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 Investor | Country | Seed Rounds | % deals (5Y) |
1 | Plug and Play | US | 54 | <25% |
2 | Anthemis Group | US | 46 | 25-50% |
3 | Insurtech Gateway | UK | 34 | 50%+ |
4 | 500 Global | US | 24 | <25% |
5 | Global Founders Capital | DE | 22 | <25% |
6 | Greenlight Reinsurance | AU | 20 | 50%+ |
7 | Markd | US | 20 | 50%+ |
8 | Foundation Capital | US | 20 | <25% |
9 | Antler | CN | 18 | <25% |
10 | Bpifrance | FR | 18 | <25% |
11 | Clocktower Technology Ventures | US | 17 | <25% |
12 | Portage Ventures | CA | 15 | <25% |
13 | SixThirty Ventures | US | 15 | <25% |
14 | BrokerTech Ventures | US | 13 | 50%+ |
15 | Susa Ventures | US | 13 | <25% |
16 | Core Innovation Capital | US | 13 | <25% |
17 | Seedcamp | UK | 13 | <25% |
18 | Andreessen Horowitz | US | 12 | <25% |
19 | Partech | FR | 12 | <25% |
20 | Fin Capital | US | 11 | <25% |
21 | Liquid 2 Ventures | US | 11 | <25% |
22 | Astorya vc | US | 11 | 50%+ |
23 | First Round Capital | US | 10 | <25% |
24 | Luge Capital | CA | 10 | 25-50% |
25 | MetaProp | US | 10 | <25% |
26 | AV8 Ventures | US | 10 | <25% |
27 | 8VC | US | 10 | <25% |
28 | Elaia Partners | FR | 10 | <25% |
29 | LocalGlobe | US | 9 | <25% |
30 | Goodwater Capital | US | 9 | <25% |
31 | SOSV | US | 9 | <25% |
32 | Cameron Ventures | US | 9 | 50%+ |
33 | Speedinvest | AT | 9 | <25% |
34 | Elefund | US | 8 | <25% |
35 | Revolution | US | 8 | <25% |
36 | Sure Ventures | US | 8 | 50%+ |
37 | Titan Capital | US | 8 | <25% |
38 | Cherry Ventures | DE | 8 | <25% |
39 | Magma Partners | CL | 8 | <25% |
40 | BoxGroup | US | 8 | <25% |
41 | F2 Venture Capital | US | 8 | <25% |
42 | CDP Venture Capital | IT | 8 | <25% |
43 | Gradient Ventures | US | 8 | <25% |
44 | Sure Ventures | US | 8 | 50%+ |
45 | Caffeinated Capital | US | 7 | <25% |
46 | Highline BETA | US | 7 | 25-50% |
47 | SV Angel | US | 7 | <25% |
48 | Gaingels | US | 7 | <25% |
49 | Slow Ventures | US | 7 | <25% |
50 | Inventure | FI | 7 | <25% |
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

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 Investor | Country | Serie A Rounds | % deals (5Y) |
1 | MS&AD Ventures | US | 35 | 25-50% |
2 | MassMutual Ventures | US | 25 | <25% |
3 | Munich Re Ventures | DE | 24 | 25-50% |
4 | IA Capital Group | US | 23 | 25-50% |
5 | MTech Capital | US | 21 | 50%+ |
6 | American Family Ventures | US | 20 | 25-50% |
7 | Lightspeed Venture Partners | US | 20 | <25% |
8 | Greycroft Partners | US | 19 | <25% |
9 | ManchesterStory | US | 18 | 25-50% |
10 | Crosslink Capital | US | 16 | <25% |
11 | Octopus Ventures | UK | 16 | <25% |
12 | Nationwide Ventures | US | 16 | 50%+ |
13 | Eurazeo | FR | 16 | <25% |
14 | Eos Venture Partners | UK | 15 | 50%+ |
15 | QED Investors | US | 15 | <25% |
16 | CommerzVentures | US | 15 | 25-50% |
17 | Khosla Ventures | US | 15 | <25% |
18 | Accel | US | 14 | <25% |
19 | UNIQA Ventures | US | 14 | 25-50% |
20 | Flourish Ventures | US | 13 | <25% |
21 | Founders Fund | US | 13 | <25% |
22 | Intact Ventures | US | 12 | 25-50% |
23 | Sequoia Capital | US | 12 | <25% |
24 | ACrew Capital | US | 12 | <25% |
25 | Maverick Ventures | US | 12 | <25% |
26 | Endeavor Catalyst | US | 11 | <25% |
27 | True Ventures | US | 11 | <25% |
28 | Target Global | US | 11 | <25% |
29 | MMC Ventures | UK | 10 | <25% |
30 | Drive Capital | US | 10 | <25% |
31 | GreatPoint Ventures | US | 10 | <25% |
32 | AXA Venture Partners | FR | 10 | <25% |
33 | Allianz X | DE | 9 | 25-50% |
34 | Obvious Ventures | US | 9 | <25% |
35 | FirstMark Capital | US | 9 | <25% |
36 | OMERS Ventures | CA | 9 | <25% |
37 | Index Ventures | UK | 9 | <25% |
38 | KaszeK Ventures | BR | 9 | <25% |
39 | Creandum | SE | 9 | <25% |
40 | Notion Capital | US | 9 | <25% |
41 | Commerce Ventures | US | 9 | <25% |
42 | Spark Capital | US | 9 | <25% |
43 | Altai Ventures | US | 9 | 50%+ |
44 | Alven | US | 8 | <25% |
45 | Valor Capital Group | US | 8 | <25% |
46 | Nyca Partners | US | 8 | <25% |
47 | Correlation Ventures | US | 8 | <25% |
48 | F-Prime | US | 8 | <25% |
49 | Felicis Ventures | US | 8 | <25% |
50 | Lakestar | CH | 8 | <25% |
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

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 Investor | Country | Serie B Rounds | % deals (5Y) |
1 | Mundi Ventures | ES | 37 | 50%+ |
2 | Aquiline Capital Partners | US | 16 | 25-50% |
3 | Brewer Lane Ventures | US | 15 | 50%+ |
4 | Insight Partners | US | 15 | <25% |
5 | Bessemer Venture Partners | US | 14 | <25% |
6 | SoftBank | JP | 12 | <25% |
7 | Cathay Innovation | US | 12 | <25% |
8 | SCOR | FR | 12 | 50%+ |
9 | Ribbit Capital | US | 10 | <25% |
10 | Mubadala Capital | OAE | 10 | <25% |
11 | Viola Fintech | IL | 10 | 25-50% |
12 | Tencent | CN | 10 | <25% |
13 | Vertex Holdings | SG | 10 | <25% |
14 | Valor Equity Partners | US | 10 | 50%+ |
15 | Norwest Venture Partners | US | 9 | <25% |
16 | New Enterprise Associates | US | 9 | <25% |
17 | FinTLV | IL | 9 | 50%+ |
18 | Liberty Mutual Strategic Ventures | US | 9 | 25-50% |
19 | Coatue Management | US | 9 | <25% |
20 | Propel Venture Partners | US | 9 | <25% |
21 | PruVen Capital | US | 9 | 25-50% |
22 | Tiger Global | US | 8 | <25% |
23 | Notable Capital | US | 8 | <25% |
24 | Menlo Ventures | US | 8 | <25% |
25 | Bain Capital Ventures | US | 8 | <25% |
26 | Avanta Ventures | US | 8 | 25-50% |
27 | Eight Roads Ventures | US | 7 | <25% |
28 | DST Global | UK | 7 | <25% |
29 | Oak HC/FT | US | 6 | <25% |
30 | PayPal Ventures | US | 6 | <25% |
31 | Latitude | UK | 6 | <25% |
32 | Hannover Digital Investments | US | 6 | 25-50% |
33 | King River Capital | AU | 6 | <25% |
34 | Aspen Capital Group (ACG) | US | 5 | 50%+ |
35 | Nationwide Insurance | US | 5 | 25-50% |
36 | Keystone Insurance Group | US | 5 | 50%+ |
37 | Scale Venture Partners | US | 5 | <25% |
38 | Goldman Sachs | US | 5 | <25% |
39 | Two Sigma Ventures | US | 5 | <25% |
40 | B Capital Group | US | 5 | <25% |
41 | Health Velocity Capital | US | 5 | <25% |
42 | Nine Four Ventures | US | 5 | <25% |
43 | Centana Growth Partners | US | 4 | <25% |
44 | IAG Firemark Ventures | US | 4 | 25-50% |
45 | Mouro Capital | UK | 4 | <25% |
46 | GIC | SG | 4 | <25% |
47 | Weatherford Capital | US | 4 | 50%+ |
48 | KT Squared | US | 4 | 50%+ |
49 | Opera Tech Ventures | FR | 4 | <25% |
50 | CMT Digital Ventures | US | 4 | <25% |
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

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