InsureTech Unicorns and Mega-Rounds: The Biggest Funding Deals of 2024
It's been a wild ride for the InsureTech industry in 2024. While the overall funding landscape has seen a bit of a slowdown compared to previous years, there are still some InsureTech startups out there absolutely crushing it when it comes to raising capital.
Here are a few of the top InsureTech funding rounds of 2024 so far:
- Sidecar Health: $165 million Series D round
Sidecar Health kicked things off with a massive $165 million Series D round in Q2. That was the only funding deal over $100 million during the quarter. Not too shabby!
- ICEYE: $93 million Series D round
Fellow InsureTech ICEYE also had a stellar Q2, securing $93 million in Series D funding.
- Cover Genius: $80 million Series E round
Let's give a round of applause to Cover Genius, which raised an $80 million Series E round – the largest InsureTech deal globally in the first half of 2024.
- Honey Insurance: $71 million Series A round
Honey Insurance also joined the party, closing a $71 million Series A round.
- Altana AI: $1 billion Series C round
Altana AI officially became a unicorn with a massive $1 billion Series C round.
- Honeycomb: $36 million Series B round
Finally, Honeycomb rounded out the top deals with a $36 million Series B, the biggest InsureTech funding in the US for Q2.
Now, it's worth noting that while these are all incredibly impressive funding hauls, the overall InsureTech funding landscape has actually seen a bit of a decline in 2024 compared to previous years. Global funding was cut in half in the first half of the year, and the average deal size dropped as well.
But there's still clearly plenty of investor appetite for the most promising InsureTech startups. And with some of these hefty new war chests, I'm excited to see what kind of innovations and disruptions these companies have in store for the insurance industry in the years to come.
