Insurtech Gateway, a champion of early-stage InsurTech startups, has completed the first close of its Seed Fund II which will support 20 teams over the next four years from pre-seed to Series A.
Founded in 2016, the Gateway’s mission is to close the funding gap in early stage InsurTech and attract a “new kind of founder” who is willing to tackle complex climate and social challenges.
With authorised incubators in London and Sydney, the Gateway supports 24 portfolio companies, is live in 37 countries, working with 26 insurers. Previously, the company has supported successful InsurTechs such as By Miles, Humn, Coincover, Loadsure, Nayms, Bondaval, Collective Benefits and Floodflash.
The Gateway pointed to statistics provided by Dealroom, which show InsurTech startups are “woefully underfunded” compared to other verticals targeting similar market size such as FinTech, health and mobility.
For example, from 2016 to 2022, health received $361bn in global VC funding, FinTech (excluding InsurTech) got $323bn and transportation got $297bn. InsurTech received a meagre $43bn.
Richard Chattock, CEO at Insurtech Gateway said, “We believe that insurance and technology can transform society. We are proud to have created a place where independent founders can build sustainable partnerships with progressive insurers, regulators and co-investors.”
Earlier this year, InsurTech startup Eusoh raised $1.3m in an investment round led by InsurTech Gateway alongside Sure Ventures.
Copyright © 2022 FinTech Global