InsurTech Funding Tracker (321 deals)

Our funding tracker covering the InsurTech Market

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

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

Is InsurTech actually a big funding market right now?

InsurTech is a real multibillion-dollar funding market today, but the $7.68 billion headline makes the typical financing look much bigger than it is.

Across the 321 deals we researched, the median round is $10.5 million while the average reaches $23.9 million. Large transactions are clearly pulling the headline upward.

The clearest way to see it is by deal size. Almost two-thirds of financings are below $20 million, and those deals generate only 16.4% of the capital. At the other end, $50 million-plus rounds make up just 13.1% of transactions while taking 55.3% of all dollars.

So an investor reading about a $100 million or $200 million InsurTech round is seeing the top layer of the market, not something close to a normal financing. Once rounds of $50 million or more are removed, measured funding falls from about $7.68 billion to $3.43 billion.

Round size	Deals	Share of deals	Capital	Share of capital
Below $5M	108	33.6%	$257.7M	3.4%
$5M–<$20M	96	29.9%	$1.001B	13.0%
$20M–<$50M	75	23.4%	$2.173B	28.3%
$50M–<$100M	27	8.4%	$1.749B	22.8%
$100M+	15	4.7%	$2.498B	32.5%
Below $20M combined	204	63.6%	$1.259B	16.4%
$50M+ combined	42	13.1%	$4.247B	55.3%

How many InsurTech companies are actually getting funded?

The funded InsurTech market currently consists of 280 companies, and most of them appear only once.

We counted 321 financings because some businesses returned to the market several times. Even so, 244 of the 280 companies, or 87.1%, have just one qualifying financing in the period. Another 31 appear twice, and only five appear three or more times.

That small repeat-funded group carries surprising economic weight. The 36 companies with at least two financings represent only 12.9% of the company population but collect 39% of all recorded capital.

We therefore see a broad market at the entry level and a much smaller circle of companies that investors keep backing. Alan, Corgi, Chapter and Federato are good examples: repeated access to capital allows their cumulative totals to pull away rapidly from the hundreds of businesses appearing once.

Is InsurTech funding concentrated in just a few companies?

InsurTech funding is fairly concentrated today, although no single company is big enough to explain the market on its own.

The top ten companies account for 33.1% of the $7.68 billion raised. Alan sits far ahead at $859 million across three financings, followed by Corgi at $282.2 million and Chapter at $225 million. Axonic Insurance reaches $210 million from one preferred-equity transaction, while Nirvana Insurance and CyberCube are around $180 million.

Company concentration is more revealing here than simply ranking individual rounds. The ten largest deals represent 25.7% of capital, versus 33.1% for the ten largest companies, because repeat raisers can stack several large financings during the period.

At the other end of the market, 35% of companies have raised no more than $5 million cumulatively. Only 13.9% get beyond $50 million.

Company	Capital raised in the period	Financings
Alan	$859M	3
Corgi	$282.2M	3
Chapter	$225M	3
Axonic Insurance	$210M	1
Nirvana Insurance	$180M	2
CyberCube	$180M+	1
Sidecar Health	$165M	1
Reserv	$150M	2
Curative	$150M+	1
Federato	$140M	2

What does a normal InsurTech startup actually raise?

A normal InsurTech round today is much closer to $10 million than $25 million.

The market median is $10.5 million. One-third of all financings come in below $5 million, and another 29.9% fall between $5 million and $20 million. That means the majority of founders raising in this market are dealing with single-digit or low-double-digit million-dollar rounds.

Stage changes the picture quickly. The median Seed is $3.33 million, Series A is $13.25 million and Series B is $28.5 million. By Series C, the middle round has reached $50 million.

That progression gives founders a much more useful benchmark than the overall average. A $4 million Seed is perfectly normal here. So is a $13 million Series A. A $75 million round belongs to a much thinner population that has already moved deep into the scale-up market.

Which part of InsurTech gets the most funding?

Digital Insurers currently absorb more InsurTech capital than every other category by a wide margin.

We count $4.24 billion going into Digital Insurers, equal to 55.2% of all capital despite the category representing 37.4% of deals. Digital Brokers and Marketplaces sit a distant second at $1.08 billion.

Insurance software is much more fragmented. Underwriting and Pricing Software receives $630.5 million, Policy Administration Systems $507.9 million, Distribution Software $494.1 million and Claims Technology $417.4 million.

Distribution Software gives the clearest contrast. It generates 52 financings, making it one of the busiest parts of the market, yet receives just 6.4% of the dollars and has a $4.5 million median round. Digital Insurers have a $20 million median and contain 19 of the $50 million-plus financings.

Category	Deals	Companies	Capital	Capital share
Digital Insurers	120	98	$4.242B	55.2%
Digital Brokers & Marketplaces	58	54	$1.084B	14.1%
Underwriting & Pricing Software	30	26	$630.5M	8.2%
Policy Administration Systems	27	24	$507.9M	6.6%
Insurance Distribution Software	52	47	$494.1M	6.4%
Claims Technology	29	26	$417.4M	5.4%
Reinsurance & Risk Platforms	5	5	$303.1M	3.9%

Why do Digital Insurers need so much more money?

Digital Insurers raise bigger rounds because scaling an insurance company can require capital for the insurance business itself as well as for technology.

Digital Insurers take more than half of all funding and have a $20 million median round, more than four times the median for Distribution Software.

Regulation helps explain why. The National Association of Insurance Commissioners says US insurers must maintain risk-based capital tied to their size and the risks in their assets and operations. As an insurer grows and writes more coverage, capital adequacy becomes part of the scaling equation.

Recent financings show what that looks like in practice. Alan's large financing came after the company passed one million members and expanded across several countries. Corgi raised $160 million and then another $106 million only weeks later while building a full-stack commercial insurance platform covering underwriting, policy administration and claims. Axonic Insurance raised $210 million in preferred equity to strengthen its capital base while expanding insurance products and distribution.

Software businesses can certainly become large companies with less outside funding. An actual insurance platform may have to finance technology, distribution, regulated operations and risk-bearing structures at the same time.

Is Alan making European InsurTech funding look bigger than it really is?

Alan heavily boosts European InsurTech funding, but Europe still has a meaningful market around it.

Alan accounts for $859 million of the funding we tracked, making it the largest company in the entire cohort. Europe as a whole raises about $2.21 billion, so one company has a huge impact on the regional total.

The most extreme example came when Alan's $550 million financing landed during a month with only five InsurTech deals. Total monthly funding still reached $637.6 million. A reader looking only at aggregate capital would have seen an apparent funding surge even though deal activity was quiet.

Europe also contains 83 funded companies and 90 financings, so Alan does not explain the region's breadth. The UK alone produces 35 deals, and businesses across France, Germany, Switzerland and the Nordics continue to raise across brokerage, insurance infrastructure, claims and digital-carrier models.

European InsurTech has real depth in company formation, while its capital totals are unusually sensitive to one giant health-insurance platform.

Is InsurTech mostly an early-stage market these days?

InsurTech has lots of early-stage deals, but later-stage companies currently take most of the money.

Among financings with a known stage, Seed and Series A make up 61.1% of transactions but receive only 19.7% of classified capital. The large dollar pools arrive later.

We count 106 Seed financings, 62 Series A rounds and 47 Series B rounds. Series C drops to 25 transactions and Series D+ to 15. Growth Equity contributes another 20 deals, although it covers several maturity paths rather than one fixed step in the venture ladder.

Cheque sizes rise almost continuously alongside that narrowing. The median goes from $3.33 million at Seed to $13.25 million at Series A, $28.5 million at Series B, $50 million at Series C and $75 million at Series D+.

Stage	Deals	Companies	Capital	Median round
Seed	106	98	$436.9M	$3.33M
Series A	62	62	$990.2M	$13.25M
Series B	47	45	$1.729B	$28.5M
Series C	25	24	$1.308B	$50.0M
Series D+	15	13	$1.637B	$75.0M
Growth Equity	20	20	$1.134B	$35.0M
Unknown	46	46	$444.3M	$4.28M

Why do so few InsurTech companies make it from Series B to Series C?

Series B to Series C is currently the clearest narrowing point in InsurTech's funding ladder, with the number of rounds dropping from 47 to 25 just as the typical check jumps from $28.5 million to $50 million.

The earlier part of the ladder is considerably wider. There are 106 Seed deals, 62 Series A rounds and 47 Series Bs. Once investors are being asked for roughly $50 million at Series C, the number of observed financings nearly halves. These are period-level round counts, though, not a measure of how many Series B companies successfully graduate to Series C.

That pattern becomes especially visible in software-heavy categories. Insurance Distribution Software has 52 deals overall, including a large early-stage population, but only one financing above $50 million. Claims Technology has 29 transactions and 17 Seeds, while Reserv's $125 million Series C is the standout large financing.

The hurdle at this point is commercial scale. By Series C, a company generally needs much stronger evidence that insurers, brokers or policyholders will keep buying the product at a level capable of supporting a much larger business. A promising workflow tool can secure an early round; getting someone to write a $50 million check demands considerably more.

How old are InsurTech companies before investors write big checks?

Large InsurTech rounds usually go to companies that have already spent years building the business.

The median company is four years old when it raises. For rounds above $50 million, that rises to six years, while companies raising below $5 million have a median age of about two and a half years.

Stage tells the same story. Seed companies have a median age of two, Series A and B businesses are around four, Series C reaches six, and the median for Series D+ and Growth Equity is eight years.

The current funded population is particularly dense among companies founded from 2020 through 2023. We count roughly 35 founded in 2020, 36 in 2021, 39 in 2022 and 33 in 2023. Only 17 known companies were founded in 2025 or 2026.

The companies absorbing serious money these days are usually past the experimental startup phase. Investors are writing the largest checks after several years of evidence around underwriting, distribution, claims performance, carrier adoption or customer growth.

Is InsurTech funding mainly going to companies that were already funded before?

Yes. InsurTech today is overwhelmingly a follow-on funding market.

We classify 245 of the 321 financings as follow-ons, equal to 76.3% of all deals. Those rounds collect about $7.15 billion, roughly 93% of the capital.

First financings are much smaller. Their median is $3.1 million, compared with $15.2 million for follow-ons, and 75 transactions in the cohort represent a company's first identified external financing.

A large portion of the money is going into businesses investors already know, rather than companies raising their first round.

It also explains the huge cumulative totals at the top. Once companies such as Alan, Corgi, Chapter and Federato establish continued access to institutional investors, each new financing widens the gap between them and the long tail.

Why do so many InsurTech companies raise once and then disappear from the funding table?

Most InsurTech companies never return to the funding market during our nearly three-year window, which raises questions about how frequently startups secure another round.

We count 244 companies with a single financing and only 36 with two or more. Some of that comes from timing: a company funded recently has not had enough time to raise again, while another company may have completed its previous round just before our period begins.

Still, an 87.1% single-round share is striking. It shows how rarely repeat transactions appear within this observation window, although it cannot establish how many companies will eventually raise again or whether those that do not return actually need additional capital.

The repeat raisers also take much larger amounts of capital. As seen above, they represent 12.9% of companies but 39% of the money. The divide between "fundable" and "repeatedly fundable" is one of the clearest features of the recorded market.

Are insurance software startups getting stuck before the really big rounds?

Many insurance software companies are getting funded today, but relatively few are breaking into the large-round tier.

Distribution Software is the sharpest example. Its 52 deals make it the third-busiest category, yet the category attracts only $494 million in total and has just one financing above $50 million.

Claims Technology follows a similar pattern. There are 29 deals, 17 of them at Seed, and no Series D+ or Growth Equity financings in the cohort. Reserv's $125 million Series C carries a large portion of the category by itself.

Underwriting and Pricing Software has more scale, with $630.5 million across 30 financings, including companies such as Federato. Even there, the capital pool remains a fraction of what goes into Digital Insurers.

This looks partly structural. A software vendor can build a valuable product without needing hundreds of millions of dollars on its balance sheet. The harder question for investors is whether that software can become large enough commercially to justify a late-stage venture round at the same scale as a carrier or full-stack insurance platform.

Is CyberCube proof that reinsurance and risk software is becoming a huge funding category?

CyberCube proves that a mature risk platform can attract a very large investment, but the wider Reinsurance and Risk Platforms category is still tiny.

The category contains five financings worth $303.1 million in total. CyberCube alone contributes more than $180 million, close to 60% of that amount.

Its scale makes the financing easier to understand. When Spectrum Equity announced the investment, it said CyberCube served more than 130 clients, including 75% of the top 40 US and European cyber insurers by gross written premiums and a majority of the top 20 global brokers. This was already deeply embedded industry infrastructure.

There are signs of another layer developing. Luzern Risk recently raised a $45 million Series B to grow its captive-insurance platform and expand its AI capabilities. That is a serious institutional round, although five financings remain far too small a sample to call this a broad funding boom.

For now, Reinsurance and Risk Platforms look like a narrow category where an exceptional infrastructure company can command a huge check.

Do insurance companies themselves matter as InsurTech investors?

Insurance-linked strategic investors matter a lot in InsurTech today, especially when startups need distribution, insurance capacity or access to carrier workflows.

Strategic investors appear in 92 deals, or 28.7% of the cohort. The median financing with strategic participation is $16.15 million, compared with $8 million when no strategic investor is identified.

Their activity also clusters in parts of the market where industry connections are especially useful. Digital Insurers account for 43 strategic-backed deals, followed by Digital Brokers and Marketplaces with 17. American Family Ventures appears ten times, Munich Re Ventures six times, Intact Ventures five times and MS&AD Ventures four times.

The investors themselves are explicit about the advantage. American Family Ventures describes its role as bringing a carrier perspective to startups and translating between startups and insurers. Munich Re Ventures says its portfolio companies can gain access to customers, strategic partners, technical expertise, risk solutions and insurance capacity through the broader Munich Re network.

In insurance, a useful corporate investor may unlock something the startup cannot simply buy with venture dollars. That commercial advantage makes strategic participation especially valuable, even if the larger median round does not by itself prove that strategic investors cause companies to raise more.

Which venture investors keep showing up in InsurTech?

InsurTech has no dominant venture firm underwriting the whole market right now; lead investing is spread across a very large group.

We have a disclosed lead for 260 financings and identify 266 unique lead investors after cleaning obvious naming variants. Only 44 lead investors show up more than once.

General Catalyst and Portage each lead four deals. Insurtech Gateway also appears four times, mostly around smaller financings. Sequoia Capital, American Family Ventures, BlueOrchard, Brewer Lane Ventures, FirstMark, Kaszek and Crosslink are among the investors with three led rounds.

Some firms lead fewer deals but much larger ones. The two rounds led by TCV total $266 million in transaction value, while two KKR-led rounds total $218 million and two involving Goldman Sachs Alternatives Growth Equity total $175 million. Those are round sizes, rather than the investors' individual checks.

The fragmentation is striking for a market of this size. Founders are not pitching the same five specialist funds every time they raise. Capital comes from generalist venture firms, growth investors, private-equity groups, insurers and dedicated InsurTech investors, with the mix changing substantially from one company to another.

Is InsurTech still mostly a US and European funding market?

Yes. North America and Europe still control the scale end of InsurTech funding, accounting together for 90.6% of the capital we tracked.

North America produces 182 deals and $4.75 billion, with the United States alone responsible for 171 financings and roughly $4.57 billion. Europe contributes another 90 deals and $2.21 billion.

Asia-Pacific is clearly present but smaller, with 30 deals and $463 million. Latin America records nine deals, while the Middle East and Africa each have five.

The more revealing divide is at the top end. We find no $50 million-plus financing in Latin America, the Middle East or Africa during the period. Africa's $61.6 million total is especially concentrated, with one $38 million round supplying around 62% of the regional capital.

Smaller regions are producing fundable InsurTech companies, but the large-scale financing ecosystem currently remains concentrated in North America and Europe.

Is InsurTech funding speeding up right now?

InsurTech dealmaking has been fairly steady, while monthly funding totals keep jumping around whenever a giant deal lands.

Across the 33 completed months in our window, the market averages 9.7 deals a month and the median is nine. The busiest month reaches 17 deals, less than twice the median.

Capital is much more volatile. The median month produces $209.1 million, while the largest reaches $730.4 million. Another month generates $637.6 million from only five financings because one transaction accounts for $550 million.

A sudden jump in dollars can simply mean one or two mature companies happened to raise at the same time. Deal count gives a much steadier picture of how active the underlying company population actually is.

For now, the market looks active rather than euphoric: startups and scale-ups keep raising throughout the period, while the size of each month's total depends heavily on when the large checks close. The pooled monthly figures alone, however, do not establish whether the latest pace is accelerating.

Where does the InsurTech funding market run out of depth?

InsurTech currently runs out of depth when companies need repeated, $50 million-plus scale financing.

The market has 280 funded companies, 106 Seed rounds and 62 Series A financings, so early venture funding is plainly happening. The population becomes much smaller once we look for Series C rounds, repeated financings or large checks outside Digital Insurers.

Distribution Software has plenty of startups but almost no $50 million-plus layer. Claims Technology shows the same weakness beyond the early stages. Only 36 companies across the entire market return for multiple financings in our window. Several regions have no large rounds at all.

Meanwhile, the businesses that do break through can attract extraordinary amounts of money. Alan reaches $859 million in the period, Corgi $282.2 million, Chapter $225 million and Axonic Insurance $210 million.

There is no shortage of companies investors are willing to fund once. The scarce asset is a company that can keep growing fast enough, and prove enough real insurance economics, to make investors comfortable writing progressively larger checks.

What should we actually take away from InsurTech funding today?

InsurTech is a broad funding market with 280 companies, but the $7.68 billion headline hides a much smaller scale-capital economy. Most rounds remain below $20 million, while the minority at $50 million or more controls more than half of all dollars.

Digital Insurers sit at the center of that scale-capital economy. They take 55.2% of funding because successful companies in this category may need to finance regulated insurance operations, distribution and risk capacity alongside technology.

The funding ladder is much wider through Series B and then narrows hard. Moving from 47 Series B rounds to 25 Series Cs marks the point where the observed financing market becomes substantially more selective, although these counts are not a direct conversion-rate measure.

The companies receiving serious checks are also more mature than the word "startup" suggests. The median funded company is four years old, and the median business raising more than $50 million is six years old.

Insurance companies and their venture arms play a meaningful role in keeping the ecosystem connected. Strategic investors participate in close to three out of ten rounds, often bringing carrier relationships, distribution or insurance capacity along with money.

The biggest weakness today is therefore depth rather than activity. InsurTech keeps producing funded companies, but only a small group repeatedly accesses institutional financing and reaches the $50 million-plus tier.