Insurtech Gateway has completed the first close of its Seed Fund II, enabling it to back 20 startups over the next four years from pre-seed to Series A.
Statistics from Dealroom show insurtech startups are woefully underfunded compared to the likes of fintech, health and mobility. From 2016 to 2022, fintech (excluding insurtech) got $323 billion, while insurtech received $43 billion.
Founded in 2016, Insurtech Gateway is trying to close the gap, already supporting 24 portfolio companies, live in 37 countries, working with 26 insurers. It also has authorised incubators in London and Sydney.
Richard Chattock, CEO, Insurtech Gateway, says: "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."