations in May 2026
Public InsurTech comps trade at 1.0x EV/Revenue. Median revenue multiple across InsurTech VC rounds was 6.0x in the last 12 months.
1.0x
Median EV/Revenue as of May 2026 for public InsurTech companies
8.7x
Verisk Analytics is the highest valued public InsurTech company based on EV/Revenue (excluding outliers)
0.7x
Median EV/Revenue across InsurTech M&A deals in the last 12 months
6.0x
Median EV/Revenue across InsurTech VC rounds in the last 12 months
Key recent InsurTech VC rounds
$350M Undisclosed stage raised by Cambridge Mobile Telematics was the largest InsurTech VC round completed in the last six months.
See all InsurTech VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Mar-26 | Cambridge Mobile Telematics |  | - | Allianz XState Farm+1 | $350M | - | Undisclosed stage | |
Dec-25 | Angle Health | | Angle Health is a New York-based provider of health insurance platforms and self-funded plans for startups. The company offers customizable medical benefits administration, pharmacy benefits, and virtual care integrations for employers with 10 to 500 employees. | Blumberg CapitalMighty Capital+6 | $134M | - | Series B | |
Mar-26 | Alan |  | Alan delivers digital health insurance services from Paris, France. The company supplies supplemental health coverage to businesses including telemedicine consultations, online claims processing, and mental health support. Alan serves small and medium enterprises across France with tailored group policies. Founded in 2016, it partners with medical networks for rapid reimbursements and preventive care programs. | Antoine GriezmannBelfius Bank+7 | $118M | $5.9B | Undisclosed stage | |
Feb-26 | Lassie |  | Lassie is a Stockholm-headquartered digital pet insurance provider launched in 2020 for dogs and cats in Sweden. Policyholders access coverage for accidents, illnesses, and chronic conditions via a mobile app handling claims with photo uploads and payouts within 24 hours. Plans cover veterinary fees up to SEK 120,000 annually, preventive care like vaccinations, and rehab therapies, underwritten by partnered insurers. | Balderton CapitalFelix Capital+3 | $75M | $400M | Series C | |
Jan-26 | Gyde | | Gyde powers an AI-driven brokerage platform for insurance professionals, automating client management and providing operational tools for health and wealth services. | Crystal Venture PartnersLightspeed Venture Partners+3 | $60M | - | Seed | |
Nov-25 | Roojai |  | Roojai is a managing general agent underwriting motor and health insurance products in Southeast Asia. Bangkok-headquartered since 2016, the company expanded to Indonesia in 2022, offering digital policies for cars, motorcycles, and personal accident coverage via its app and website. Roojai processes claims in under 30 minutes using telematics data for premiums tailored to driving behavior. Serving over a million customers, it competes in Thailand's $5 billion auto insurance market with cashless repairs at partnered garages in Jakarta and Surabaya. | Apis PartnersAsia Partners Fund Management+3 | $60M | - | Series C | |
Apr-26 | Strala Group | | Strala Group is an insurance company offering AI-powered outsourced claims processing for carriers, captives, and MGAs. | - | $51M | - | Undisclosed stage | |
Apr-26 | Counterpart | | Counterpart is a San Francisco-headquartered insurtech platform delivering AI-powered management and professional liability insurance. Backed by carriers like Aspen, Markel, and Westfield Specialty, it automates underwriting for small businesses. Recognized by CB Insights in 2024 as a top insurtech, the firm operates nationwide. | Valor Equity PartnersVy Capital | $50M | - | Series C | |
Jan-26 | Stoïk | | Stoïk is a French cyber insurance provider bundling policies with integrated cybersecurity software for small and medium enterprises. The platform automates underwriting via risk assessment tests, offers ongoing monitoring tools, and deploys in-house crisis response teams for incident handling. Stoïk partners with insurance brokers across Europe to deliver tailored cyber risk coverage. | AlvenAndreessen Horowitz+2 | $24M | - | Series C | |
Mar-26 | PolicyStreet |  | PolicyStreet delivers digital insurance distribution and employee benefits platforms across Malaysia, Singapore, and Australia. The Kuala Lumpur-headquartered group partners with Allianz and MSIG to offer API integrations for SMEs embedding motor, travel, and group health products. | Altara VenturesCool Japan Fund+1 | $21M | - | Series C | |
Feb-26 | ManageMy |  | ManageMy operates a digital platform handling insurance sales, renewals, and claims for customers. | BNF CapitalOCVC+1 | $20M | - | Series B | |
Apr-26 | Segura |  | Segura is a technology company supplying insurance brokers with tools and access to major insurers. | Anderson TheesAndreessen Horowitz+5 | $8.7M | - | Seed | |
Mar-26 | Cara | | Cara is a domain-specific AI platform for insurance. Agencies, brokerages, and MGAs deploy its modular system to automate servicing, speed sales cycles, and expand operations through a 24/7 digital workforce. | Claire Hughes JohnsonColin M Evans+3 | $8.0M | - | Seed | |
Jan-26 | Igloo |  | - | Tokio Marine | $5.0M | $303M | Undisclosed stage | |
Mar-26 | AI6 Technologies | | AI6 Technologies is a developer of AI- and big-data-powered solutions for risk prevention and claims management. | Generali FranceSocadif | $4.7M | - | Seed |
VC investors active in InsurTech
Alma Mundi Ventures is the most active VC investor across InsurTech, having invested in 9 startups in the last three years.
See all InsurTech VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Alma Mundi Ventures |  | Alma Mundi Ventures is a Madrid-headquartered venture capital firm investing in technology companies with B2B and B2B2C models across Europe. Its third fund targets InsurTech startups at Series A, B, and C stages, backed by insurers like Mapfre and Zurich, with offices in Barcelona, London, and Seattle. | WriskOle Insurance GroupSami+2 | 9 | Series B | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | KlaimeeInventoryQuantAngle Health+2 | 8 | Pre-seed | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | SeguraStoïkAlchemy+2 | 5 | Seed | |
Clocktower Technology Ventures | | - | MomentoEventualEdge+2 | 5 | Pre-seed | |
Portage Ventures |  | Portage Ventures is a Toronto-headquartered early-stage venture capital investor specializing in Canadian fintech startups with global potential. Active since 2016, it has funded companies like Neo Financial and Trulioo through its Portage Fund. | Angle HealthMarshmallowWalnut Insurance+2 | 5 | Series A | |
Plug and Play | | Plug and Play is a Sunnyvale-headquartered venture builder founded in 2006 that operates accelerator programs in 40 industries including fintech, insurtech, and mobility across 50 global offices. It connects over 3,000 startups annually with partners like Google, Visa, and Mercedes-Benz through demo days and corporate innovation challenges. The platform invests in seed and Series A rounds while providing co-working spaces in hubs from Silicon Valley to Singapore. | Ansel HealthReLeaseLula+2 | 5 | Seed | |
Opera Tech Ventures | | Opera Tech Ventures is a corporate venture capital arm that invests in early-stage technology companies and offers operational support. The firm targets entrepreneurs in internet, gaming, and fintech sectors aligned with Opera's ecosystem. Headquartered in Norway, Opera Tech Ventures leverages parent company resources for portfolio growth. It focuses on strategic partnerships to accelerate startup development. | StoïkWriskInsify | 4 | Series B | |
Kaszek | | Buenos Aires and Sao Paulo-headquartered Kaszek invests in seed through Series B technology companies across Latin America. The venture capital firm targets fintech, e-commerce, logistics, and software sectors, providing operational support in strategy, team building, and scaling. Kaszek manages funds backing over 100 portfolio companies regionally. | SeguraJustosAlice+1 | 3 | Seed | |
Gobi Partners | | Gobi Partners is a Pan-Asian venture capital firm headquartered in Kuala Lumpur and Hong Kong with 15 offices across Bangkok, Beijing, Cairo, and other cities. Founded in 2002, it manages US$1.5 billion in assets, having invested in over 350 startups and fostered 10 unicorns through 15 funds targeting early to growth stages in emerging markets. | PolicyStreetOneDegreeTransak+1 | 3 | Series B | |
Alven | | Alven is a Paris-based early-stage venture capital firm managing over $500 million. The fund invests in digital technology startups across Europe, with a portfolio exceeding 100 companies in sectors like artificial intelligence, SaaS platforms, cybersecurity, and consumer marketplaces. Notable investments include Lydia for mobile payments and Payfit for HR software. Founded in 2008, Alven supports French and international founders through seed and Series A rounds, maintaining offices in Paris and London. | StoïkGenerareKestra Technologies+2 | 3 | Series A |
Founders and investors we've worked with
We've supported winning builders across InsurTech and beyond.
Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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Krita
We advised Swiss investor Elysian Fields on its growth investment into Krita, the leading factoring platform in the Icelandic market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
See moreRecent VC fundraising track record
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