PriyaPatel
TLDR:
- 60 funding events in the insurtech sector in May 2024
- Key funding rounds include Honeycomb, Cover Whale, Functional Finance, CoverTree, and Re
Top Insurtech Funding Rounds, May 2024
According to a review by Digital Insurance, there were approximately 60 funding events in the insurtech sector during the month of May 2024. The focus was on ventures in the insurtech and property & casualty sectors that followed the venture-capital financing model. Some of the key funding rounds in May 2024 include:
Honeycomb:
Honeycomb, a real estate insurtech for landlords, raised $36,000,000.00 in a Series B funding round on May 7. The funding will be used to enhance the end-user experience, drive profitability for broker partners, and expand into new insurance markets.
Cover Whale:
Cover Whale, a commercial trucking insurtech, secured $27,500,000.00 in a Series A funding round on May 22. The company has achieved consistent profitability while remaining capital efficient and plans to pursue new avenues of growth.
Functional Finance:
Functional Finance, a financial operations platform for insurers, raised $16,999,992.00 in a Series Unknown venture on May 30. The platform aims to automate technology solutions to make the insurance industry more efficient and positive for clients and customers.
CoverTree:
CoverTree, a digital insurance provider for manufactured homes, received $13,000,000.00 in a Series A funding round on May 9. The investment will help the company innovate, expand its reach, and provide high-tech home insurance solutions to more individuals.
Re:
Re, a reinsurer incorporating blockchain technology, secured $7,000,000.00 in a Series Unknown venture on May 15. The company aims to revolutionize the insurance industry by leveraging blockchain technology in reinsurance operations.
These funding rounds highlight the continued growth and innovation within the insurtech sector, with companies like Honeycomb, Cover Whale, Functional Finance, CoverTree, and Re leading the way in transforming the insurance industry.
