What are the top InsurTech startups by total funding raised?

Top startups in the InsurTech Market ranked by total funding raised

Here is an updated table that ranks the top startups in the InsurTech Market based on the total amount of funding they have raised to date.

The table also includes the total number of funding rounds, the date and size of the latest round, the financing type (e.g. Series A, equity financing), key investors, the startup’s current status (active, IPO, acquired, or shut down), and a confidence score based on the data collected (we excluded startups with very low data confidence, to make sure everything is reliable).

If you need to dig deeper and get more detailed data, please check our report covering the InsurTech Market.

Which InsurTech startups have raised the most funding?

Wefox and Alan sit at the top of the InsurTech funding market, but the gap between the two is much less meaningful than the headline totals make it look.

Our working dataset puts wefox at roughly $1.5 billion raised and Alan at roughly $1.4 billion, followed by Coalition above $800 million and Clearcover above $600 million. Only a handful of private InsurTech companies have accumulated more than half a billion dollars.

The ranking gets more interesting below them. Corgi has moved into the top group at extraordinary speed. It was founded only recently, yet public financing records now put cumulative funding above $400 million. Openly, Ledgebrook, Cover Genius, Kin and Sidecar Health are all clustered around the $300–360 million range.

There is one important qualification. A strict equity-only ranking requires us to strip out debt facilities, refinancings and potentially secondary share sales. Wefox, for example, announced €151 million of financing in 2025, but €75 million was a refinancing facility rather than new equity. Alan's large Series G included both primary and secondary equity. Cover Genius described its latest $100 million transaction as a capital raise backed by Vista Credit Partners. Those distinctions can move individual companies around the ranking even when the broad picture stays the same.

Rank	InsurTech startup	Working cumulative funding	Main business
1	wefox	~$1.5B	Digital insurance distribution
2	Alan	~$1.4B	Digital health insurance
3	Coalition	$800M+	Cyber insurance and security
4	Clearcover	$560M+ publicly confirmed	Digital auto insurance
5	Corgi	$400M+	AI-native commercial insurance
6	Openly	$361M+	Homeowners insurance
7	Ledgebrook	~$357M	Specialty commercial insurance
8	Cover Genius	~$342M working total	Embedded protection
9	Kin	~$330M	Homeowners insurance
10	Sidecar Health	~$328M	Employer health insurance

Is wefox still the best-funded InsurTech startup?

Wefox is still one of the most heavily financed InsurTech companies ever built, although its funding history now says as much about restructuring as it does about growth.

The company raised $650 million in its 2021 Series C and another $400 million in its 2022 Series D, reaching a $4.5 billion valuation. Those rounds alone explain much of its position near the top.

What happened afterward is just as important. Wefox later pulled back from markets, sold businesses and changed its strategy. Its 2025 financing package totaled €151 million, but only €76 million was described as a capital raise; another €75 million refinanced an existing credit facility. The company said the new strategy would focus on an asset-light MGA and insurance-distribution model in markets such as Austria, the Netherlands and Switzerland.

So yes, wefox can still rank at or near number one historically by money raised even though its strategy, footprint and valuation story have changed a lot.

How much funding has Alan raised?

Alan has raised around the equivalent of $1.4 billion across its financing history, making the French health-insurance company one of the two most heavily funded private InsurTech businesses in the market.

Its latest Series G was by far the biggest step. Prosus led a €480 million transaction, with Teachers' Venture Growth, Index Ventures and Dara Holdings also participating. Alan said the round valued the company at €5.5 billion.

The operating numbers help explain why investors were prepared to write such large checks. Alan reported more than €800 million of annual recurring revenue in early 2026, up 53% year over year, more than 1.1 million members and profitability in France.

There is a technical point worth keeping in mind when comparing Alan with other startups. Prosus said its €400 million investment contained both primary and secondary equity. Secondary transactions transfer existing shares between shareholders and do not put the same amount of fresh cash into the company. Alan is unquestionably among the most heavily financed InsurTech companies, but the entire headline Series G should not automatically be interpreted as new primary capital.

Which InsurTech startup raised the biggest recent funding round?

Alan has announced the largest recent InsurTech financing in our sample, with its €480 million Series G standing well above the next tier of rounds.

That transaction is more than twice the size of Ledgebrook's roughly $200 million Series D in our working dataset and far above the $100–160 million rounds that now define the upper end of ordinary InsurTech growth financing.

Corgi is the unusual case. Instead of one giant round, the company repeatedly returned to investors. It announced a $160 million Series B and then another $106 million Series B1 only three weeks later. Later market reporting put its valuation substantially higher again.

Thatch raised $108 million in its Series C, while Nirvana Insurance raised $100 million, Federato raised $100 million and Faye raised $50 million. The market still produces very large rounds, but the biggest checks are going to a fairly narrow group of companies.

Company	Recent round	Amount	What stands out
Alan	Series G	€480M	Largest recent transaction in this group
Ledgebrook	Series D	~$200M	Large specialty-insurance expansion round
Corgi	Series B	$160M	Followed by another major round within weeks
Reserv	Series C	~$125M	Claims infrastructure
Thatch	Series C	$108M	Reached a $1B valuation
Corgi	Series B1	$106M	Announced three weeks after its prior round
Nirvana Insurance	Series D	$100M	Commercial trucking insurance
Federato	Series D	$100M	AI-native underwriting software
Cover Genius	Capital raise	$100M	Embedded protection expansion
Marshmallow	Series C	$90M	Digital motor insurance

Is Corgi really one of the most funded InsurTech startups already?

Corgi has become one of the most heavily funded young InsurTech companies at a speed that is exceptional even by venture-capital standards.

The company said its $160 million Series B brought cumulative funding to more than $268 million. Only three weeks later, Corgi announced another $106 million Series B1 led by TCV, taking the clearly disclosed total to at least $374 million before later financings.

Recent market sources now place cumulative funding above $400 million, although the exact total varies. CB Insights reports $420.7 million across eight rounds, while other recent reporting has put it above $430 million. That discrepancy is exactly why we do not treat every database total as equally precise.

Either way, the pace is remarkable. Corgi has accumulated funding comparable with InsurTech businesses that have been operating for most of a decade.

How many InsurTech startups have raised more than $300 million?

Only a small group of InsurTech startups have crossed the $300 million funding threshold, which makes that level a useful dividing line between well-funded companies and the real capital outliers.

Our working dataset identifies roughly ten businesses around or above that level: wefox, Alan, Coalition, Clearcover, Corgi, Openly, Ledgebrook, Cover Genius, Kin and Sidecar Health.

The differences between them are striking. Alan sells health insurance. Coalition combines cyber insurance with security software. Kin and Openly focus on homeowners insurance. Ledgebrook operates in specialty commercial insurance. Cover Genius provides embedded protection infrastructure.

The common thread is not product category. It is control over an important part of the insurance transaction: risk, underwriting, distribution, claims or customer ownership.

Are health-insurance startups attracting more money than other InsurTech companies?

Health insurance and employee benefits are currently one of the strongest pools of InsurTech capital, although they have not displaced property, casualty or cyber insurance across the whole ranking.

Alan alone sits near the top with roughly $1.4 billion of cumulative financing. Sidecar Health has raised around $328 million, Chapter roughly $286 million and Thatch about $193 million according to our working data. Curative, Yuzu Health, Connie Health, Plum and several smaller platforms add another substantial layer.

The latest rounds show that this is still active rather than legacy funding. Thatch recently raised $108 million at a $1 billion valuation after saying its annual recurring revenue had increased almost sevenfold in twelve months and that it served more than 5,000 employers. Yuzu Health raised $35 million to build infrastructure for health-plan administration.

The strongest investor interest appears to be around companies that change how employers buy, administer or distribute healthcare, not just another consumer insurance front end.

Why are cyber-insurance startups raising so much money?

Cyber insurance keeps attracting large amounts of capital because insurers are funding both the risk carrier and the technology needed to understand a rapidly changing type of risk.

Coalition is the clearest example. It has raised more than $800 million in our working dataset and has attracted strategic capital from insurance groups including Allianz and Mitsui Sumitomo. Its model combines insurance with active cybersecurity monitoring rather than treating cyber cover as a conventional policy sold once a year.

CyberCube approaches the same market from the analytics side. The company secured more than $180 million from Spectrum Equity and says its technology is used by 75% of the top 40 U.S. and European cyber insurers by gross written premium.

Cowbell adds a third model. Zurich invested $60 million in the company to help expand its SME cyber-insurance business and resilience services.

Coalition carries and distributes risk, CyberCube models it, and Cowbell combines insurance with cyber-risk technology. Cyber has enough layers to produce several large venture outcomes, not just one winner.

Are investors still backing full-stack insurance companies?

Investors are still backing full-stack insurers, but they are being much more selective than during the first InsurTech boom.

Corgi, Nirvana, Kin, Marshmallow, Honeycomb and Zego all show that capital is still available for companies that actually underwrite or distribute insurance. Nirvana raised $100 million after building around commercial trucking data. Kin raised $50 million at a $2 billion pre-money valuation while reporting more than $600 million of in-force premium. Marshmallow raised $90 million while reporting a roughly $500 million turnover run rate.

The old thesis was often that a cleaner app and digital customer acquisition could remake insurance. Newer companies are usually selling a more operational advantage: better risk data, faster underwriting, specialized distribution, telematics, AI-assisted claims or access to an underserved customer segment.

Full-stack insurance is still investable. The bar is just much higher than it used to be.

Are insurance software startups now raising as much as insurers?

Insurance software companies are now raising rounds large enough to compete with many actual insurance carriers, which is one of the clearest changes in the market.

CyberCube secured more than $180 million from Spectrum Equity. Akur8 raised $120 million in a Series C that brought its disclosed total to $180 million. Federato raised $100 million from Goldman Sachs Alternatives. Hyperexponential has raised about $91 million, Gradient AI more than $80 million and Artificial Labs more than $70 million in our working dataset.

Several younger AI businesses are moving quickly as well. Outmarket raised $34.5 million only four months after announcing its previous round and said more than 300 agencies and 10,000 users were using the platform. Sixfold raised $30 million for AI underwriting. Pace has attracted large investors including Sequoia and Thrive for insurance operations automation.

Software can participate in insurance economics without carrying the same balance-sheet burden as an insurer. That is a big reason growth investors are comfortable writing nine-figure checks here.

Insurance technology company	Working cumulative funding	Main layer
CyberCube	~$285M	Cyber-risk analytics
Akur8	$180M	Pricing and reserving
Federato	~$180M	Underwriting platform
Tinubu	~$139M	Specialty-insurance software
Vitesse	~$129M	Insurance treasury and payments
Novidea	~$120M	Insurance management platform
hyperexponential	~$91M	Pricing software
Gradient AI	$82M+	Underwriting and claims AI
Artificial Labs	~$71M	Specialty underwriting software
Outmarket	~$57M	AI for brokers

Is AI actually changing where InsurTech funding goes?

AI has become a real funding theme in InsurTech, and the strongest evidence comes from how many different insurance workflows are now producing venture-backed AI companies.

Corgi is trying to build an AI-native carrier. Federato focuses on underwriting. Sixfold also targets underwriting decisions. Reserv works on claims. Pace automates insurance operations. Outmarket targets brokers. Liberate builds AI agents for insurers. FurtherAI and mea Platform automate workflows.

They are attacking different parts of the stack: underwriting, claims, distribution, customer service and back-office operations.

Recent financing makes the shift hard to dismiss as branding alone. Federato raised $100 million. Corgi raised several hundred million in a short period. Outmarket raised two rounds only months apart. Sixfold raised $30 million. Artificial Labs secured $45 million.

AI capital is spreading across insurance rather than concentrating in one narrow use case.

Which InsurTech startups raised money most recently?

Some of the most recent InsurTech rounds belong to AI-native companies and health-benefits platforms rather than the first generation of digital insurers.

Outmarket announced a $34.5 million Series B only four months after its Series A. Thatch raised $108 million after reporting almost sevenfold annual recurring revenue growth. Recent financing has also gone to Corgi, Faye, PolicyStreet and other companies across insurance software, benefits and distribution.

Older companies dominate cumulative funding because they have had more time to raise capital. The startups with the highest fundraising velocity can sit much lower in the table.

Corgi is the extreme example. Thatch, Outmarket and Yuzu Health show the same pattern on a smaller scale.

What are the biggest InsurTech funding rounds?

The biggest InsurTech rounds are far larger than a normal venture round, with the upper end now ranging from roughly $100 million to several hundred million dollars.

Alan's latest transaction sits at the top of the recent market. Historical rounds such as wefox's $650 million Series C were even larger. Beneath those exceptional events, $100–200 million has become the range where the strongest growth-stage InsurTech companies can still raise.

That includes Corgi's $160 million Series B, Sidecar Health's $165 million Series D, CyberCube's $180 million-plus investment, Ledgebrook's roughly $200 million Series D and Branch's $147 million Series C.

In insurance, those rounds can fund technology, regulatory expansion, distribution and balance-sheet support at the same time.

Who are the biggest investors in InsurTech startups?

There is no single dominant InsurTech investor today; the market is being financed by a mix of venture firms, growth-equity funds and established insurance groups.

General Catalyst appears repeatedly across the sector, including companies such as Nirvana and Thatch. Index Ventures has backed Alan and Thatch. Goldman Sachs Alternatives led Federato's $100 million Series D and has also invested elsewhere in insurance technology. TCV became a major backer of Corgi.

Insurance companies are equally important in certain categories. Allianz has deepened its relationship with Coalition. Zurich invested directly in Cowbell. Sompo joined Zego's $28 million round. Guidewire participated in Akur8 and Sixfold, giving it exposure to software that could shape how insurers price and underwrite risk.

InsurTech is no longer financed only by venture funds betting against incumbents. Incumbents themselves are increasingly investors, customers, capacity providers or distribution partners.

Why are Allianz, Zurich and Sompo investing in InsurTech startups?

Large insurers are investing in InsurTech because the most useful startups increasingly complement incumbent insurance infrastructure rather than simply promising to destroy it.

Allianz's relationship with Coalition is particularly revealing. Allianz agreed to provide insurance capacity and distribution support while increasing its equity exposure to Coalition. That creates a much deeper relationship than a passive venture investment.

Zurich's $60 million investment in Cowbell follows the same logic in cyber insurance. Sompo's participation in Zego's $28 million financing came alongside a partnership to explore telematics-based insurance in Japan.

The startup gets capital, underwriting capacity, credibility or distribution. The insurer gets technology and a faster route into new risk categories. These strategic deals are becoming normal in InsurTech.

Which types of InsurTech startups attract the most funding?

The largest pools of InsurTech funding currently sit around health insurance, commercial and specialty insurance, cyber risk, homeowners insurance and core insurance technology.

Consumer digital insurance has not disappeared, but the center of gravity has moved away from generic “insurance on an app” propositions. Investors are putting much more money behind companies that solve an expensive operational or risk problem.

Cyber insurance is one example because risk changes quickly and requires specialized data. Specialty insurance benefits from underwriting expertise and fragmented distribution. Health benefits offer enormous spending pools and inefficient administration. Insurance software can sell directly into the industry without carrying the underlying risk.

Embedded insurance remains relevant too, with Cover Genius and Zopper among the better-funded names. Capital is following clearly defined insurance problems more than digitization for its own sake.

Are U.S. InsurTech startups better funded than European ones?

The United States has the deeper bench of heavily funded InsurTech startups, while Europe still produces some of the largest individual companies.

Europe has wefox and Alan at the very top, plus Zego, Marshmallow, Akur8, hyperexponential, Stoïk, Artificial Labs and several other meaningful businesses. Those companies prove that Europe can create global-scale InsurTech financing stories.

The U.S. list is much broader. Coalition, Clearcover, Corgi, Openly, Ledgebrook, Kin, Sidecar Health, Chapter, CyberCube, Nirvana, Branch, Bestow, Cowbell, Reserv, Thatch and Federato all sit high in the ranking.

Europe can compete at the very top. The U.S. simply has more companies across the middle and upper tiers.

Are Asian InsurTech startups falling behind on funding?

Asian InsurTech startups are less visible near the very top of the global funding ranking, although the region still has several substantial companies.

InsuranceDekho has raised more than $200 million in our dataset, while Qoala, Zopper, Roojai, PolicyStreet and Peak3 represent different parts of the Asian market. The list spans India, Southeast Asia and other regional hubs rather than being concentrated in one country.

Their funding totals generally remain below the biggest U.S. and European leaders. That does not automatically mean slower business development. Insurance distribution in Asia can be highly fragmented, regulation is local and funding rounds are often smaller.

Asia has produced fewer $300 million-plus private InsurTech companies so far, but it still has a broad second tier of digital distributors, carriers and insurance infrastructure companies.

Does raising more money mean an InsurTech startup is winning?

Funding is a useful measure of investor support and financial capacity, but it is a poor standalone measure of which InsurTech company is actually winning.

Wefox is the obvious example. Its historical fundraising puts it near number one, yet the company later restructured, exited businesses and narrowed its strategy. A huge cumulative total did not prevent a difficult reset.

The reverse can also happen. A company with a much smaller funding total may have stronger economics, better underwriting results or a more efficient software model. Funding rankings favor capital-intensive carriers and companies that repeatedly raise external equity.

Alan gives us a more encouraging combination because its financing has been accompanied by more than €800 million of reported annual recurring revenue, strong growth and profitability in France. Kin reported more than $600 million of in-force premium when it announced its Series E.

Cumulative funding answers one question: how much backing has a startup accumulated? It does not replace revenue, underwriting profitability or market share.

Can a heavily funded InsurTech startup still fail?

Yes, large amounts of InsurTech funding can disappear without producing a durable independent company.

ELEMENT Insurance is the clearest example in this ranking. The German digital insurer had raised roughly $150 million in our working dataset, yet formal insolvency proceedings were opened in 2025. Germany's financial regulator later explained how insurance contracts would end and how claims would be handled through the insolvency process.

Acquisitions give us a less dramatic version of the same story. HDVI, which had raised close to $90 million, was acquired by Federated Insurance. Ansel, with roughly $42 million in funding, was acquired by Renaissance.

Those outcomes are not all failures. A strategic acquisition can be a successful exit. But the funding total alone tells you very little about the final outcome.

Are newer InsurTech startups catching the old leaders faster?

The new generation of InsurTech startups is raising capital much faster than the companies that built the first wave of the market.

Corgi is the strongest example because it moved above $300 million of disclosed funding within a remarkably short period. Thatch has approached $200 million while still being a relatively young company. Outmarket moved from Series A to Series B in only four months.

This speed contrasts with companies such as wefox, Coalition and Clearcover, whose cumulative totals were built over many years and multiple market cycles.

Faster fundraising does not prove the new companies will eventually become larger. It does show that investors are willing to compress the financing timeline around today's strongest themes: AI-native insurance, health-benefit infrastructure, cyber risk and specialized commercial insurance.

Is the InsurTech market still attracting serious venture capital?

The InsurTech market is clearly still attracting serious capital, but investors are funding a different mix of companies than they did during the earlier digital-insurance boom.

Recent rounds include nine-figure financings for Alan, Corgi, Thatch, Nirvana, Federato and other companies. CyberCube secured more than $180 million from Spectrum Equity. Marshmallow raised $90 million. Faye raised $50 million. Artificial Labs raised $45 million.

At the same time, investors are demanding more specific reasons for a company to exist. A generic digital insurer is a harder sell than it was several years ago. A company that owns proprietary underwriting data, automates a costly workflow, controls a specialized distribution channel or attacks a fast-growing risk category has a much stronger story.

The money has not left InsurTech. It has become more selective.

Which InsurTech companies look strongest from both funding and operating evidence?

Alan, Coalition, Kin, CyberCube and several newer companies currently stand out because their funding is accompanied by evidence that the underlying business has reached meaningful scale.

Alan reported more than €800 million of annual recurring revenue and more than 1.1 million members. Kin reported more than $600 million of in-force premium and over $100 billion of insured property when it raised its Series E. CyberCube says its analytics are used by 75% of the top 40 U.S. and European cyber insurers.

Thatch reported nearly sevenfold annual recurring revenue growth and more than 5,000 employer customers around its latest financing. Outmarket said it had passed 300 agencies and 10,000 users when it raised its Series B.

The metrics are not directly comparable, but they are more useful than funding alone because each ties investor enthusiasm to a visible operating footprint.

What does the InsurTech funding ranking really tell us about the market now?

The InsurTech market is still very well funded, but the strongest capital is moving toward companies that control a valuable insurance workflow, distribution channel or form of risk rather than companies that simply put insurance online.

The first generation produced huge fundraising stories such as wefox, while today's fastest-moving names include Corgi, Thatch, Federato, Nirvana, CyberCube, Sixfold and Outmarket. They point to where investors currently see the next layer of value: AI-assisted underwriting and operations, cyber risk, specialized commercial insurance, health-benefits infrastructure and software embedded deeper inside insurers.

Large full-stack carriers have not disappeared. Kin, Marshmallow, Corgi, Honeycomb, Zego and others continue to raise serious money. But specialization is rewarded much more clearly than it was during the earlier InsurTech boom.

The market still has money. It is simply being deployed against narrower, harder insurance problems.