Techsurance - your weekly insurance technology readings🗞
May 31 - June 6
Hi everyone,
Hope you had a great week! Here’s your weekly Insurtech digest, subscribe and share if you like the content!
💲 VC fund-raising and M&A news
🦊 Wefox raises a mega $650 million Series C round led by Target Global, at a whopping $3 billion valuation, making it Europe’s most valued Insurtech. Unlike Lemonade and other D2C Insurtechs, Wefox does not sell insurance directly to consumers, but works with distribution networks, namely 700 agents and a network of 5 000 partner brokers. Wefox reported revenue of $140 million in 2020, and has hit profitability for the first time. Wefox will expand to other European geographies, especially Italy, and plans to release 20 new insurance products in 2021 alone 📰 Coverager
🐶 Pet insurance company Bought by Many raises a $350 million Series D round led by EQT Growth, at a $2 billion pre-money valuation. Bought by Many now covers ~500,000 pets across the globe, and offers a full range of insurance products and associated pet services, like unlimited and 24/7 free video with a vet. It reports a solid NPS of 79, and boasts 277 staff. The pet insurance space is becoming hot in Europe. Just a month ago, we reported Dalma’s €2 million seed round and commercial launch in France 📰 Coverager
🏥 Nayya raises $37 million Series B co-led by SVB Capital and ICONIQ Growth. Nayya’s products include Choose, a personalized decision support engine that helps employees select the right plans for their lifestyles during enrollment and the newly launched Use product, an AI-driven, automated healthcare claims assistance and benefits engagement solution designed to help employees save money 📰 Insurtech Insights
☁ Novidea, the Israeli Insurtech platform and cloud-provider, raises $30 million Series B led by Israel Growth Partners (IGP) 📰 Insurance times
🏥 Qumata, formerly HealthyHealth, raises $10 million Series A round led by MMC Ventures. Qumata provides underwriting services to health and life insurers, enabling them to quantify risk using digital data, including from wearables and the usage of mobile devices 📰 Pitchbook
🩺 Anorak, the automated life insurance advice platform, raises €5.8 million from Outward VC and other investors, including Kamet Ventures. Anorak is on a mission to build the world’s smartest life insurance companion. Delivering life insurance advice to users from Starling Bank, Snoop, Clearscore, Canopy, Billbuddy, Vivup and OpenMoney, Anorak will be focusing on developing its partner network 📰 EU Startups
🚗 Justos, the Brazilian auto startup, has raised ~$2.8 million in a seed round of funding led by Kaszek, one of the largest VC firms in Latin America, as well as big angel investors (Hippo CEO, Nubank CEO). Looks like the Root Insurance of Brazil! 📰 Coverager
☁ Riskwolf, the Zurich-based parametric Insurtech platform, raises $685k seed round led by SICTIC. Created in 2020, Riskwolf is building a technology platform for insurers to deliver customized, parametric insurance to insure the Internet economy, helping carriers to detect Internet outages, underwrite internet downtimes and outages, model the insurance risks and make payouts in real time. Last week, Parametrix Insurance raised $17.5 million with a similar offer 📰 EU Startups
🚗 Wejo, the connected car data company, will IPO through a SPAC and expects to raise $330 million of gross proceeds at a $1.1 billion valuation. Wejo enables the capability to connect directly to integrated vehicle manufacturer sensors, enabling live insight and analytics for customers and auto manufacturer partners 📰 Coverager
🚀 New products, partnerships, collaborations and more
☔ One Concern, which is a climate-risk assessment company, signs a strategic partnership with SOMPO Holdings and raises $45 million in the process. One Concern offers AI-enabled resilience solutions and disaster-risk mitigation technologies 📰 Coverager
Home 🏡 and car 🚗 insurance news
🏠 Urban Jungle, the London-based home and contents insurance provider, closed an $11.4 million Series A round led by Alma Mundi Ventures. It was founded in 2016 and as of last year, it had over 25,000 customers. It also works with several insurance companies 📰 Coverager
🚗 Allianz teams up with car maker Volvo to offer customers who purchase the fully electric Volvo XC40 Recharge Pure Electric motor liability and fully comprehensive insurance for three years. The insurance contains all the important coverage modules, from self-damage cover to reimbursement for new prices and repairs in a specialist workshop. And there is a special additional electrical cover that protects the battery against damage, destruction, or loss 📰 Coverager