A daily newsletter summarizing recent activity & interesting start-ups globally
RECENT NOTABLE ACTIVITY – INSURANCE TECH
- Adsena, a contract and document analysis software provider, has been acquired by Exari, a contract life-cycle management solutions provider. Link
- Bright Health, an internet-first health insurance provider, has raised $160M in a Series B round led by Greenspring Associates, with participation from Greycroft Partners, Redpoint Ventures, Cross Creek Advisors, NEA, Bessemer Venture Partners, Flare Capital Partners. Link
- Coverfox, a Mumbai-based insurance brokerage firm, has raised $15M in a Series C round led by Transamerica, with participation from SAIF Partners, Accel Partners, Catamaran Ventures. Link
- Snapsheet, an insurance claims solutions provider to insurance players, has raised $12M from Tola Capital. Link
- Ottonova, a Munich-based internet-first health insurance provider, has raised €10M ($11M) from Debeka, valuing the firm at around $100M. Link
- Sure, a mobile-first platform for on-demand insurance, has raised $8M in a Series A round led by IA Capital, with participation from Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant, and AmTrust. Link
- EaseCentral, a SAAS platform for corporate employee benefit and insurance, has raised $6.5M in a Series A round led by Propel Venture Partners, with participation from Freestyle Capital, Compound, Upside Partnership, Transmedia Capital. Link
- Concirrus, an IOT-based insurance underwriting solutions provider, has raised £3M ($3.8M) from Touchstone Innovations. Link
- Next Insurance, a distribution patform for insurance solutions to SMEs, has raised an undisclosed amount from American Express Ventures. The round is a continuation of the Series A funding round, and takes the total to $35M. Link
SOME INTERESTING STARTUPS FOUND
CyberWrite (2016, Tel Aviv, Undisclosed) – An enterprise security assessment platform to underwrite cyber insurance. It employs big-data tools and advanced algorithms to assist underwriters in reducing the risk coverage and making a data-driven decision. Backed by 500 Startups.
SnapNsure (2017, Aliso Viejo) – A self storage insurance coverage provider. Users can store photos of all valuable contents in SnapNsure’s photo vault It lets users to file claim online. The policy is underwritten by Hannover Insurance Group.
LEADER BOARD – INSURANCE TECH
Internet-first Insurers
Oscar (2012, NYC, $727.5M) – An internet-first health insurer that rewards users with Amazon gift cards on successful completion of pre-defined milestones. Backed by Google Capital, Founders Fund, Wellington Fund, Thrive Capital, Formation 8, General Catalyst Partners, Khosla Venture, Breyer Capital, Redswan Ventures, BoxGroup.
Clover Health (2014, SF, $425M) – A data-driven health insurance provider for senior citizens. Backed by First Round Capital, Nexus Venture Partners, Sequoia Capital, AME Cloud Ventures, Spark Capital, GV, Floodgate, Casdin Capital, Athyrium Capital Management, Greenoaks, Grape Arbor, Refactor Capital, Arena Ventures, Wildcat Venture Partners, CSC Venture Capital, Brainchild.
Zhong-An Insurance (2013, Shanghai, $931M) – China’s first online-only insurer, offering online property and casualty insurance services, along with other products. Backed by Morgan Stanley, SAIF Partners China, CDH Investments, ClearVue Partners, CICC, Ant Financial, Keywise Capital Management.
Employer Insurance
Zenefits (2013, SF, $584M) – An employer insurance broker that offers free HR, payroll, and benefits management software to organizations of every size. Backed by Backed by Fidelity Investments, TPG, Institutional Venture Partners, Andreessen Horowitz, Founders Fund, Khosla Ventures, SV Angel, Maverick Enterprises and Venrock.
Gusto (2011, SF, $176M) – A SaaS-based HR and benefits administration software provider. Backed by Y Combinator, Google Ventures, Salesforce, Sherpalo, General Catalyst Partners, Kleiner Perkins, Google Capital, Emergence Capital Partners, Ribbit Capital.
Collective Health (2013, San Mateo, $119M) – A self-insurance SaaS platform for employers to sponsor their employees’ insurance. Backed by Signature Capital, Citizen.vc, Rock Health, NEA, Redpoint Ventures, and Great Oaks Ventures.
Distribution Platforms
eHealth (1997, Mountain View, IPO) – An online marketplace for health insurance plans for small businesses, individuals, and families. Also provides Medicare quotes and purchasing options. Went public in 2006.
Insplanet (1999, Stockholm, IPO) – Online insurance comparison and shopping platform featuring quotes from providers across Sweden. Went public in 2006.
Trov (2012, Danville, $90M) – An online distribution platform for On-Demand Insurance. Backed by Anthemis Group, Guidewire Software, Munich Re, Suncorp, Suncorp Group, Oak HC/FT, Pivot Investment Partners, Clark Enterprises.
Goji (2007, Boston, $90M) – An online comparison and purchasing platform for property and casualty insurance. Backed by Village Ventures, Five Elms Capital, Thayer Street Partners and Spark Capital.
PolicyBazaar (2008, Gurgaon, $83M) – An online aggregator which offers insurance comparison and purchasing services. Backed by Intel Capital, Info Edge India, Inventus Capital Partners, Tiger Global, Ribbit Capital and Premji Invest.
Enablers
Guidewire (2001, San Mateo, IPO) – A web-based technology solutions provider to the property & casualty and workers’ compensation insurance industry. Went public in 2012.
iPipeline (1995, Exton, $104M, Acq.) – A sales distribution software suite provider. Acquired by Thoma Bravo in August 2015.
Vlocity (2014, San Francisco, $93M) – An omni-Channel cloud software for delivering industry-specific experiences to customers. Backed by Accenture, Salesforce, Sutter Hill Ventures, TDF Ventures, Kennet Partners, New York Life Insurance, Wildcat Venture Partners.
GreenRoad (2006, San Jose, $84M) – A telematics for auto insurance using web apps. Backed by Amadeus Capital Partners, Virgin Green Fund, Benchmark, Balderton Capital, DAG Ventures, Generation Investment Management, Israel Growth Partners and Balderton Capital.
P2P Insurance
Friendsurance (2010, Berlin, $15M) – A P2P insurance platform which rewards small groups of customers with a cashback bonus each year if their group remains claimless.
Bought By Many (2012, London, $9M) – A P2P insurance platform based on the Groupon model. It uses social media to connect people with similar insurance needs in social buying groups. Backed by Octopus Ventures, Munich Re.
Leaderboard includes all the top funded, IPO and successfully running bootstrapped companies along with their location, founding year and funding amount.
For latest update visit Insurance Tech feed.