What are the latest funding trends in InsurTech?

All funding deals in the InsurTech Market over the last years

Below is the table listing all the deals. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the InsurTech Market.

Is InsurTech funding actually growing right now?

InsurTech funding is basically flat today, but the market underneath that headline has changed a lot: far fewer companies are raising money, and the ones that do are raising much bigger rounds.

From January 1 through October 7, 2026, we calculate $1.914 billion of audited InsurTech equity funding, compared with at least $1.899 billion over the same period in 2025. That is just 0.8% growth. Compared with 2024, funding is down about 5%.

Deal activity looks much weaker. We count 75 financings this year versus 105 a year earlier, while the number of companies funded fell from 104 to 69. At the same time, the median reliable round jumped from $8 million to $15.6 million.

There is also an important audit issue behind the headline. Alan announced a €480 million Series G, recorded at roughly $550 million in our database. Prosus, which led the transaction, explicitly says its investment includes both primary and secondary equity without disclosing how much belongs to each. We therefore count Alan as a financing event but exclude the $550 million from fresh-capital calculations.

Counting all of Alan's headline amount would push 2026 funding to roughly $2.46 billion and make the market appear to be growing by around 30%. We do not think that is a defensible interpretation of fresh funding.

Metric	2026 YTD	2025 comparable	2024 comparable	Change vs 2025
Deals	75	105	96	-28.6%
Unique funded companies	69	104	95	-33.7%
Audited capital	$1.914B	≥$1.899B	≥$2.015B	+0.8%
Capital excluding >$50M rounds	$1.102B	$1.142B	$989.4M	-3.5%
Capital excluding >$100M rounds	$1.407B	$1.596B	$1.537B	-11.9%
Median reliable round	$15.6M	$8.0M	$10.7M	+95.0%
Average reliable round	$25.9M	$18.1M	$21.0M	+43.0%
Later-stage deal share	41.3%	32.4%	26.0%	+9.0 pp
First-financing share	24.0%	26.7%	21.9%	-2.7 pp

Are fewer InsurTech startups getting funded now?

Yes. InsurTech funding has become much narrower in 2026, with roughly one-third fewer companies receiving capital than a year ago.

The fall from 104 funded companies to 69 is actually steeper than the drop in deal count because several companies raised more than once this year. Five companies completed multiple rounds during the current period, compared with only one in the comparable 2025 period.

The lower end has thinned out particularly quickly. There were 22 financings below $5 million this year, down from 41. First financings also dropped sharply. Meanwhile, the middle of the market held up better: the number of $20 million to $50 million rounds moved only from 22 to 20.

So when we look at InsurTech today, the weakness is concentrated more in the number of companies able to get a deal done than in the amount investors are willing to commit once they decide to invest.

Are InsurTech rounds getting much bigger?

Yes. The typical InsurTech financing is dramatically larger now, and this is one of the clearest changes we found in the market.

The median reliable round has almost doubled year over year. The average is up about 43%. Reliable financings of $100 million or more increased from two to five even as overall deal activity fell substantially.

This shift extends well below the very largest transactions. Deals between $20 million and $50 million now account for a third of audited capital, while financings below $20 million have become much less important.

That is why headline capital has remained resilient despite the fall in activity. Investors are putting substantially more money into each company they choose to back.

Would InsurTech funding still look strong without the biggest rounds?

InsurTech funding looks noticeably weaker once the largest rounds are removed, although we still do not see a collapse in ordinary financing.

Excluding rounds above $50 million leaves $1.102 billion of current funding, 3.5% below the comparable 2025 total. Excluding rounds above $100 million puts the decline at 11.9%.

The result is useful because 2026 is not being distorted by a single reliable megadeal. The largest audited financing represents only 8.4% of current capital. The top three account for 21%, almost the same concentration we saw last year.

What has changed is the number of large and upper-middle-sized rounds. There are more nine-figure financings and fewer tiny ones. That has shifted the whole distribution upward rather than simply adding one enormous transaction at the top.

Why is Series B suddenly so important in InsurTech?

Series B is currently where the biggest change in InsurTech funding is happening: investors are writing much larger checks once a company has made it past the earliest proof points.

We count 16 Series B transactions this year versus 12 a year ago. That is unusual in a market where total deal volume fell by almost 30%. Series B now represents 21.3% of deals and 38.4% of audited capital.

The median Series B round rose from $20.9 million to $41 million.

Corgi makes the change especially visible. The company announced a $160 million Series B and then a separate $106 million Series B1 only three weeks later. Corgi says it received regulatory approval in July 2025 and is now expanding its full-stack insurance business across underwriting, claims, policy operations and additional commercial insurance lines.

Those two rounds contributed $266 million to current Series B funding. Even after taking Corgi out, however, the remaining Series B capital is roughly $469 million, well above last year's $278 million.

Stage	2026 deals	2025 deals	2026 capital	2025 capital
Seed	28	36	$166.1M	$114.3M
Series A	11	17	$235.1M	$225.5M
Series B	16	12	$734.6M	$278.2M
Series C	7	6	$351.0M	$310.0M
Series D+	3	5	$128.0M	$244.7M
Growth Equity	5	11	$245.2M	$622.8M
Unknown	5	18	$53.5M	$103.2M

Is Series A becoming the weak spot in InsurTech?

Series A looks like the more persistent weak point in InsurTech funding right now, especially when we compare the past three years rather than focusing only on 2026.

Series A represented 28.1% of financings in the 2024 comparable period. That fell to 16.2% in 2025 and 14.7% today. The number of Series A deals has gone from 27 to 17 to 11.

Seed has held up better. There are fewer Seed deals in absolute terms, but Seed's share of activity actually increased this year because the rest of the market shrank faster. Seed capital also rose despite the lower deal count, and the median Seed round moved from $2.37 million to $4.4 million.

The current market therefore has an unusual shape: plenty of Seed activity, a thinner Series A layer and a much better-funded Series B group. That gap is worth watching because it could mean fewer young companies are successfully making the transition from initial funding into institutional expansion rounds.

Can new InsurTech startups still get funded?

New InsurTech startups can still raise today, but fewer are making it through and the successful ones are starting with much more money.

We identify 18 first financings in the current period versus 28 a year ago. Their aggregate capital, however, increased from about $144 million to $298 million, while the median first financing rose from $2.75 million to $6.75 million.

That points to tougher selection rather than investors simply abandoning new companies. A smaller group of entrants is receiving larger initial commitments.

Follow-on deals still absorb most of the market's money, which is what we would expect in a more mature sector. As pointed out above, though, the interesting change at the entry point is the combination of fewer new recipients and much larger starting rounds.

Our first-financing classification is based on researched financing history rather than claiming to reconstruct every historical transaction ever completed by each company, so we use it as a directional measure of startup entry.

Which part of InsurTech is getting hotter right now?

Digital Brokers & Marketplaces are seeing the broadest increase in investor attention in InsurTech today.

We count 21 financings in the category, up from 15 in the comparable 2025 period. Its share of all InsurTech deals almost doubled from 14.3% to 28%, while its capital share increased from 20.3% to 24.4%.

That combination is more convincing than a category whose funding jumps because one company raises a very large round. Brokers and marketplaces gained both transactions and money.

Digital Insurers still attract far more absolute capital, but their share is slipping. Underwriting & Pricing Software shows a different pattern again: fewer deals, but much larger financings.

Category	2026 deals	2025 deals	2026 capital share	2025 capital share
Digital Insurers	23	39	44.1%	49.8%
Digital Brokers & Marketplaces	21	15	24.4%	20.3%
Insurance Distribution Software	13	19	7.1%	6.0%
Underwriting & Pricing Software	6	11	8.1%	1.5%
Policy Administration Systems	7	11	7.0%	10.2%
Claims Technology	4	9	6.9%	2.7%
Reinsurance & Risk Platforms	1	1	2.4%	9.5%

Is Underwriting & Pricing Software really booming?

Underwriting & Pricing Software is attracting much bigger InsurTech checks lately, although the category itself has become smaller by deal count.

Only six financings were completed in the current period versus 11 last year. Yet capital rose from $28.3 million to $154.1 million, and the median financing jumped from $1.85 million to $24 million.

The 2024 comparison keeps this in perspective. The category attracted about $301 million during the equivalent period two years ago, almost twice the current level.

So 2026 looks like a strong rebound from an unusually weak 2025 rather than a new all-time surge. Investors are paying up for selected underwriting and pricing businesses, but we do not yet see a large new cohort forming around them.

Is Claims Technology really coming back?

Claims Technology has one very strong company funding story right now, not a broad category comeback.

Four current deals produced $132.4 million of funding, and Reserv alone accounts for $125 million of that amount.

The reason Reserv attracted such a large round is easier to understand when we look at the operating business. When the company announced its Series C led by KKR, it said annual recurring revenue had reached about $100 million, it was serving nearly 200 insurers, MGAs, captives and brokers, and it had capacity for roughly 500,000 complex claims per year.

Reserv plans to expand that capacity dramatically over the next several years. At that scale, the $125 million raise looks like investors funding an already substantial operating platform.

The rest of Claims Technology remains much quieter. Deal count has fallen from nine last year to four currently, which makes the category's higher capital share a poor measure of broad investor appetite.

Are Digital Insurers losing their grip on InsurTech funding?

Digital Insurers are still the largest part of InsurTech funding, but they are gradually giving up market share to other models.

They account for about $844 million of audited current capital. Their share of deals, however, has fallen from 39.6% in 2024 to 37.1% last year and 30.7% now.

Their share of capital has moved in the same direction, from roughly 51% two years ago to 49.8% and then 44.1%.

Investors are still willing to write substantial checks for Digital Insurers. The median current round is $26 million, up from $16.5 million last year. What has changed is how many of these businesses are raising compared with brokers, marketplaces and selected software platforms.

Digital insurance carriers still dominate in dollars, but today they occupy a smaller part of a more varied InsurTech funding market.

Is the United States pulling away in InsurTech funding?

The United States is carrying much more of the InsurTech funding market these days, while Europe and Asia have become considerably quieter.

North America accounts for 64% of current deals and 73.5% of audited capital. The United States alone produced 46 of the 75 financings we identified and roughly 73% of capital.

Europe fell from 28 deals in the comparable 2025 period to 16. Two years ago it had 32. Its current capital share is below 19% once Alan's unresolved primary-secondary transaction is treated correctly.

Asia-Pacific has also contracted, from 12 deals in 2024 to nine last year and six now.

The North American shift therefore comes from two directions at once: U.S. companies are raising larger rounds, while deal activity elsewhere has weakened faster.

Region	2026 deals	2025 deals	2024 deals	2026 capital share
North America	48	61	46	73.5%
Europe	16	28	32	18.7%
Asia-Pacific	6	9	12	4.3%
Middle East	3	1	1	1.7%
Latin America	2	5	2	1.7%
Africa	0	1	3	0%
Total	75	105	96	100%

Are InsurTech investors becoming pickier?

Yes. InsurTech investors appear much pickier today, and the evidence goes beyond falling deal count.

The number of disclosed lead investors has fallen from 106 to 64 even though the lead-disclosure rate is virtually unchanged. We also see fewer small financings, fewer first-time funded companies and more repeat financing among the businesses that are getting through.

Meanwhile, several companies that attracted unusually large rounds had already reached concrete milestones. Corgi had secured regulatory approval before its two large Series B financings. Reserv had reached roughly $100 million in ARR. Prosus said Alan had surpassed €800 million in ARR, served more than 1.1 million members and reached profitability in France when its latest transaction was announced.

Those examples fit the broader pattern pretty well. Investors currently seem comfortable putting a lot of money behind companies that can show regulatory progress, real revenue or scaled insurance operations. They are considerably less generous in the number of companies they choose.

Are the same InsurTech investors showing up again and again?

Repeat lead investing is more visible in InsurTech now, although the bigger change is simply that the lead-investor pool has become smaller.

Sequoia Capital appears as a lead or co-lead three times in our current dataset. Kaszek, TCV and Brewer Lane Ventures each appear twice.

Only one lead investor had more than one appearance in the comparable 2025 period. This year there are four.

We would not infer that every investor missing from the current list has left InsurTech. A smaller annual deal pool naturally creates more gaps. What we can say is that capital is currently being deployed through a narrower set of lead investors, with repeated backing of selected companies becoming easier to see.

Are insurance companies and other strategic investors pouring into InsurTech?

Strategic investors are not becoming more important in InsurTech funding right now.

We find strategic participation in 25.3% of current financings, almost unchanged from 26.7% last year and well below the 33.3% recorded in 2024.

Strategic money is spread across Seed, Series A, Series B and later transactions rather than clustering around the large rounds that have lifted the current median.

The numbers give us little reason to explain today's bigger InsurTech checks as a corporate-investor wave. Traditional financial investors are still doing much of the heavy lifting.

Are investors retreating to old, established InsurTech companies?

No. Larger InsurTech rounds are not simply the result of investors retreating into old companies.

For financings where we could establish a founding year, the median company raising today is three years old, compared with four years in each of the previous comparable periods.

Current Series B companies have a median age of about three years. Seed and Series A sit around two years. Only once we reach Series C and beyond does company age rise sharply.

Corgi is an extreme example of how quickly capital can now arrive. The company says it obtained regulatory approval in 2025, and less than a year later it completed back-to-back nine-figure Series B financings.

We would not push the age conclusion too far because founding dates are available for about 81% of current deals rather than the 96% coverage we had in 2024. Still, the data clearly fails to support a simple “investors only want old winners” story.

Why are some InsurTech companies raising so much money now?

The biggest InsurTech checks currently tend to follow tangible operating milestones: regulatory approval, meaningful revenue, real insurance customers or infrastructure already running at scale.

Corgi is one example. Its own funding announcements link the new money to expansion across insurance products, distribution, underwriting, claims and new commercial lines. TCV's investment thesis also focuses on replacing fragmented legacy insurance infrastructure with a vertically integrated technology platform.

Reserv gives us another version of the same pattern. Its $125 million financing came after the company reached around $100 million in ARR and nearly 200 insurance-sector customers.

Alan is much further along. Prosus reported more than €800 million in ARR, 53% year-over-year growth, more than 1.1 million members and profitability in France. The financing itself needs careful treatment because it mixes primary and secondary shares, but the company's operating scale helps explain why investors were prepared to commit hundreds of millions of euros.

These examples do not explain every financing in the market. They do help explain why average and median round sizes can rise so sharply during a year when fewer companies are actually getting funded.

So is InsurTech funding healthy right now?

InsurTech funding currently looks healthy for the winners and difficult for almost everyone trying to become one.

Capital has held up remarkably well given the contraction in activity. Companies that reach the right point can raise $40 million, $100 million or considerably more, and several young businesses are reaching those round sizes quickly.

At the same time, many fewer startups are receiving financing at all. The lower end of the market has shrunk, Series A remains weak, Europe has lost considerable deal volume and investor participation has narrowed.

We would therefore be careful with claims of an InsurTech funding rebound. The market has become better funded at the company level while becoming harder to access at the market level.

That distinction is probably the most useful way to read InsurTech funding today.

What is actually changing in InsurTech funding?

InsurTech funding is becoming more selective. Deal activity and the number of funded companies have fallen sharply, so the current market reaches a much narrower group than it did a year ago.

Round sizes have moved decisively upward. As seen above, the median financing has nearly doubled, large rounds are more common and the lower end of the market has contracted much faster than the middle.

Series B is where the shift is most visible. Companies that make it through early validation are increasingly able to raise very large expansion rounds, sometimes within only a few years of being founded.

Investor attention is also moving between business models. Digital Brokers & Marketplaces are gaining deal breadth, Digital Insurers are slowly losing relative share, while Underwriting & Pricing Software and Claims Technology have attracted larger checks without producing more deals.

New entrants still have access to capital, but the bar looks higher. Fewer first financings are happening, while the companies that do secure an initial round are raising substantially more money than last year.

The United States currently carries most of the market's depth. Europe and Asia-Pacific have lost financing activity more quickly, making North America increasingly dominant in both deals and capital.

The trend we would treat most carefully is headline funding growth. Once Alan's mixed primary-secondary transaction is handled conservatively, total capital is essentially flat. The much stronger story is happening underneath that total: fewer companies, bigger checks and much more capital concentrated around businesses that have already shown something tangible.