Commercial insurance broking startup UpCover has raised $19 million in a Series A round. On top of the $11 million equity investment, the insurtech also secured $8 million in debt. The round was led by RealVC, with support from existing investors Antler Elevate’s Global Fund – Upcover was part of its inaugural accelerator program in… Read more »
Three-year-old insurtech startup Honey Insurance has raised $108 million in a Series A that’s lured in US investors Founded by entrepreneur Richard Joffe, cofounder of US-based Park Assist and Stella.ai, Honey launched in 2021. It raised a record $15.5 million in a Seed round led by underwriting partner RACQ and other institutional investors, including AGL,… Read more »
The Australian insurance market is worth $100 billion annually and $7 trillion worldwide, offering a massive opportunity for startups in the space With that prize in mind, Insurtech Australia brought together startups in the space, early-stage investors and business leaders in Sydney at at event sponsored by Investment NSW to debunk investment myths around early-stage… Read more »
Auckland-based insurance premium payments platform Simfuni has raised NZ$2.8 million in a Series A to save brokers time and money. The round was led by Kiwi VC funds Icehouse Ventures and GD1, with support from K1W1 and NZVC. The insurtech platform integrates with any insurer, broker group or premium funder’s quoting and invoicing software in… Read more »
Sydney-based proptech startup, Downsizer, has secured A$3.75 million in seed capital. The round was led by Correlation Australia Holdings (CAH), supported by existing shareholders, including family offices and high-net-worth individuals. It brings the total raised to date to $6.1 million. Downsizer is an award-winning startup that provides digital solutions for the finance, property, and insurance… Read more »
Insurtech startup Upcover has raised $2.7 million in a Seed funding alongside $2 million in debt as it looks to transform the small business insurance sector. The round was backed by venture funds Antler Australia – Upcover was part of its inaugural accelerator program in 2019 – and Betterlabs, as well as a range of … Read more »
Tax office audit insurtech AuditCover has raised $1.7 million in a Seed round led by Hunter Equity Group. Other strategic investors included local angel investors Ron Lesh of BGL) and Guy Pearson of Ignition, as well as Nasda-listed global reinsurance business Greenlight Re. Founder and CEO Gil Snir has built AuditCover as an insurance distribution… Read more »
Australian car insurance startup Ride Protect, which is designed specifically for rideshare drivers, launched this week. Ride Protect founder and CEO Jeremy Bennett developed the insurtech solution after realising that up to a third of gig economy drivers had not told their insurer they are part of a rideshare/food delivery service or are unaware they… Read more »
Sydney insurtech Cover Genius has capped a staggering month of capital raises for Australian startups, raising $100 million in a series C. The round was led by Singapore office of Japanese insurer Sompo Holdings, chipping in around $68 million, joined by Silicon Valley VC G Squared and existing investors. The funding will be used to… Read more »
Australian insurtech Open has raised a $31 million series B as it looks to launch in New Zealand and the UK in the 12 months. The round was led by Kiwi VC Movac and Latitude in the UK. Existing investor AirTree Ventures backed the scale-up once again, taking the total capital raised to $53 million.… Read more »
London’s Insurtech Gateway is launching its first international program in Australia Former Insurtech Australia CEO Simon O’Dell will run the incubator The program aims to support 4-6 startups over the next 2 years London’s Insurtech Gateway incubator is launching its first international program: Insurtech Gateway Australia. The venture will be based at Sydney’s Stone and… Read more »
The insurtech conversation in Australia has moved on from “if” to “how”. Leading insurance firms of the future will be those who successfully partner with insurtechs to realise their digital transformation strategy. After all, 67 percent of insurtechs exist solely to aid digital transformation. As we know, there are high barriers to entry to the… Read more »
With consumers time-poor, the aim is for Cove to deliver “the most intuitive mobile experience of any insurer in the world”.
InsurTech has been pinned as a growing industry thanks to claim and drone startups, although it is faced with fundamental challenges, according to a report.
California-based on-demand insurance startup Trov has raised US$45 million ($59.44 million) in a Series D round led by Munich Re / HSB Ventures, with participation from all its Series C investors, including Australia’s Suncorp Group.
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