Top 11 Venture Capital Firms Investing in Insurance Startups

For founders in the insurance technology space, knowing which investors to approach is a critical part of fundraising. Pitching to the wrong firm can be a major setback, so understanding the key players in the insurtech venture capital scene is essential when you’re preparing to raise capital.

To help you focus your efforts, our team has put together this overview of the top insurance venture capital firms. We’ve curated this list to give you a quick look at the investors who are actively funding companies like yours.

Actively raising? You can now access non-dilutive funding options like venture debt and credit lines through Rho Capital. Rho also provides access to business banking, corporate cards, and bill pay—built for startup teams moving fast.

Key Takeaways

• For an insurance startup, securing venture funding is more than just capital; it’s a validation of your business model and provides the resources to accelerate product development and market entry.
• Leading firms like Wellington Management, Obvious Ventures, Moderne Ventures, and Recursive Ventures are notable backers in the insurance technology sector, actively funding new companies.
• Whether you are actively raising or have just closed a round, Rho helps you manage your new capital with integrated business banking, corporate cards, and automated bill pay.

Which VC Firms in Insurance Are Right for Your Stage?

Whether you're an early-stage company or preparing for an exit, it’s important to know who to approach for funding. This overview breaks down which insurance VC firms invest at each stage, so you can focus your efforts.

Pre-seed and Seed VC Firms in Insurance

This initial stage is for founders who are just starting out, often with an idea or a minimum viable product, and need capital to validate their concept and build a team. For insurtech startups at this point, firms like Recursive Ventures, Liberty Mutual Strategic Ventures, and Elefund are active seed stage venture capital firms that focus on providing foundational backing.

Early Stage VC Firms in Insurance

Early-stage funding, typically Series A and B, is for companies that have found product-market fit and are ready to scale their operations and sales. For this phase, you might approach early stage venture capital firms such as Commerce Ventures, Obvious Ventures, or Avanta Ventures, which have a track record of backing growing insurance technology companies.

Once you secure your funding, Rho’s integrated platform helps you manage your new capital with business banking, corporate cards, and automated bill pay.

Late Stage VC Firms in Insurance

Late-stage capital is for established companies looking to expand into new markets, make acquisitions, or prepare for an exit through an IPO or merger. Major venture capital firms like Wellington Management and Moderne Ventures are known for providing this type of growth equity to mature companies.

For founders seeking growth capital without additional dilution, Rho Capital can connect you with non-dilutive funding options like venture debt and credit lines.

It's also worth noting that many VC firms invest across multiple stages, from seed to exit.

To help you identify the right investors, we've compiled information on the top VC firms in the insurance sector. Below, you'll find details on their typical investment stages, where they invest, and what distinguishes each firm.

1. Wellington Management

Wellington Management is a global investment firm that also operates as a private equity and venture capital investor. With deep roots serving institutional clients, they bring significant resources and a long-term perspective to their portfolio companies.

The firm is distinguished by its flexible, multi-stage investment approach, backing companies from early venture rounds through to late-stage growth. Their portfolio includes category-defining companies like Airbnb and Coinbase, highlighting their focus on backing market leaders.

Wellington is an excellent match for founders with proven traction and a clear vision for building a large-scale enterprise. Their capacity to provide capital across the entire company lifecycle makes them a powerful long-term partner, though for founders seeking growth capital without dilution, our team at Rho Capital can connect you with non-dilutive financing.

• Investment stages: Early Stage Venture, Late Stage Venture, Private Equity, Debt
• Industries of focus: Insurance, Financial Services, Asset Management, Finance
• Geographical presence: Boston, MA
• Founded: 1933
• Notable portfolio companies: Airbnb, Affirm, Coinbase, Coupang
• Portfolio size: 290+ investments

You can refer to their website here.

2. Obvious Ventures

Obvious Ventures invests in entrepreneurs building companies that aim to solve major problems in areas like planetary, human, and economic health. They focus on businesses that are fundamentally reimagining large-scale industries.

The firm's "world positive" investment thesis is a key part of their identity, guiding them to support companies with a clear, beneficial purpose. Their portfolio, which includes well-known names like Beyond Meat and Gusto, shows a preference for mission-driven companies that can achieve significant commercial success.

This firm is a strong fit for founders whose business model is intrinsically tied to a positive impact and who are targeting massive markets. Once you secure funding from a firm like Obvious, our integrated platform at Rho can help you manage your new capital with business banking and corporate cards.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture, Private Equity
• Industries of focus: Artificial Intelligence (AI), Biotechnology, Finance, Financial Services, Insurance
• Geographical presence: San Francisco, CA
• Founded: 2014
• Notable portfolio companies: Beyond Meat, Planet, Gusto, Recursion
• Portfolio size: 173 investments

You can refer to their website here.

3. Moderne Ventures

Moderne Ventures is a strategic venture capital firm that also provides growth equity. They invest in technology companies across several large industries, including real estate, finance, insurance, and sustainability.

A key aspect of Moderne's approach is its function as an accelerator, suggesting a hands-on model that provides more than just capital. Their portfolio includes well-known companies like DocuSign, highlighting their ability to back businesses that achieve significant scale.

This firm is a good fit for founders in their target sectors who are looking for a strategic partner with deep industry connections. Their multi-stage and accelerator model is particularly suited for companies seeking operational support alongside funding.

• Investment stages: Early Stage Venture, Late Stage Venture, Private Equity
• Industries of focus: Real Estate, Finance, Insurance, Sustainability
• Geographical presence: Chicago, IL
• Founded: 2015
• Notable portfolio companies: DocuSign, August Home, Bento
• Portfolio size: 105+ investments

You can refer to their website here.

4. Recursive Ventures

Recursive Ventures is a micro VC firm that backs seed-stage tech startups in the US and Israel. They concentrate on companies using data and artificial intelligence to transform established industries.

The firm has a clear focus on early, foundational investments and a strong track record of identifying future market leaders. Their portfolio includes major successes like Ring, acquired by Amazon, and the high-growth fintech platform Deel.

Recursive is a great match for founders at the seed stage with a strong technical product built on data or AI. After closing a seed round with a firm like Recursive, our integrated platform at Rho can help you manage your new capital with business banking, corporate cards, and automated bill pay.

• Investment stages: Seed, Early Stage Venture
• Industries of focus: Artificial Intelligence (AI), Finance, FinTech, Insurance, Real Estate
• Geographical presence: Albany, CA (invests in US and Israeli companies)
• Founded: 2015
• Notable portfolio companies: Ring, Deel, Placer.ai, Life360
• Portfolio size: 48 investments

You can refer to their website here.

5. Liberty Mutual Strategic Ventures

Liberty Mutual Strategic Ventures is the corporate venture capital arm of the global insurer, Liberty Mutual. They invest in early-stage companies developing new technologies and business models for the insurance sector.

As a corporate venture fund, they offer direct access to the resources and expertise of a major insurance carrier. Their portfolio includes successful exits like smart-lock maker August Home and high-growth companies like the car-sharing marketplace Turo.

This firm is an ideal partner for founders whose products could align with Liberty Mutual’s core business. Once you secure strategic funding, our integrated platform at Rho helps you manage your new capital with business banking and corporate cards.

• Investment stages: Seed, Early Stage Venture
• Industries of focus: Insurance, Financial Services
• Geographical presence: Boston, MA
• Founded: 2015
• Notable portfolio companies: Turo, August Home, Snapsheet
• Portfolio size: 34 investments

You can refer to their website here.

6. Elefund

Elefund is a thesis-driven micro VC firm that invests in early-stage technology companies. They focus on providing foundational capital to businesses at the seed and early venture stages.

The firm is known for its thesis-driven investment strategy, backing companies with the potential for massive scale. Their portfolio includes breakout successes like Robinhood, Calm, and Carta, showing a talent for identifying category-defining businesses early on.

Elefund is a great fit for founders at the seed stage who are building technology to reshape large markets. Once you secure your seed funding, our integrated platform at Rho can help you manage your new capital with business banking and corporate cards.

• Investment stages: Seed, Early Stage Venture, Convertible Note
• Industries of focus: FinTech, InsurTech, Wellness, Mobile Apps, Aerospace
• Geographical presence: Mountain View, CA
• Founded: 2015
• Notable portfolio companies: Robinhood, Calm, Carta, Branch Insurance
• Portfolio size: 57 investments

You can refer to their website here.

7. Propel

Propel is a venture capital firm that invests in companies building the future of the financial economy. They back founders who are creating new technologies in financial services, insurance, and enterprise software.

The firm has a track record of supporting companies that achieve major scale, including successful IPOs and high-revenue businesses like Coinbase and Hippo. Their investment strategy spans from seed to late-stage rounds, showing a commitment to backing companies throughout their growth journey.

Propel is a strong match for founders developing technology in the fintech and insurtech sectors with ambitions for significant market impact. Once you secure funding, Rho’s integrated platform helps you manage your new capital with business banking, corporate cards, and automated bill pay.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture
• Industries of focus: FinTech, InsurTech, Enterprise Software, Cryptocurrency, Web3
• Geographical presence: San Francisco, CA
• Founded: 2016
• Notable portfolio companies: Coinbase, DocuSign, Hippo, Groww, Neon
• Portfolio size: 62 investments

You can refer to their website here.

8. Commerce Ventures

Commerce Ventures is a venture capital firm that invests in technology companies transforming the commerce and financial services industries. They support founders from the seed stage through early and late-stage rounds, focusing on sectors like retail, fintech, and insurance.

The firm's portfolio is marked by significant successes, including companies that have gone public like Bill.com and others acquired by major corporations. This track record indicates a focus on businesses with the potential for substantial growth and successful exits.

This firm is a good match for founders building technology in the commerce, fintech, or insurance spaces who have a clear vision for scaling their business. Once you secure funding, our integrated platform at Rho can help you manage your new capital with business banking and corporate cards.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture
• Industries of focus: E-Commerce, FinTech, Insurance, Retail Technology
• Geographical presence: San Francisco, CA
• Founded: 2012
• Notable portfolio companies: Bill.com, Forter, Socure, Vestwell, InAuth
• Portfolio size: 194 investments

You can refer to their website here.

9. Avanta Ventures

Avanta Ventures is a venture capital firm that provides capital, resources, and industry expertise to companies in the insurtech sector. Their approach is designed to give founders the support they need to build and scale their businesses.

The firm operates as both a venture capital investor and an accelerator, signaling a hands-on approach. Their portfolio, which includes the unicorn Kin Insurance and AI-driven analytics company CAPE Analytics, shows a clear focus on technology transforming the insurance industry.

Avanta is a great match for founders whose products are aimed at the insurance market and who are looking for a partner with deep operational and industry knowledge. Once you secure funding, Rho’s integrated platform helps you manage your new capital with business banking, corporate cards, and automated bill pay.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture, Private Equity, Convertible Note
• Industries of focus: InsurTech, Insurance, Financial Services
• Geographical presence: Palo Alto, CA
• Founded: 2017
• Notable portfolio companies: Kin Insurance, RapidSOS, CAPE Analytics, Cowbell Cyber
• Portfolio size: 29 investments

You can refer to their website here.

10. TechRise Chicago

TechRise is a Chicago-based venture capital firm and startup competition with a specific mission. It operates as a multi-stakeholder initiative focused on providing capital and support to Black and Latinx tech founders.

The firm’s model is distinguished by its dual role as an investor and a startup competition organizer. This structure, combined with its focus on early-stage, seed, and grant funding, points to a high-volume, community-centric approach to backing new companies.

TechRise is an ideal partner for Black and Latinx founders at the earliest stages of building their companies. If you're seeking foundational capital and a strong support network, this firm is a great fit; once you secure that funding, our platform at Rho can help you manage it with integrated banking and spend management tools.

• Investment stages: Seed, Early Stage Venture, Grant
• Industries of focus: Insurance, Finance, Construction, Education, Food and Beverage, Medical, Professional Services, Web Design
• Geographical presence: Chicago, IL
• Founded: 2021
• Portfolio size: 139 investments
• Investor type: Startup Competition, Venture Capital

You can refer to their website here.

11. Route 66 Ventures

Route 66 Ventures is a private investment firm that offers both venture capital and credit to companies in the financial technology sector. They focus on backing businesses that are building new solutions in finance and related industries.

The firm is notable for its flexible investment strategy, providing capital across all stages from seed to late-stage venture, as well as debt financing. Their portfolio includes major fintech players like Ripple and DriveWealth, showing a history of backing companies that achieve significant scale.

This firm is a strong fit for founders in the fintech and insurtech spaces who need a partner that can provide different types of capital as the business grows. For founders specifically seeking non-dilutive financing, our team at Rho Capital can also help you access venture debt and credit lines tailored to your needs.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture, Debt
• Industries of focus: FinTech, Financial Services, Insurance, Consumer Lending, Credit, Wellness
• Geographical presence: Alexandria, VA
• Founded: 2012
• Notable portfolio companies: Ripple, DriveWealth, EarthOptics, AccessPay
• Portfolio size: 83 investments

You can refer to their website here.

What This Tells Us About The VC Scene for Insurance Companies

This overview shows a healthy and active investment scene for insurance technology companies. While there is strong support for early-stage founders, with many firms focused on seed and Series A rounds, there are also established players providing late-stage growth capital. This balance suggests that investors see long-term value in the sector, offering opportunities for companies at every point in their journey.

The investors themselves are also varied. You'll find them not just in Silicon Valley, but also in hubs like Boston and Chicago. Beyond traditional venture capital, the list includes corporate VCs and firms that offer debt financing. This variety gives you more options to find a partner that aligns with your goals. For founders seeking growth capital without dilution, our team at Rho Capital can connect you with non-dilutive financing options tailored to your business.

Raise Confidently with Rho

Knowing which investors to approach saves you valuable time and energy during a fundraise. This focused list helps you connect with the right partners for your insurance technology company.

If you’re seeking funding, Rho Capital connects you to non-dilutive funding options like venture debt and credit lines through a fast, guided process. Our team helps you find financing without giving up more equity.

Once your round is closed, our integrated platform helps you put that capital to work. Manage and deploy funds efficiently with our business banking, corporate cards, and automated bill pay.

FAQs about Venture Capital Firms Focused on Insurance

Which US cities are major hubs for insurance venture capital firms?

Key hubs for insurtech venture capital firms include Boston, New York, and the San Francisco Bay Area. These cities have a high concentration of investors, talent, and financial institutions, making them ideal for founders seeking capital and connections.

Are there many insurtech VC firms in Europe?

Yes, Europe has a growing number of insurtech venture capital firms, particularly in hubs like London and Berlin. These firms actively invest in startups creating new technologies for the European insurance market, from early to late stages.

What do early-stage venture capital firms look for in an insurtech startup?

Early-stage VCs want to see a strong founding team, a clear product-market fit, and initial customer traction. They focus on your business model's scalability and its potential to address a significant problem within the insurance industry.

What is the difference between a corporate and a traditional insurance VC?

Corporate VCs are investment arms of large insurance companies, offering strategic value and industry access. Traditional VCs are independent firms focused purely on financial returns, often providing broader operational guidance across different sectors.

How can my startup manage its funds after a successful seed round?

After closing your round, it's critical to manage cash flow effectively. Our integrated platform at Rho helps you deploy capital efficiently with business banking, corporate cards, and automated bill pay, all in one place.

How can Rho help my startup get funding without dilution?

Our team at Rho Capital connects you with non-dilutive funding options like venture debt and credit lines. We guide you through a fast matching process to find financing tailored to your business without giving up equity.