Corgi, an AI-native insurer focused on startups, raised $108m after securing regulatory approval to enter the market. The company said the funding would be used to expand coverage offerings, scale distribution, and further develop its artificial intelligence systems across underwriting, claims, and policy management.
Nirvana Insurance followed with a $100m extension to its Series D round, lifting the company’s valuation to $1.5bn. The insurer plans to use the capital to accelerate development of what it describes as an AI-powered operating system for insurance, while expanding its telematics-driven products.
The scale of the January deals reflects a broader rebound in global InsurTech investment. Recent research from InsurTech Analyst shows global funding more than doubled year on year in the final quarter of 2025, driven by larger average deal sizes and renewed investor appetite for insurance infrastructure and underwriting technology.
Beyond the headline raises, several mid-sized rounds highlighted continued interest in automation and risk management. WithCoverage raised $42m to challenge traditional commission-based insurance brokerage models for growing businesses. Sixfold secured $30m to advance its AI underwriting platform, while Armilla AI and Fulcrum each raised $25m to expand offerings focused on AI liability coverage and insurance back-office automation.
European InsurTech investment remained more restrained. Funding across the region fell 40% in 2025, with deal volumes down sharply and fewer large transactions as investor caution persisted. Against that backdrop, January’s European activity centred on operational efficiency and cyber resilience rather than rapid expansion.
France-based cyber insurer Stoïk raised $20m to support its expansion across Europe, combining insurance coverage with prevention and incident response services. In Germany, healthcare workflow specialist Recare secured $37m to accelerate the rollout of its AI-driven discharge management platform across hospitals and care facilities.
Elsewhere, funding flowed into more specialised insurance infrastructure. XBuild raised $19m to automate property insurance estimating, while Pace secured $10m to replace manual insurance operations with agent-based artificial intelligence. Singapore-based embedded insurer Igloo attracted a $5m strategic investment from Tokio Marine, and early-stage firm Mantas raised $1.77m to develop parametric insurance for cloud service downtime.
Overall, commercial and property and casualty insurance accounted for the majority of January’s activity, reflecting strong demand for AI-driven underwriting and claims technology. Infrastructure and backend platforms were also prominent, while consumer-focused InsurTech remained comparatively quiet.
Geographically, the United States dominated the month with eight of the 13 recorded deals. Europe contributed three transactions, while Singapore, the UK, and the United Arab Emirates each recorded one, underlining the increasingly global spread of insurance technology innovation even as capital remains concentrated in a small number of markets.
Here are this month’s InsurTech funding rounds:
InsurTech Corgi lands $108m to expand AI underwriting
Corgi, a US-based InsurTech company focused on building a full-stack, AI-native insurance carrier for startups, has raised $108m in funding following regulatory approval to enter the market.
The newly raised capital will be used to scale Corgi’s startup insurance line, including expanding the breadth of coverage offered, growing distribution channels and further developing the AI systems that underpin underwriting, claims and policy management.
The company says this approach allows it to support startups as they grow, evolve and face increasingly complex risk profiles.
The funding round attracted a broad group of backers including Y Combinator, Kindred Ventures, Contrary, Oliver Jung, Glade Brook Capital Partners, Seven Stars, Leblon Capital, Fellows Fund, Alumni Ventures, Quadri Ventures, Vocal Ventures, Phosphor Capital, SV Angel and other investors.
AI insurer Nirvana raises $100m to see value surge to $1.5bn
Nirvana Insurance, an AI-native commercial insurer, has secured $100m in a pre-emptive extension to its Series D funding round, pushing its valuation to $1.5bn.
The round was led by Valor Equity Partners, with existing backers Lightspeed Venture Partners and General Catalyst increasing their stakes, according to FF News.
The investment comes only months after Nirvana’s Series C in the first quarter of 2025, during which time the company has almost doubled its valuation.
Nirvana said the new capital will be used to speed up development of what it describes as the first AI-powered operating system built specifically for insurance, while expanding its telematics-driven offering beyond its current products.
AI InsurTech WithCoverage bags $42m Series B funding
New York-based InsurTech WithCoverage has raised $42m in a Series B funding round as it looks to challenge traditional, commission-based insurance brokerage models for fast-growing businesses.
The Series B round was led by Sequoia Capital and Khosla Ventures, with additional participation from 8VC and Crystal Venture Partners, according to Beinsure.
The funding will be used to expand WithCoverage’s product capabilities, grow its workforce, and support entry into new industry verticals.
Founded by JD Ross, co-founder of Opendoor, and Max Brenner, WithCoverage aims to change how scaling companies assess, purchase and manage insurance.
The platform combines AI-driven analysis with in-house teams of insurance specialists and legal professionals, allowing businesses to identify risk exposures earlier and optimise coverage structures.
German HealthTech Recare raises €37m for hospital workflow AI
Recare, a Berlin-based HealthTech company specialising in digital discharge management and AI-driven care coordination, has secured a growth financing round of up to €37m to accelerate product development and expand beyond its home market.
The round, which includes a €7m option, was led by DNV, with participation from CIBC Innovation Banking and a group of additional investors, according to Beinsure.
Following the transaction, DNV becomes Recare’s largest shareholder, underlining its strategic commitment to digital health infrastructure and workflow optimisation in regulated environments.
Founded in 2017, Recare develops workflow technology for hospitals and post-acute care providers, focusing on the often complex transition of patients from hospital settings into rehabilitation, nursing, or home-care.
Its software-as-a-service platform digitises discharge management, allowing hospitals to search for and coordinate follow-up care through a standardised digital process rather than relying on manual phone calls, faxes, and fragmented documentation.
The company says the new funding will be used to accelerate the rollout of its AI agent across hospitals and care facilities, while also supporting international expansion. Recare plans to deepen its presence across Germany and push further into overseas healthcare markets, responding to rising operational pressures and staffing shortages across Europe’s health systems.
AI underwriting InsurTech Sixfold raises $30m Series B round
Sixfold, an AI underwriting InsurTech company focused on modernising insurance decision-making, has secured fresh capital as it looks to deepen its footprint with insurers around the world.
The New York-based firm has raised $30m in a Series B funding round led by Brewer Lane, with strategic backing from Guidewire.
Existing investors Bessemer Venture Partners and Salesforce Ventures also participated in the round, reaffirming their support for the company’s growth strategy.
Founded to address inefficiencies in insurance underwriting, Sixfold develops artificial intelligence designed to support property and casualty insurers. Its technology automates and augments underwriting workflows, helping insurers assess risk more quickly and consistently. By applying AI across large volumes of structured and unstructured data, the platform aims to improve decision quality while reducing manual effort for underwriting teams.
The newly raised capital will be used to develop what the company describes as its ‘AI Underwriter’, an autonomous system capable of handling end-to-end underwriting tasks. Sixfold plans to expand its research and engineering teams to accelerate product development, while also scaling its commercial operations to meet rising demand across North America, Europe, Latin America and Australia.
AI InsurTech Armilla AI secures $25m funding round
Armilla AI, a US-based InsurTech specialising in AI liability coverage, has raised $25m to expand its insurance offerings amid growing demand for protection against generative AI risks.
The company intends to use the $25m to further scale and distribute its expanded AI Liability Policy, according to FF News.
The upgraded coverage now includes traditional general liability while offering protection for AI regulatory violations, non-breach privacy incidents, data leakage, AI model error liability, harmful outputs, AI agent failures, AI-driven property damage, and defence costs under new AI regulations such as the EU AI Act and Colorado AI Act.
“Most insurance policies weren’t designed for generative AI or AI agents.” Armilla AI CEO Karthik Ramakrishnan said. “But companies are already deploying these systems at scale. After two years of focused underwriting development, we believe our expanded policy gives risk managers a clear path forward.”
The firm provides purpose-built insurance policies for AI systems, designed to cover failures, inaccuracies, and misadvice caused by generative AI or autonomous agents.
US InsurTech Fulcrum secures $25m for insurance automation platform
Fulcrum, a US-based InsurTech company focused on automating back-office processes for insurance brokers, has raised $25m as it looks to expand the reach of its software among some of the largest brokerage houses in the country.
The company secured the funds across its seed and Series A funding rounds, according to Life Insurance International.
The financing was led by venture capital firm CRV, with backing from South Park Commons, Foundation Capital and a number of angel investors.
Founded to modernise operational workflows in the insurance sector, Fulcrum develops automation tools designed to reduce the manual burden placed on brokerage teams. Its platform enables brokers to streamline tasks such as analysing coverage and claims, generating proposals, checking policies, preparing sales materials for clients and carriers, and issuing certificates.
The new capital will be used to advance its platform and accelerate adoption among large brokerage firms. The company is focused on deepening its integrations with existing agency-management systems, allowing brokers to deploy automation without overhauling their current technology stacks.
The company’s system is built to connect with commonly used software such as Applied Epic. It can also extract policy documents from email and reconcile information across multiple records in real time, a capability Fulcrum said improves accuracy while reducing reliance on manual processes.
InsurTech Stoïk secures €20m to expand in Europe
Paris-based Stoïk, a European InsurTech specialising in cyber risk protection for businesses, has completed a €20m Series C funding round, aiming to strengthen its position in the European cyber risk market.
The round was co-led by new investor Impala and existing investor Opera Tech Ventures. Current investors Alven and Andreessen Horowitz also participated, backing the company’s expansion plans, according to Tech.EU.
Founded in 2021 by Jules Veyrat, Alexandre Andreini, Nicolas Sayer, and Philippe Mangematin, Stoïk provides cyber insurance for companies with revenues of up to €1bn. The company combines insurance coverage with active prevention and response capabilities, creating an integrated model designed to manage cyber threats end-to-end.
Stoïk helps small and medium-sized enterprises before, during, and after cyber incidents, aiming to maintain business operations, limit financial losses, and ensure rapid recovery. Its approach leverages an AI-enabled 360-degree framework that blends insurance, risk detection and prevention, and in-house incident response teams, increasingly supported by proprietary AI agents.
The funding will be used to expand Stoïk’s offerings across Central and Southern Europe, further develop its AI-driven cybersecurity capabilities, and scale its integrated cyber risk model.
XBuild raises $19m to streamline insurance estimates
XBuild, a construction-tech startup, with an AI-native estimating and proposal platform for contractors and insurers, focused initially on residential roofing and insurance restoration work, has raised $19m in Series A funding.
The funding round was led by N47, with participation from Rackhouse Ventures and Andreessen Horowitz, marking a major investment in construction-focused AI solutions, according to Beinsure.
The firm develops software that automates the creation of carrier-aligned repair estimates, helping contractors and insurers reduce manual estimating work.
Since its 2025 launch, the platform has processed over 15,000 completed projects, representing roughly $250m in construction volume. Adoption has been strongest in property insurance claims, particularly residential roofing, where XBuild customers avoided more than 40,000 hours of manual estimation work.
The platform has recently introduced Roofing Proposals, a tool for residential contractors that generates detailed, editable estimates in under 15 minutes. It integrates PDF measurement reports from providers such as EagleView, Hover, and Roofr, alongside standard job-site photography, converting these inputs into structured proposals ready for client delivery.
Pace secures $10m Series A to modernise insurance workflows
Pace, an agentic AI startup automating insurance operations, has raised $10m in a Series A led by Sequoia Capital to accelerate AI adoption across insurance workflows.
The funding reflects growing investor interest in boosting the insurance industry’s challenging operational processes.
Through the tranche, Pace is targeting tasks that have traditionally relied on business process outsourcing, with the goal of replacing manual, offshore-heavy workflows with AI-driven systems that improve speed, accuracy, and scalability.
Founded in 2024 by CEO Jamie Cuffe, the firm develops agentic AI systems capable of handling submissions, claims processing, and other document-heavy work. The technology is designed to operate at scale, managing structured and unstructured data that typically requires large teams of employees.
InsurTech Igloo secures $5m from Tokio Marine
Japanese insurer Tokio Marine has invested $5m for a minority stake in Singapore-based InsurTech startup Igloo, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The deal gives Tokio Marine a 1.65% holding in the company, acquired through 493,984 shares at US$10.12 each, joining existing investors including Openspace Ventures, Cathay Innovations, Blue Orchard and FinnFund, according to Fintech News Singapore.
Igloo, which operates across eight Southeast Asian markets, offers embedded, technology-driven insurance solutions. Since its launch in 2016, the startup has facilitated more than 600 million insurance policies and expanded into climate resilience insurance, providing data-based coverage for floods, fires and extreme weather.
The company has also formed a joint venture with Thailand’s JMT Network Service to launch a fully digital insurer, a model it aims to replicate in Indonesia and the Philippines.
Tokio Marine’s investment supports Igloo’s regional growth, particularly in Indonesia, where the insurer is prioritising technology-led retail insurance. The group already has a presence in Indonesia’s property and general insurance segments but is now shifting focus towards digital-first and embedded solutions, working with digital-native partners.
Mantas raises $1.77m to bring parametric insurance to cloud downtime
Mantas, a company focused on insuring modern digital risks, has emerged from stealth alongside a seed funding round to introduce parametric insurance designed to cover cloud service downtime.
The seed round totals $1.77m and includes participation from Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate, as well as strategic angel investors.
The capital will be used to support product development, enhance risk modelling capabilities, and fund early customer deployments across the MENA region and North America.
The launch reflects growing dependence on hyperscale cloud infrastructure, particularly in regions undergoing rapid digital transformation. As businesses increasingly operate on always-on platforms, even short periods of downtime can disrupt transactions, halt operations, and damage customer trust.
Wrisk, a digital insurance platform specialising in embedded insurance for the automotive sector, has secured a strategic investment from Allianz as part of its recently announced Series B funding round.
The Series B round was led by Alma Mundi Ventures and Opera Tech Ventures, with Allianz joining as a new strategic investor, though the company did not disclose the funding total.
Allianz’s participation adds to Wrisk’s growing list of shareholders and highlights the company’s long-standing relationship with the insurer, which has been its primary underwriter for nearly a decade.
The fresh capital will support Wrisk’s international expansion and further investment in its data science and analytics capabilities.
The company said it plans to scale its platform while strengthening relationships across the automotive and insurance ecosystems, as demand grows for more integrated, data-driven insurance solutions.
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