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1、State of InsurtechGlobal|Q1 2025Global data and analysis on dealmaking,funding,and exits by private market insurtech companiesState of Insurtech2 2Make smartertech decisions.Our platform will help you discover,understand,and manage your response to emerging tech.Make confident tech decisions that dr

2、ive growth,improve operations,and beat the competition with CB Insights.IIIITry our platform free!State of Insurtech3 3“Steal”our data.Download the underlying data in this report.If you create any analysis or visualizations with this data,send it our way and you could be featured in the CBI newslett

3、er.us on social LinkedIn X(Twitter)InstagramIIIIDownload the raw dataTL;DR4Your rundown oninsurtech in Q125$4.0MMedian insurtech deal size declines 35%in 2025 YTD.The median insurtech deal size fell to$4.0M in 2025 year-to-date(YTD),the lowest level since 2019($3.4M).The decline is particularly nota

4、ble given that median deal sizes across the broader venture market rose 17%over the same period to$3.5M.Even so,the average insurtech deal size rose 6%to$15.8M YTD.See the data$179MEarly-stage insurtech funding lowest since Q416.Early-stage insurtech funding fell 35%year-over-year(YoY)from$277M in Q

5、124.Early-stage insurtech deal share has also tumbled over the past few years in 2022,71%of deals went to early-stage insurtechs,while in 2025 YTD,it was just 58%.Even so,Assured became insurtechs newest unicorn.See the data 3%12-month headcount growth among Series D+insurtechs.The 7 insurtechs that

6、 raised a Series D+round in Q125 posted median headcount growth of just 3%over the past 12 months well below the pace seen at earlier stages.For comparison,Series B insurtechs with headcounts of at least 10 reported a median 12-month growthrate of 50%.See the data 1 in 5Equity deals to Silicon Valle

7、y-based insurtechs.Silicon Valleys share of global insurtech equity deals has nearly doubled YoY,from 10.9%in Q124 to 21.9%in Q125.Funding to Silicon Valley-based insurtech increased to$0.3B the highest level since Q423($0.4B).Munich Re acquired Palo Alto-based Next Insurance at a$2.6B valuation.See

8、 the data 97Insurtech sees the first increase in deal count since Q124.Global insurtech deal count rose 17%quarter-over-quarter(QoQ),from 83 deals in Q424 to 97 in Q125.Property&casualty insurtech led the rebound,climbing from a near 8-yearlow of 51 deals to 70.Global insurtech funding also surged u

9、p 63%QoQ from$0.8B in Q424 to$1.3B in Q125.See the data Insurtech deal count increases for the first time in 4 quartersTL;DR State of InsurtechEquity deals only.Median insurtechdeal size tumbles in 2025 YTD,unlike broader venture environmentTL;DR State of InsurtechEarly-stage insurtechfunding falls

10、to a nearly 8-year lowQuarterly early-stage insurtechequity fundingTL;DR State of InsurtechHeadcount growth is slowest among insurtechsthat raised a Series D+dealMedian headcount growth among select insurtechs that raised an equity deal in Q125TL;DR State of InsurtechGrowth%among insurtechs with cur

11、rent headcounts of at least 10.Median headcount figures include insurtechs with headcounts less than or equal to 10.Silicon Valleys insurtech deal share reaches a nearly 10-year highShare of global insurtech deals going to Silicon Valley-based startupsTL;DR State of InsurtechContentsGlobal Trends11I

12、nvestment Trends12Unicorns35Exit Trends41Investors45Collection Spotlights49Life&Health Insurance50P&C Insurance59Geographic Trends68US69Silicon Valley75Europe7910State of InsurtechGlobal Trends11Investment Trends12Annual equity funding&deals13State of Insurtech|Global Trends|Investment Trends$17.0B$

13、8.7B$4.8B$4.6BFunding$1.3B809725507374Deals9702004006008001,0001,2001,4001,600$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0B$16.0B20212022202320242025YTDQuarterly equity funding&deals14State of Insurtech|Global Trends|Investment Trends$3.0B$5.1B$3.6B$5.4B$2.7B$2.5B$2.3B$1.2B$1.4B$1.1B$1.2B$1.2B$0.9B$1.

14、5B$1.4B$0.8BFunding$1.3B212206194197211181196137144119135109119898383Deals97050100150200250$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202515State of Insurtech|Global Trends|Investment TrendsUS$0.7B57 DealsEurope$0.4B26 DealsLatAm$63M5 DealsAsia$81M4 DealsOce

15、ania$11M2 DealsCanada$0.1M2 DealsAfrica$37M1 DealFunding&deals by global region in Q125Percent of quarterly deals by global region16State of Insurtech|Global Trends|Investment Trends50%43%51%41%46%48%46%50%51%50%59%50%55%48%49%54%US,59%26%25%19%26%24%28%23%30%24%24%19%22%24%34%23%20%Europe,27%24%32%

16、30%32%30%24%30%20%24%22%22%28%21%18%28%25%All Other Regions,14%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Percent of quarterly deals by investor group17State of Insurtech|Global Trends|Investment Trends39%34%35%36%35%34%33%35%32%39%39%35%32%35%31%36%VC,33%14%15%14%14%14%16%20%13%19%14%18%

17、16%18%21%20%19%Other,21%9%13%8%12%12%13%11%13%9%10%8%9%9%9%7%10%Angel,11%9%9%12%10%9%10%6%10%8%9%10%11%10%12%11%9%CVC,10%10%6%6%5%8%7%9%7%8%6%9%5%5%Incubator/Accelerator,8%8%7%11%10%6%7%8%7%10%9%7%10%11%9%8%9%Corp,8%9%8%6%8%7%7%10%7%8%7%7%6%7%8%6%Asset/Investment Management,6%6%7%6%7%7%7%6%7%5%9%6%9

18、%6%Private Equity,3%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size18State of Insurtech|Global Trends|Investment Trends$25.6M$15.5M$11.8M$14.9M$15.8M20212022202320242025YTDAverage Deal Size$5.8M$4.3M$4.1M$5.4M$4.0M20212022202320242025YTDMedian Deal SizeAnnual me

19、dian deal size by global region19State of Insurtech|Global Trends|Investment Trends$9.4M$5.9M$4.5M$7.2M$4.0M20212022202320242025YTDUS$3.4M$3.6M$4.3M$4.5M$2.8M20212022202320242025YTDEuropeAnnual median deal size by investor group20State of Insurtech|Global Trends|Investment Trends$4.0M$4.0M$4.0M$4.2M

20、$2.7M20212022202320242025YTDAngel$17.2M$15.0M$10.7M$14.4M$11.0M20212022202320242025YTDCVC$12.5M$10.5M$6.5M$10.5M$5.0M20212022202320242025YTDVCQuarterly funding&deals from mega-rounds(deals worth$100m+)21State of Insurtech|Global Trends|Investment Trends$1.1B$3.2B$1.5B$3.5B$0.8B$0.8B$1.2B$0.3B$0.2B$0

21、.3B$0.2B$0.4B$0.3B$0.8BFunding$0.4B81510116552122225Deals302468101214161820$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202522State of Insurtech|Global Trends|Investment TrendsUS$0.2B2 DealsEurope$0.2B1 DealMega-round funding&deals by global region in Q12

22、5Quarterly mega-round deals by global region23State of Insurtech|Global Trends|Investment Trends13US,22Europe,11All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly mega-rounds as percent of funding24State of Insurtech|Global Trends|Investment Trends38%64%40%66%30%31%54

23、%21%13%25%17%38%20%55%Mega-rounds,30%62%36%60%34%70%69%46%79%87%75%83%62%100%80%45%100%Non-mega-rounds,70%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top equity deals in Q12525State of Insurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select Invest

24、orsCountry1Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUnited Kingdom2Openly$123MSeries E2025-01-30N/AEden Global Partners,Advance Venture Partners,Clocktower Technology Ventures,Obvious Ventures,PJCUnited States3Instabase$100MSeries D2025-01-17$1.2BQatar Inve

25、stment Authority,Andreessen Horowitz,Greylock Partners,Index Ventures,New Enterprise AssociatesUnited States4Wefox$83MPrivate Equity2025-01-01N/A Chrysalis CapitalGermany5Nirvana$80MSeries C2025-03-10$830MGeneral Catalyst,Lightspeed Venture Partners,Valor Equity PartnersUnited States6InsuranceDekho$

26、70MSeries C2025-01-27N/ABNP Paribas Cardif General Insurance,Beams Fintech Fund,MUFG BankIndia7Taktile$54MSeries B2025-02-27N/ABalderton Capital,Index Ventures,Tiger Global Management,Y Combinator,Prosus VenturesGermany8Fay$50MSeries B2025-02-05$500MGoldman Sachs,General Catalyst,1984 Ventures,Forer

27、unner VenturesUnited States9HDVI$40MSeries C2025-02-12N/A8VC,Autotech Ventures,Munich Re Ventures,Weatherford Capital ManagementUnited States10Naked$37MSeries B2025-01-21N/ABlueOrchard,DEG,Hollard Insurance,International Finance Corporation,YellowwoodsSouth AfricaAnnual percent of deals by deal stag

28、e26State of Insurtech|Global Trends|Investment Trends66%71%65%61%Early-stage,58%19%14%18%19%Mid-stage,16%11%7%8%10%Late-stage,12%5%7%9%10%Other,13%20212022202320242025YTDRegional deal share by deal stage in Q12527State of Insurtech|Global Trends|Investment Trends55%50%67%77%30%25%25%15%14%25%8%8%Ear

29、ly-stageMid-stageLate-stageOtherUSEuropeAll Other RegionsAnnual median funding by deal stage28State of Insurtech|Global Trends|Investment Trends$3.0M$2.8M$2.5M$3.8M$3.0M20212022202320242025YTDEarly-stage$32.3M$26.0M$24.0M$22.1M$32.8M20212022202320242025YTDMid-stageGlobal:Top seed/angel deals in Q125

30、29State of Insurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Split Risk$9MSeed2025-02-03HSR Solucoes E Participacoes,La Barca EmpreendimentosBrazil2Renew Risk$6MSeed VC2025-02-13Molten Ventures,InsurTech GatewayUnited Kingdom2XUND$6MSeed VC2025-03-05Lead Ve

31、ntures,LANA Ventures,MassMutual Ventures,Tyrolean Business Angels,J&T VenturesAustria4Taxo$5MSeed VC2025-03-27Character,General Catalyst,Y Combinator,Kulveer TaggarUnited States4Adaptive Insurance$5MSeed VC2025-02-25Congruent Ventures,Generation Space,Montauk ClimateUnited States4Outmarket$5MSeed VC

32、2025-03-06Fika Ventures,Dash Fund,TTV CapitalUnited States7InRev$4MSeed VC2025-01-22ATLANTA,Accelerant,General Atomics,Grant Park VenturesUnited States7Arlo$4MSeed VC2025-03-25Upfront Ventures,General Catalyst,8VCUnited States7ResiQuant$4MSeed VC2025-01-07LDV Capital,Pear VC,Alumni Ventures,Foothill

33、 VenturesUnited States7Faura$4MSeed VC2025-01-06Building Ventures,Harlem Capital,Dorm Room Fund,MetaProp,T5 Equity PartnersUnited States7Sohar Health$4MSeed VC2025-03-28Kindred Capital,General Catalyst,Y Combinator,Concept Ventures,Rebel FundUnited StatesGlobal:Top Series A deals in Q12530State of I

34、nsurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Gaia$15MSeries A2025-01-27Valar Ventures,Atomico,Clocktower Technology Ventures,Kindred Capital,SeedcampUnited States2CoverForce$13MSeries A2025-03-05Insight Partners,Nyca PartnersUnited States3Klaim$10MSerie

35、s A2025-03-07Mada Investment Company,CDG InvestUnited Arab Emirates4Upcover$7MSeries A2025-02-10RealVC,Antler Elevate,BetterLabs,Gandel InvestAustralia4XILO$7MSeries A2025-01-31Navigate Ventures,New Stack Ventures,The Cove Fund,Altos Ventures,Splash CapitalUnited States6Converge$5MSeries A2025-03-03

36、QBE VenturesUnited States6Floodbase$5MSeries A2025-02-21Ecosystem Integrity Fund,Pulse FundUnited States8Reask$4MSeries A2025-03-11BlueOrchardAustralia8Skyfora$4MSeries A2025-02-28LUMO Labs,Ugly Duckling Ventures,Voima Ventures,European Innovation CouncilFinland8Weecover$4MSeries A2025-01-23Swanlaab

37、 Venture Factory,Nauta Capital,Astorya.vc,Iope Ventures,LA ROCA CapitalSpainGlobal:Top Series B deals in Q12531State of Insurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Taktile$54MSeries B2025-02-27Balderton Capital,Index Ventures,Tiger Global Management,Y

38、 Combinator,Prosus VenturesGermany2Fay$50MSeries B2025-02-05Goldman Sachs,General Catalyst,1984 Ventures,Forerunner VenturesUnited States3Naked$37MSeries B2025-01-21BlueOrchard,DEG,Hollard Insurance,International Finance Corporation,YellowwoodsSouth Africa4Azos$31MSeries B2025-02-19Lightrock,Kaszek

39、Ventures,Maya Capital,Propel Venture Partners,Prosus VenturesBrazil5CompScience$28MSeries B2025-02-27Sands Capital,Four More Capital,Valor Equity Partners,Working Capital FundUnited States6Comulate$20MSeries B2025-02-11Bond,WorkdayUnited States7Napo$15MSeries B2025-02-27Mercia Ventures,Companion Fun

40、d,DN Capital,Helvetia Venture Fund,MTech CapitalUnited Kingdom8Wopta Assicurazioni$4MSeries B2025-01-29Belluzzo International Partners,Antonelli Family,Gianazza Family,PBF,Alcide LealiItalyGlobal:Top Series C deals in Q12532State of Insurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDa

41、teSelect InvestorsCountry1Nirvana$80MSeries C2025-03-10General Catalyst,Lightspeed Venture Partners,Valor Equity PartnersUnited States2InsuranceDekho$70MSeries C2025-01-27BNP Paribas Cardif General Insurance,Beams Fintech Fund,MUFG Bank India3HDVI$40MSeries C2025-02-128VC,Autotech Ventures,Munich Re

42、 Ventures,Weatherford Capital ManagementUnited States4The Helper Bees$35MSeries C2025-01-28Centana Growth Partners,Alumni Ventures,Impact Engine,Northwestern Mutual Future Ventures,Silverton PartnersUnited States5Alice$22MSeries C2025-02-11Canary VC,Globo Ventures,Kaszek Ventures,ThornTree Capital P

43、artnersBrazil6Parsyl$20MSeries C2025-01-08The Lightsmith Group,GLP Capital Partners,HSCM Ventures,Lineage Ventures,FirstTracks VenturesUnited StatesGlobal:Top Series D deals in Q12533State of Insurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry

44、1Instabase$100MSeries D2025-01-17$1.2BQatar Investment Authority,Andreessen Horowitz,Greylock Partners,Index Ventures,New Enterprise AssociatesUnited States2Matic$30MSeries D2025-01-07N/A Vistara GrowthUnited States3Vouch$19MSeries D2025-02-13N/A Allegis CapitalUnited States4Ushur$15MSeries D2025-02

45、-07N/A 8VC,Third Point VenturesUnited StatesGlobal:Top Series E+deals in Q12534State of Insurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUnited Kingdom2Open

46、ly$123MSeries E2025-01-30N/AEden Global Partners,Advance Venture Partners,Clocktower Technology Ventures,Obvious Ventures,PJCUnited States3Clearcover$26MSeries E2025-01-29N/A American Family Ventures,OMERS VenturesUnited StatesUnicorns35Quarterly new&total unicorns(private companies valued at$1b+)36

47、State of Insurtech|Global Trends|Unicorns1New Unicorns,137353636Total Unicorns,37Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202537State of Insurtech|Global Trends|UnicornsUS231 NewAsia30 NewLatAm10 NewEurope100 NewNew&total unicorns by global region in Q125Quarterly new unicorns by global reg

48、ion38State of Insurtech|Global Trends|Unicorns1US,1Europe,0All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top unicorn births in Q12539State of Insurtech|Global Trends|UnicornsCompanyLatest Valuation Country1Assured$1.0BUnited StatesGlobal:Top unicorns by valuation in

49、 Q12540State of Insurtech|Global Trends|UnicornsCompanyLatest Valuation Country1Devoted Health$12.9BUnited States2Gusto$10.0BUnited States3Coalition$5.0BUnited States4Wefox$4.5BGermany4Alan$4.5BFrance6Next Insurance$4.0BUnited States7Ethos$2.7BUnited States8Quantexa$2.6BUnited Kingdom9Accelerant$2.4

50、BUnited Kingdom9ManyPets$2.4BUnited KingdomExit Trends41Quarterly exits42State of Insurtech|Global Trends|Exit Trends2IPO,061558M&A,16SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Percent of quarterly exits by global region43State of Insurtech|Global Trends|Exit Trends68%60%50%61%42%64

51、%44%27%50%65%59%47%50%56%60%63%US,69%23%25%29%33%42%18%40%60%42%24%12%27%50%22%40%13%Europe,19%9%15%21%6%15%18%16%13%8%12%29%27%22%25%All Other Regions,13%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top M&A exits in Q12544State of Insurtech|Global Trends|Exit TrendsCompanyRound Valu

52、ationAcquirerCountry1Next Insurance$2.6B ERGO GroupUnited States2Catapult Health$70M Teladoc HealthUnited States3Mad Street Den$15M M2PUnited StatesInvestors45Global:Top investors by company count in Q12546State of Insurtech|Global Trends|InvestorsInvestorCompany Count Investor GroupCountry1General

53、Catalyst5VCUnited States28VC3VCUnited States2Alumni Ventures3VCUnited States2Clocktower Technology Ventures3VCUnited States5BlueOrchard2Asset/investment managementSwitzerland5Index Ventures2VCUnited Kingdom5Kaszek Ventures2VCArgentina5Kindred Capital2VCUnited Kingdom5MTech Capital2VCUnited States5Pi

54、cus Capital2VCGermany5Prosus Ventures2CVCNetherlands5Valor Equity Partners2VCUnited StatesGlobal:Top VCs by company count in Q12547State of Insurtech|Global Trends|InvestorsInvestorCompany Count Country1General Catalyst5United States28VC3United States2Alumni Ventures3United States2Clocktower Technol

55、ogy Ventures3United States5Index Ventures2United Kingdom5Kaszek Ventures2Argentina5Kindred Capital2United Kingdom5MTech Capital2United States5Picus Capital2Germany5Valor Equity Partners2United StatesGlobal:Top corporate VCs(CVCs)by company count in Q12548State of Insurtech|Global Trends|InvestorsInv

56、estorCompany Count Country1Prosus Ventures2NetherlandsCollection Spotlights49Life&Health Insurance50Quarterly equity funding&deals51State of Insurtech|Collection Spotlights|Life&Health Insurance$0.8B$1.5B$1.1B$3.4B$0.8B$1.1B$0.5B$0.3B$0.5B$0.2B$0.2B$0.3B$0.3B$0.6B$0.7B$0.4BFunding$0.2B59676164725665

57、404028332840303032Deals270102030405060708090$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202552State of Insurtech|Collection Spotlights|Life&Health InsuranceUS$0.1B19 DealsLatAm$22M1 DealEurope$15M4 DealsAsia$11M2 DealsCanada$0.0M1 DealFunding&deals by gl

58、obal region in Q125Quarterly funding by global region53State of Insurtech|Collection Spotlights|Life&Health Insurance54%49%49%47%42%54%43%60%60%36%61%43%63%47%43%50%US,70%12%15%18%13%14%20%25%13%13%29%9%14%18%20%20%13%Europe,15%34%36%33%41%44%27%32%28%28%25%30%43%20%33%37%38%All Other Regions,15%Q1Q

59、2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size54State of Insurtech|Collection Spotlights|Life&Health Insurance$33.0M$15.4M$10.7M$17.2M$7.6M20212022202320242025YTDAverage Deal Size$8.0M$5.0M$3.0M$5.2M$3.0M20212022202320242025YTDMedian Deal SizeAnnual percent of dea

60、ls by deal stage55State of Insurtech|Collection Spotlights|Life&Health Insurance61%64%67%58%Early-stage,63%22%17%13%19%Mid-stage,15%11%10%9%10%Late-stage,7%6%8%10%14%Other,15%20212022202320242025YTDLife&Health Insurance:Top equity deals in Q12556State of Insurtech|Collection Spotlights|Life&Health I

61、nsuranceCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Fay$50MSeries B2025-02-05$500MGoldman Sachs,General Catalyst,1984 Ventures,Forerunner VenturesUnited States2The Helper Bees$35MSeries C2025-01-28N/ACentana Growth Partners,Alumni Ventures,Impact Engine,Northwestern Mutual Fu

62、ture Ventures,Silverton PartnersUnited States3Alice$22MSeries C2025-02-11N/ACanary VC,Globo Ventures,Kaszek Ventures,ThornTree Capital PartnersBrazil4Gaia$15MSeries A2025-01-27N/AValar Ventures,Atomico,Clocktower Technology Ventures,Kindred Capital,SeedcampUnited States5Klaim$10MSeries A2025-03-07N/

63、A Mada Investment Company,CDG InvestUnited Arab Emirates6Waterlily$7MConvertible Note2025-01-29N/ABrewer Lane Ventures,Edward Jones Ventures,Genworth Financial,Nationwide Mutual Insurance Company,Tim KneelandUnited States7XUND$6MSeed VC2025-03-05N/ALead Ventures,LANA Ventures,MassMutual Ventures,Tyr

64、olean Business Angels,J&T VenturesAustria8Taxo$5MSeed VC2025-03-27N/ACharacter,General Catalyst,Y Combinator,Kulveer TaggarUnited States9Arlo$4MSeed VC2025-03-25N/A Upfront Ventures,General Catalyst,8VCUnited States9Sohar Health$4MSeed VC2025-03-28N/AKindred Capital,General Catalyst,Y Combinator,Con

65、cept Ventures,Rebel FundUnited States9Wopta Assicurazioni$4MSeries B2025-01-29N/ABelluzzo International Partners,Antonelli Family,Gianazza Family,PBF,Alcide LealiItalyQuarterly new&total unicorns57State of Insurtech|Collection Spotlights|Life&Health InsuranceNew Unicorns,011101010Total Unicorns,10Q1

66、Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly exits58State of Insurtech|Collection Spotlights|Life&Health InsuranceIPO,0282M&A,4SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025P&C Insurance59Quarterly equity funding&deals60State of Insurtech|Collection Spotlights|P&C Insu

67、rance$2.2B$3.6B$2.6B$2.0B$1.9B$1.5B$1.8B$0.9B$0.9B$0.9B$1.0B$0.8B$0.6B$0.9B$0.7B$0.4BFunding$1.1B15313913313313912513197104911028179595351Deals70020406080100120140160$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202561State of Insurtech|Collection Spo

68、tlights|P&C InsuranceUS$0.6B38 DealsEurope$0.4B22 DealsAsia$70M2 DealsLatAm$41M4 DealsAfrica$37M1 DealOceania$11M2 DealsCanada$0.1M1 DealFunding&deals by global region in Q125Quarterly funding by global region62State of Insurtech|Collection Spotlights|P&C Insurance48%40%52%38%48%45%48%45%48%55%58%53

69、%52%49%53%57%US,54%31%30%20%32%29%31%22%37%29%22%23%25%27%41%25%25%Europe,31%20%29%29%29%22%23%29%18%23%21%20%22%22%10%23%18%All Other Regions,14%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size63State of Insurtech|Collection Spotlights|P&C Insurance$22.4M$15.5M$

70、12.2M$13.7M$19.1M20212022202320242025YTDAverage Deal Size$5.3M$4.2M$4.4M$5.6M$4.7M20212022202320242025YTDMedian Deal SizeAnnual percent of deals by deal stage64State of Insurtech|Collection Spotlights|P&C Insurance67%75%64%64%Early-stage,56%17%13%20%19%Mid-stage,17%10%6%8%10%Late-stage,14%5%7%9%7%Ot

71、her,13%20212022202320242025YTDP&C Insurance:Top equity deals in Q12565State of Insurtech|Collection Spotlights|P&C InsuranceCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUnited Kingdom2Openly$12

72、3MSeries E2025-01-30N/AEden Global Partners,Advance Venture Partners,Clocktower Technology Ventures,Obvious Ventures,PJCUnited States3Instabase$100MSeries D2025-01-17$1.2BQatar Investment Authority,Andreessen Horowitz,Greylock Partners,Index Ventures,New Enterprise AssociatesUnited States4Wefox$83MP

73、rivate Equity2025-01-01N/A Chrysalis CapitalGermany5Nirvana$80MSeries C2025-03-10$830MGeneral Catalyst,Lightspeed Venture Partners,Valor Equity PartnersUnited States6InsuranceDekho$70MSeries C2025-01-27N/ABNP Paribas Cardif General Insurance,Beams Fintech Fund,MUFG BankIndia7Taktile$54MSeries B2025-

74、02-27N/ABalderton Capital,Index Ventures,Tiger Global Management,Y Combinator,Prosus VenturesGermany8HDVI$40MSeries C2025-02-12N/A8VC,Autotech Ventures,Munich Re Ventures,Weatherford Capital ManagementUnited States9Naked$37MSeries B2025-01-21N/ABlueOrchard,DEG,Hollard Insurance,International Finance

75、 Corporation,YellowwoodsSouth Africa10Azos$31MSeries B2025-02-19N/ALightrock,Kaszek Ventures,Maya Capital,Propel Venture Partners,Prosus VenturesBrazilQuarterly new&total unicorns66State of Insurtech|Collection Spotlights|P&C Insurance1New Unicorns,126252626Total Unicorns,27Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q

76、1Q2Q3Q4Q120212022202320242025Quarterly exits67State of Insurtech|Collection Spotlights|P&C Insurance2IPO,04756M&A,12SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Geographic Trends68US Trends69Quarterly funding&deals70State of Insurtech|Geographic Trends|US Trends$2.1B$2.5B$2.3B$3.9B$1.

77、3B$1.7B$1.2B$0.8B$0.7B$0.5B$0.7B$0.9B$0.5B$0.7B$0.9B$0.6BFunding$0.7B105889980978691687460795566434145Deals57020406080100120140$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage71State of Insurtech|Geographic

78、Trends|US Trends60%64%63%56%Early-stage,54%23%17%16%20%Mid-stage,14%11%7%8%9%Late-stage,14%6%12%12%15%Other,18%20212022202320242025YTDUS:Top equity deals in Q12572State of Insurtech|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound Valuation Select Investors1Openly$123MSeries E2025-01-30N

79、/AEden Global Partners,Advance Venture Partners,Clocktower Technology Ventures,Obvious Ventures,PJC2Instabase$100MSeries D2025-01-17$1.2BQatar Investment Authority,Andreessen Horowitz,Greylock Partners,Index Ventures,New Enterprise Associates3Nirvana$80MSeries C2025-03-10$830MGeneral Catalyst,Lights

80、peed Venture Partners,Valor Equity Partners4Fay$50MSeries B2025-02-05$500MGoldman Sachs,General Catalyst,1984 Ventures,Forerunner Ventures5HDVI$40MSeries C2025-02-12N/A8VC,Autotech Ventures,Munich Re Ventures,Weatherford Capital Management6The Helper Bees$35MSeries C2025-01-28N/ACentana Growth Partn

81、ers,Alumni Ventures,Impact Engine,Northwestern Mutual Future Ventures,Silverton Partners7Coalition$30MCorporate Minority2025-03-03N/A Mitsui Sumitomo Insurance7Matic$30MSeries D2025-01-07N/A Vistara Growth9CompScience$28MSeries B2025-02-27N/ASands Capital,Four More Capital,Valor Equity Partners,Work

82、ing Capital Fund10Clearcover$26MSeries E2025-01-29N/A American Family Ventures,OMERS VenturesQuarterly exits73State of Insurtech|Geographic Trends|US TrendsIPO,041035M&A,11SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025US:Top investors by company count in Q12574State of Insurtech|Geogra

83、phic Trends|US TrendsInvestorCompany Count Investor GroupCountry1General Catalyst5VCUnited States28VC3VCUnited States2Alumni Ventures3VCUnited States2Clocktower Technology Ventures3VCUnited States5MTech Capital2VCUnited States5Valor Equity Partners2VCUnited StatesSilicon Valley75Quarterly funding&de

84、als76State of Insurtech|Geographic Trends|Silicon Valley$0.8B$1.1B$1.0B$0.4B$0.3B$0.7B$0.4B$0.1B$0.2B$0.1B$0.2B$0.4B$0.1B$0.1B$0.1B$0.2BFunding$0.3B2618281617211991882212136615Deals2105101520253035$0.0B$0.2B$0.4B$0.6B$0.8B$1.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of d

85、eals by deal stage77State of Insurtech|Geographic Trends|Silicon Valley53%58%65%70%Early-stage,48%26%23%23%18%Mid-stage,14%16%6%5%Late-stage,24%14%7%10%Other,14%20212022202320242025YTDSilicon Valley:Top equity deals in Q12578State of Insurtech|Geographic Trends|Silicon ValleyCompanyRound AmountRound

86、DateRound Valuation Select Investors1Instabase$100MSeries D2025-01-17$1.2BQatar Investment Authority,Andreessen Horowitz,Greylock Partners,Index Ventures,New Enterprise Associates2Nirvana$80MSeries C2025-03-10$830MGeneral Catalyst,Lightspeed Venture Partners,Valor Equity Partners3Coalition$30MCorpor

87、ate Minority2025-03-03N/A Mitsui Sumitomo Insurance4CompScience$28MSeries B2025-02-27N/ASands Capital,Four More Capital,Valor Equity Partners,Working Capital Fund5Comulate$20MSeries B2025-02-11N/A Bond,WorkdayEurope Trends79Quarterly funding&deals80State of Insurtech|Geographic Trends|Europe Trends$

88、0.5B$1.8B$0.7B$0.4B$0.9B$0.5B$0.7B$0.3B$0.3B$0.4B$0.2B$0.1B$0.3B$0.5B$0.5B$0.1BFunding$0.4B55523751505045413528262428301917Deals260102030405060$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage81State of Insur

89、tech|Geographic Trends|Europe Trends72%82%68%68%Early-stage,65%10%8%17%20%Mid-stage,15%12%9%10%10%Late-stage,12%6%5%Other,8%20212022202320242025YTDEurope:Top equity deals in Q12582State of Insurtech|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Qu

90、antexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUnited Kingdom2Wefox$83MPrivate Equity2025-01-01N/A Chrysalis CapitalGermany3Taktile$54MSeries B2025-02-27N/ABalderton Capital,Index Ventures,Tiger Global Management,Y Combinator,Prosus VenturesGermany4Napo$15MSeries B

91、2025-02-27N/AMercia Ventures,Companion Fund,DN Capital,Helvetia Venture Fund,MTech CapitalUnited Kingdom5Pikl$7MUndisclosed2025-03-25N/A Undisclosed InvestorsUnited Kingdom6Renew Risk$6MSeed VC2025-02-13N/A Molten Ventures,InsurTech GatewayUnited Kingdom6XUND$6MSeed VC2025-03-05N/ALead Ventures,LANA

92、 Ventures,MassMutual Ventures,Tyrolean Business Angels,J&T VenturesAustria8Skyfora$4MSeries A2025-02-28N/ALUMO Labs,Ugly Duckling Ventures,Voima Ventures,European Innovation CouncilFinland8Weecover$4MSeries A2025-01-23N/ASwanlaab Venture Factory,Nauta Capital,Astorya.vc,Iope Ventures,LA ROCA Capital

93、Spain8Wopta Assicurazioni$4MSeries B2025-01-29N/ABelluzzo International Partners,Antonelli Family,Gianazza Family,PBF,Alcide LealiItalyQuarterly exits83State of Insurtech|Geographic Trends|Europe TrendsIPO,02321M&A,3SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Europe:Top investors by

94、company count in Q12584State of Insurtech|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1BlueOrchard2Asset/investment managementSwitzerland1Index Ventures2VCUnited Kingdom1Kindred Capital2VCUnited Kingdom1Picus Capital2VCGermany1Prosus Ventures2CVCNetherlandsReport Method

95、ologyYou can download the underlying data found in this report here:https:/ you have questions about the definitions or methodological principles used,or if you feel that your firm has been underrepresented,please reach out to .What is included:Equity financings into private companies only.Funding r

96、ounds raised by public companies of any kind on any exchange(including Pink Sheets)are excluded from our numbers,even if they received investment from a venture firm.Only includes the investment made in the quarter for tranchedinvestments.If a company does a second closing of its Series B round for$

97、5M and previously had closed$2M in a prior quarter,only the$5M is reflected.Round numbers reflect what has closed,not what is intended.If a company indicates the closing of$5M out of a desired raise of$15M,our numbers reflect only the amount which has closed.Only verifiable fundings are included.Fun

98、dings are verified via(1)various federal and state regulatory filings;(2)direct confirmation with firm or investor;(3)press release;or(4)credible media sources.Equity fundings to joint ventures and spinoffs/spinouts are included.Unicorn data includes private companies valued at$1B or more in the pri

99、vate markets globally,per the same 4 sources listed above and relied on for funding events,which include valuations disclosed in credible media sources.The list is maintained publicly and updated in real time at https:/ notes:Israel funding figures are classified in Europe;funding to Oceania and Afr

100、ica is included in global figures but not spotlighted in this report.Rounds to private companies that may be majority-or minority-owned subsidiaries of other private companies.Valuation data includes estimates to calibrate median and average valuations based on current and previous quarter disclosed

101、 valuations gathered from the aforementioned foursources.The estimating method will control for the over-sampling of large rounds that are reported quickly versus a comparative lag in valuations obtained from other sources.Valuation data reflects post-money valuations.Exits include IPOs,SPACs,public

102、ly announced M&A deals,and other liquidity events;only first exits are counted.Headquarters are determined by publicly available sources including company-owned websites and profiles,legal filings,and press releases.All figures in the report are in USD.US financing trends follow the combined statist

103、ical area(CSA)methodology.Silicon Valley refers to the San Jose-San Francisco-Oakland CSA.What is excluded:No contingent funding.If a company receives a commitment for$20M subject to hitting certain milestones but first gets$8M,only the$8M is included in our data.No business development/R&D arrangem

104、ents,whether transferable into equity now,later,or never.If a company signs a$300M R&D partnership with a larger corporation,this is not equity financing nor is it from venture capital firms.As a result,it is not included.No buyouts,consolidations,or recapitalizations.All three of these transaction

105、types are commonly employed by private equity firms and are tracked by CB Insights.However,they are excluded for the purposes of this report.No private placements.These investments,also known as PIPEs(Private Investment in Public Equities),are not included even if made by a venture capital firm.No d

106、ebt/loans of any kind(except convertible notes).Venture debt or any kind of debt/loan issued to emerging,startup companies,even if included as an additional part of an equity financing,is not included.If a company receives$3M with$2M from venture investors and$1M in debt,only the$2M is included in t

107、hese statistics.No non-equity government funding.Grants or loans by the federal government,state agencies,or public-private partnerships to emerging,startup companies are not included.No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a private entity and meets othe

108、r criteria for inclusion.Accelerators,incubators,business-plan competitions,economic-development entities are excluded from rankings of most active investors,even if making equity financings.Rankings for top investors are calculated according to“company count,”or the number of unique companies an investor funds in a quarter,and so excludes follow-on deals.85State of Insurtech