Online Insurance companies us
US startups operating in the commercial P&C insurance market have raised over $80M since October 2015
Specifically, US startups offering tech-enabled distribution of small business insurance or helping enable existing commercial insurance brokers digitally have raised almost $80M since October 2015. Among the deals’ backers were VCs and growth equity investors, including Canaan Partners, Oak HC/FT, Ribbit Capital, and Comcast Ventures. Insurers backing small commercial insurance startups include XL Catlin’s XL Innovate, Chubb, Munich Re/HSB Ventures, and American Family Ventures.
The most recent is CoverWallet, which raised a $7.8M Series A led by Union Square Ventures in November. Embroker, raised a $12.2M Series A led by Canaan Partners in May, for its online business insurance-management platform and brokerage, which it launched in October.
Senior Analyst Matthew Wong will take a look at the latest investment and startup formation trends in insurance and the moves (re)insurers are making.
Earlier this year, which raised a $13M seed round, partnered with Hiscox to distribute small business insurance online. Insurance comparison company Insureon, which raised a $31M growth round in October 2015, reportedly did close to $18M in revenue in 2014 and has brokered policies for over 175, 000 small businesses. Other companies to raise seed financing this year include Bunker, aimed at the freelancer segment, Slice Labs, which debuted its home-share insurance product in Iowa October. In B2B-focused startups, Indio, raised $2M from NEA, Compound and Hiscox for its management platform for commercial insurance brokers in November 2016, while RiskMatch raised $3M in seed funding for its commercial insurance marketplace and portfolio management plaform from Lightbank, 8VC and Wildcat Venture Partners in August 2016.