PriyaPatel
TLDR:
- Walnut Insurance secures $4.6 million in funding to expand embedded insurance capabilities.
- National Bank reinvests in Walnut, showing confidence in the company’s vision and execution.
National Bank has reinvested in Toronto-based Walnut Insurance, providing $4.6 million in fresh funding to help the insurtech startup expand its embedded insurance capabilities. Walnut matches insurers with distributors and integrates insurance directly into the products and platforms of enterprise businesses. This latest round of funding, led by existing investor NAventures, also saw support from Telus Global Ventures, Diagram Ventures, and Portage Ventures, bringing Walnut’s total funding to around $10 million. The company plans to use this capital to scale its platform and operations, targeting new partnerships and expanding its engineering team.
Walnut’s co-founder, Adrien Niblock, highlighted the company’s focus on platforming its offering, turning into a technology player rather than just a matcher between insurance companies and partners. The company aims to participate in the wave of embedded insurance, as Niblock believes it is not a matter of if but when this becomes the norm. Walnut’s unique approach to embedded insurance distribution aligns with the vision of supporting transformative technologies that can drive industry change. The startup has integrated with more than 10 insurers, helping companies like Telus and National Bank offer insurance on various products and enabling firms to deliver insurance in an embedded fashion.
Walnut’s expertise lies in integrating insurance into digital ecosystems quickly, allowing for a launch within one to three months, much faster than other providers. Niblock emphasized the company’s competitive advantage in speed and cost, making it an attractive option for companies looking to embed insurance products. Despite challenges in the fundraising market, Walnut’s latest round came at similar terms and valuation to its seed financing, signaling confidence in the company’s growth and traction. As Walnut continues to build its presence in the Canadian market, it aims to be the enabler for embedded insurance as a whole, navigating the complexities of working with partners and insurers lacking tech infrastructure.
