Latest Insurtech Funding News; Investment Still Pouring In

Insurance is changing rapidly, so here is a quick round up of the latest investment capital and VC funding for various insurtech projects around the world;

BOLDER PENGUINS SPOTTED IN OHIO

Bold Penguin, a Columbus Ohio commercial insurance technology provider, announced it has completed a $32 Million Series B funding round which brings the total capital raised to date over $50 Million.

The participation included growth equity firms Hudson Structured Capital Management Ltd., Lightstone, Guggenheim Insurance, Lockton, existing investors and individuals from Stone Point Capital.

The company says the additional capital is to accelerate growth in engineering.  It plans to deliver on platform enhancements which include more flexibility in how the core technology is leveraged by enterprise customers, expanding in Excess and Surplus (E&S) Lines, as well as maintaining the rapid pace of admitted carrier integrations needed to support the 950,000 businesses handled through Bold Penguin’s technology.

For more details, please visit www.boldpenguin.com.

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ACKO STEPS UP A GEAR

India’s fast-growing InsurTech company, Acko, has completed it’s move to a larger office facility in Bengaluru. The new office space is 87,000 square feet, which makes it nearly four times larger than the previous office and can house more than 800 staff. Acko continues to hire to add to its existing talent of 350 and will hire more than 100+ team members over the next twelve months across all functions and locations.

The company is backed by Amazon, Accel, Catamaran Ventures, SAIF Partners, Swiss Re  Transamerica Ventures and its latest round of funding has also added Binny Bansal, RPS ventures and Intact ventures to its list of investors.

ELMA WINS SERIES A FUNDING

Spanish start-up Elma has received 3 million euros in Series A funding, with Mangrove Capital, plus Barcelona-based investor and company builder Antai Venture Builder (AVB), Arroba Capital, and US VC Joyance Capital Partners, all tipping in as well.

Elma specialises in private healthcare plans, app-based access for sonsumers, with the emphasis on speed of diagnosis and treatment, plus customer choice as regards locations and monthly plan costs.

INSURMI EXPANDS

US based insurtech start-up Insurmi has raised an additional $1m in a funding round led by Coplex, a venture builder that collaborates with entrepreneurs to launch high-growth tech firms. Global Insurance Accelerator (GIA) were also involved in the fundraising.

With the new capital, Insurmi intends to speed up its global expansion plan for its white label software platform, plus increase the staff headcount at its Phoenix, Arizona base.

Insurmi founder and CEO Sonny Patel said:

“This new capital injection will accelerate our growth and strengthen our position as true allies to insurance carriers to help them transform how they communicate and engage with the next generation of the insured.”

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