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Top 50 Global InsurTech Startup Investors: Seed to Series A/B Rounds

Top 50 Global InsurTech Startup Investors: Seed to Series A/B Rounds

Insurtech VC funding in 2024 is projected to be almost on par with last year. Looking back, it peaked in 2021 and then dropped over two thirds. Series B and C startups lead funding, expected to reach $2.4 bn by 2024’s close. These levels mirror pre-pandemic trends, signaling market stabilization.

Venture capital funding in insurtech startups is stabilizing, driven by breakout-stage startups in Series B and C. Projections indicate it will reach $4.2 bn by the end of 2024, aligning with 2018 and 2023 figures.

Late-stage startups (over $100 mn) face the steepest decline, with nearly 90% lower funding than their 2021 peak. These startups are expected to contribute significantly to the year’s final funding push as they strengthen unit economics for future exits.

Late stage is the main cause of funding decrease in insurtech. Early and breakout stage have fared better but are still down ~50% from peak.

TOP 50 Investors in InsurTech Startups in Seed Rounds

Seed InvestorCountrySeed Rounds% deals (5Y)
1Plug and PlayUS54<25%
2Anthemis GroupUS4625-50%
3Insurtech GatewayUK3450%+
4500 GlobalUS24<25%
5Global Founders CapitalDE22<25%
6Greenlight ReinsuranceAU2050%+
7MarkdUS2050%+
8Foundation CapitalUS20<25%
9AntlerCN18<25%
10BpifranceFR18<25%
11Clocktower Technology VenturesUS17<25%
12Portage VenturesCA15<25%
13SixThirty VenturesUS15<25%
14BrokerTech VenturesUS1350%+
15Susa VenturesUS13<25%
16Core Innovation CapitalUS13<25%
17SeedcampUK13<25%
18Andreessen HorowitzUS12<25%
19PartechFR12<25%
20Fin CapitalUS11<25%
21Liquid 2 VenturesUS11<25%
22Astorya vcUS1150%+
23First Round CapitalUS10<25%
24Luge CapitalCA1025-50%
25MetaPropUS10<25%
26AV8 VenturesUS10<25%
278VCUS10<25%
28Elaia PartnersFR10<25%
29LocalGlobeUS9<25%
30Goodwater CapitalUS9<25%
31SOSVUS9<25%
32Cameron VenturesUS950%+
33SpeedinvestAT9<25%
34ElefundUS8<25%
35RevolutionUS8<25%
36Sure VenturesUS850%+
37Titan CapitalUS8<25%
38Cherry VenturesDE8<25%
39Magma PartnersCL8<25%
40BoxGroupUS8<25%
41F2 Venture CapitalUS8<25%
42CDP Venture CapitalIT8<25%
43Gradient VenturesUS8<25%
44Sure VenturesUS850%+
45Caffeinated CapitalUS7<25%
46Highline BETAUS725-50%
47SV AngelUS7<25%
48GaingelsUS7<25%
49Slow VenturesUS7<25%
50InventureFI7<25%
Source: DataWrapper by Dealroom data

Lead VC Investors in InsurTech Startups in Seed

  • Plug and Play, based in the United States, is a prominent seed investor in the insurtech sector, having participated in 54 seed rounds. Over the past five years, insurtech deals have accounted for less than 25% of its overall investments.
  • Another leading U.S.-based investor, Anthemis Group, has completed 46 seed rounds in insurtech, with the sector representing 25-50% of its deals during the same period.
  • The UK-based Insurtech Gateway is a standout investor specializing in the insurtech sector, with over 50% of its deals in the past five years dedicated to the industry. It has supported 34 seed rounds, showcasing its focus on this niche.
  • 500 Global, also from the United States, has participated in 24 insurtech seed rounds, with the sector making up less than 25% of its diversified investment strategy over the last five years.
  • Germany’s Global Founders Capital has completed 22 insurtech seed rounds, with insurtech deals accounting for less than 25% of its total investments in the same period.

Investor Locations in InsurTech Seed Rounds

Investor Locations in InsurTech Seed Rounds
Source: Beinsure.com

The United States leads significantly in seed rounds (448 rounds) in 2019-2024, followed by the UK (47), France (40), Germany (30), Canada (25), Australia (20), and others (50).

TOP 50 VC Investors in InsurTech Startups in Series A

Serie A InvestorCountrySerie A Rounds% deals (5Y)
1MS&AD VenturesUS3525-50%
2MassMutual VenturesUS25<25%
3Munich Re VenturesDE2425-50%
4IA Capital GroupUS2325-50%
5MTech CapitalUS2150%+
6American Family VenturesUS2025-50%
7Lightspeed Venture PartnersUS20<25%
8Greycroft PartnersUS19<25%
9ManchesterStoryUS1825-50%
10Crosslink CapitalUS16<25%
11Octopus VenturesUK16<25%
12Nationwide VenturesUS1650%+
13EurazeoFR16<25%
14Eos Venture PartnersUK1550%+
15QED InvestorsUS15<25%
16CommerzVenturesUS1525-50%
17Khosla VenturesUS15<25%
18AccelUS14<25%
19UNIQA VenturesUS1425-50%
20Flourish VenturesUS13<25%
21Founders FundUS13<25%
22Intact VenturesUS1225-50%
23Sequoia CapitalUS12<25%
24ACrew CapitalUS12<25%
25Maverick VenturesUS12<25%
26Endeavor CatalystUS11<25%
27True VenturesUS11<25%
28Target GlobalUS11<25%
29MMC VenturesUK10<25%
30Drive CapitalUS10<25%
31GreatPoint VenturesUS10<25%
32AXA Venture PartnersFR10<25%
33Allianz XDE925-50%
34Obvious VenturesUS9<25%
35FirstMark CapitalUS9<25%
36OMERS VenturesCA9<25%
37Index VenturesUK9<25%
38KaszeK VenturesBR9<25%
39CreandumSE9<25%
40Notion CapitalUS9<25%
41Commerce VenturesUS9<25%
42Spark CapitalUS9<25%
43Altai VenturesUS950%+
44AlvenUS8<25%
45Valor Capital GroupUS8<25%
46Nyca PartnersUS8<25%
47Correlation VenturesUS8<25%
48F-PrimeUS8<25%
49Felicis VenturesUS8<25%
50LakestarCH8<25%
Source: DataWrapper by Dealroom data

Lead VC Investors in InsurTech Startups in Series A

  • MS&AD Ventures, based in the United States, leads the insurtech sector for Series A investments, having participated in 35 rounds. These deals account for 25-50% of its total investments over the past five years.
  • Following closely is MassMutual Ventures, also from the U.S., with 25 Series A rounds. However, insurtech makes up less than 25% of its overall portfolio during the same period.
  • Munich Re Ventures, headquartered in Germany, has completed 24 Series A rounds, with 25-50% of its deals focused on the insurtech sector.
  • IA Capital Group, another U.S.-based investor, has participated in 23 Series A rounds, contributing 25-50% of its total deal volume to insurtech.
  • MTech Capital, also from the U.S., stands out with 21 Series A rounds, where insurtech represents more than 50% of its investments in the past five years.

Investor Locations in InsurTech in Series A

Investor Locations in InsurTech in Series A
Source: Beinsure.com

The United States leads significantly in Series A (524 rounds) in 2019-2024, followed by the UK (50), Germany (33), France (25), and others (27).

TOP 50 VC Investors in InsurTech Startups in Series B

Serie B InvestorCountrySerie B Rounds% deals (5Y)
1Mundi VenturesES3750%+
2Aquiline Capital PartnersUS1625-50%
3Brewer Lane VenturesUS1550%+
4Insight PartnersUS15<25%
5Bessemer Venture PartnersUS14<25%
6SoftBankJP12<25%
7Cathay InnovationUS12<25%
8SCORFR1250%+
9Ribbit CapitalUS10<25%
10Mubadala CapitalOAE10<25%
11Viola FintechIL1025-50%
12TencentCN10<25%
13Vertex HoldingsSG10<25%
14Valor Equity PartnersUS1050%+
15Norwest Venture PartnersUS9<25%
16New Enterprise AssociatesUS9<25%
17FinTLVIL950%+
18Liberty Mutual Strategic VenturesUS925-50%
19Coatue ManagementUS9<25%
20Propel Venture PartnersUS9<25%
21PruVen CapitalUS925-50%
22Tiger GlobalUS8<25%
23Notable CapitalUS8<25%
24Menlo VenturesUS8<25%
25Bain Capital VenturesUS8<25%
26Avanta VenturesUS825-50%
27Eight Roads VenturesUS7<25%
28DST GlobalUK7<25%
29Oak HC/FTUS6<25%
30PayPal VenturesUS6<25%
31LatitudeUK6<25%
32Hannover Digital InvestmentsUS625-50%
33King River CapitalAU6<25%
34Aspen Capital Group (ACG)US550%+
35Nationwide InsuranceUS525-50%
36Keystone Insurance GroupUS550%+
37Scale Venture PartnersUS5<25%
38Goldman SachsUS5<25%
39Two Sigma VenturesUS5<25%
40B Capital GroupUS5<25%
41Health Velocity CapitalUS5<25%
42Nine Four VenturesUS5<25%
43Centana Growth PartnersUS4<25%
44IAG Firemark VenturesUS425-50%
45Mouro CapitalUK4<25%
46GICSG4<25%
47Weatherford CapitalUS450%+
48KT SquaredUS450%+
49Opera Tech VenturesFR4<25%
50CMT Digital VenturesUS4<25%
Source: DataWrapper by Dealroom data

Lead VC Investors in InsurTech Startups in Series B

  • Mundi Ventures, based in Spain, is the leading Series B investor in the insurtech sector, with 37 rounds and over 50% of its deals in the last five years focused on insurtech.
  • Aquiline Capital Partners, headquartered in the United States, follows with 16 Series B rounds, where 25-50% of its investments in the past five years have been in this sector.
  • Brewer Lane Ventures, also from the United States, has completed 15 Series B rounds, with insurtech accounting for more than 50% of its total deals during the same period.
  • Insight Partners, another U.S.-based investor, has participated in 15 Series B rounds, although the sector represents less than 25% of its investments over the last five years.
  • Bessemer Venture Partners, located in the United States, has conducted 14 Series B rounds, with insurtech making up less than 25% of its overall deal flow in the past five years.

Investor Locations in InsurTech in Series B

Investor Locations in InsurTech in Series B
Source: Beinsure.com

The United States investors leads in Series B (282 rounds) in 2019-2024, followed by Spain (37), Israel (19), the UK (16), Singapore (14), France (12), and others (37).

FAQ: Emerging Insights in Insurtech and Venture Capital

What regional trends dominate the insurtech landscape in 2024?

The U.S. and Europe lead with $1.8 bn and $1.1 bn in funding, respectively. Emerging markets like Latin America face challenges but show promise as insurance penetration gaps narrow and internal investment rounds grow.

Which investors are leading in insurtech funding for 2023-2024?

Key players include MS&AD Ventures, MassMutual Ventures, Munich Re Ventures, and Mundi Ventures. Mundi Ventures leads Series B funding globally with 10 rounds and over 50% share of insurtech deals.

Which insurtech startups have drawn the most investor attention in 2024?

Key focus areas include startups specializing in underwriting, claims management, and climate risk. B2B SaaS startups, especially those leveraging AI, dominate with 43% of total funding.

How are climate risks shaping venture capital trends in insurance?

Climate Risk Intelligence & Management has seen consistent funding since 2021, with focus areas like parametric insurance, financial modeling, and weather forecasting. The sector is experiencing its second most active year.

What role does health insurance play in 2024’s funding distribution?

Health insurance drives L&H funding, which has reached 50%, equaling P&C for the first time in three years. Chronic disease management and preventive care are key factors influencing this trend.

How have Series B investors influenced global insurtech funding?

Investors like Mundi Ventures and Brewer Lane Ventures lead Series B funding. Their focus on scaling insurtech solutions has helped stabilize the sector amid declines in early and late-stage funding.

What challenges do challenger and full-stack insurers face in 2024?

Challenger and MGA startups have reached historically low funding levels. Despite their innovative models, competition and limited investor interest have constrained growth.

What are the long-term projections for insurtech funding growth?

While early-stage and late-stage funding are below their peaks, Series B and C startups are stabilizing the market. The focus on core insurance functions, climate risks, and GenAI suggests steady growth in key segments.