Top 11 Venture Capital Firms Investing in Insurance Startups

When you're preparing to raise capital for your insurance startup, knowing which investors truly understand your field is critical. Finding the right partner among the many insurtech venture capital firms can mean the difference between a quick 'no' and a productive conversation.

To help you focus your fundraising efforts, our team at Rho has curated this overview of the top VC firms investing in insurance technology. This guide is designed to help you quickly understand the key players and find the right fit for your company.

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Which VC Firms in Insurance Are Right for Your Stage?

No matter your company's stage, from early funding to a future exit, connecting with the right investors is essential. This overview breaks down the top insurance VC firms by their investment focus.

Pre-seed and Seed VC Firms in Insurance

This initial funding stage is for founders who are just starting out, often with little more than a strong idea and a founding team. For insurtech startups at this phase, firms like Recursive Ventures, Liberty Mutual Strategic Ventures, and Elefund are key players to watch.

Early Stage VC Firms in Insurance

Early-stage funding, which includes Series A and B rounds, is for companies that have a proven product and are ready to accelerate growth and expand their market presence. Some insurance-focused venture capital firms that support this stage are Commerce Ventures and Propel.

Late Stage VC Firms in Insurance

Late-stage rounds are for mature companies looking for significant capital to fuel expansion, prepare for an IPO, or solidify their market leadership. You might connect with major venture capital firms such as Wellington Management or Obvious Ventures when you reach this point.

It's also worth noting that many VC firms invest across multiple funding stages.

To help you find the right partner, here is our overview of top VC firms in the insurance sector, with key details on their investment stages, geographic focus, and what makes each a strong potential partner for founders.

1. Wellington Management

Wellington Management is a global investment management firm with deep roots, founded in 1933. The firm applies its extensive resources to serve institutional clients across private equity and venture capital.

The firm invests across various stages, from early venture to private equity, with a clear record of backing high-profile technology companies. Their portfolio includes names like Airbnb and Coinbase, highlighting a focus on category-defining businesses preparing for public markets.

Wellington could be a strong partner if you lead a mature company with substantial market traction and are planning for a significant growth round or IPO. Their experience with large-scale exits makes them a good fit for founders ready for that final push.

• Investment stages: Debt, Early Stage Venture, Late Stage Venture, Private Equity, Venture
• Industries of focus: Finance, Financial Services, Asset Management, and Insurance
• Founded: 1933
• Notable investments: Airbnb, Affirm, and Coinbase
• Total investments: 290
• Headquarters: Boston, Massachusetts

You can refer to their website here.

2. Obvious Ventures

Obvious Ventures invests in entrepreneurs building solutions for major global challenges. The firm focuses on what it calls "world positive" companies that aim to improve planetary, human, and economic health.

The firm invests across multiple stages, from seed to late-stage rounds, and has a clear focus on purpose-driven technology. Their portfolio includes well-known companies like Beyond Meat and Gusto, showing a track record of backing businesses that achieve significant scale and impact.

This firm could be a great partner if your company has a strong, purpose-driven mission at its core. Founders who are building technology to address large-scale problems and are aiming for a significant exit will find Obvious Ventures' approach a good match.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture, Private Equity, Venture
• Industries of focus: Artificial Intelligence (AI), Biotechnology, Finance, Financial Services, and Insurance
• Founded: 2014
• Notable investments: Beyond Meat, Planet, Gusto, and Recursion
• Total investments: 173
• Headquarters: San Francisco, California

You can refer to their website here.

3. Moderne Ventures

Moderne Ventures is a strategic venture capital firm that also operates as an accelerator and private equity investor. The firm supports companies across their lifecycle, from early growth stages to more mature private equity rounds.

The firm concentrates on technology companies within real estate, finance, insurance, and sustainability. Their portfolio highlights a history of successful exits, including DocuSign's IPO and acquisitions of companies like August Home and Bento.

Moderne Ventures could be a good match if your company operates in one of their core industries and has a clear path to a major exit. Founders looking for a strategic partner with a track record of guiding companies to acquisition or IPO would find them a strong fit.

• Investment stages: Early Stage Venture, Late Stage Venture, Private Equity
• Industries of focus: Real Estate, Finance, Insurance, FinTech, and Sustainability
• Founded: 2015
• Notable investments: DocuSign, August Home, Airside, Avvir, and Bento
• Total investments: 105
• Number of exits: 25
• Headquarters: Chicago, Illinois

You can refer to their website here.

4. Recursive Ventures

Recursive Ventures is a micro-VC firm that backs early-stage tech startups in the US and Israel. The firm concentrates on companies using data and AI to create significant change in established industries.

The firm has a clear focus on seed-stage companies and has built a portfolio with major successes, including Ring (acquired by Amazon) and Deel. Their investment thesis centers on businesses that use data and AI as a core advantage.

Recursive Ventures could be a strong partner if you are a founder at the seed stage with a company built on data and AI. Their track record suggests they are skilled at identifying and supporting companies with the potential for high-growth and significant exits.

• Investment stages: Early Stage Venture, Seed
• Industries of focus: Artificial Intelligence (AI), FinTech, Insurance, and Real Estate
• Geographic focus: US and Israel
• Founded: 2015
• Notable investments: Ring, Deel, Life360, and Placer.ai
• Number of exits: 11
• Headquarters: Albany, California

You can refer to their website here.

5. Liberty Mutual Strategic Ventures

Liberty Mutual Strategic Ventures (LMSV) is the corporate venture capital arm of the global insurer Liberty Mutual. The firm invests in early-stage companies with technology that is changing the insurance industry and helping people protect their assets.

As a corporate VC, LMSV has a clear focus on seed and early-stage startups relevant to its parent company's business. Their portfolio includes direct insurtech companies like Snapsheet, as well as businesses in adjacent markets such as car-sharing with Turo and smart-home tech with August Home.

LMSV could be a strong partner if you are an early-stage founder whose product has a clear strategic value to a large insurance carrier. Companies that could benefit from the resources and market access of Liberty Mutual would find this a compelling fit.

• Investment stages: Early Stage Venture, Seed
• Industries of focus: Insurance, Financial Services
• Founded: 2015
• Notable investments: Turo, August Home, Snapsheet
• Total investments: 34
• Number of exits: 5
• Headquarters: Boston, Massachusetts

You can refer to their website here.

6. Elefund

Elefund is a thesis-driven micro-VC firm that makes focused investments in early-stage technology companies. They partner with founders who are building businesses in specific, high-growth sectors.

The firm's portfolio shows a remarkable ability to identify future market leaders at their earliest stages. They have backed several companies that went on to become household names and unicorns, including Robinhood, Calm, and the insurtech company Branch Insurance.

Elefund could be an excellent partner if you are an early-stage founder with a company poised for massive growth. Their track record suggests a strong fit for founders in consumer tech, fintech, and insurtech who have unicorn ambitions.

• Investment stages: Seed, Early Stage Venture, Convertible Note
• Industries of focus: FinTech, InsurTech, Mobile Apps, and Wellness
• Founded: 2015
• Notable investments: Robinhood, Calm, Carta, and Branch Insurance
• Total investments: 57
• Number of exits: 9
• Headquarters: Mountain View, California

You can refer to their website here.

7. Propel

Propel invests in companies building what it calls the "new financial economy," with a clear focus on fintech and insurtech. The firm supports entrepreneurs from the seed stage through later rounds of funding.

The firm's portfolio features several high-profile companies that have reached public markets, including Coinbase and the digital insurance firm Hippo. According to a recent announcement, several of their portfolio companies now generate over $100 million in annual revenue, showing their ability to back businesses that achieve significant scale.

Propel is a strong potential partner if you are a founder in the financial technology space with a clear vision for large-scale growth. Their track record with major exits suggests they are well-suited for companies aiming for an IPO or a significant acquisition.

• Investment stages: Seed, Early Stage, and Late Stage Venture
• Industries of focus: FinTech, InsurTech, Enterprise Software, and Web3
• Founded: 2016
• Notable investments: Coinbase, DocuSign, and Hippo
• Total investments: 62
• Number of exits: 12
• Headquarters: San Francisco, California

You can refer to their website here.

8. Commerce Ventures

Commerce Ventures invests in companies that are building new infrastructure for commerce, fintech, and insurance. The firm supports founders across the startup journey, from seed funding through later growth rounds.

The firm has a history of backing companies that achieve major scale, including unicorns like Forter and Socure and public companies like Bill.com. Their portfolio shows a clear focus on businesses with the potential for large exits, such as the acquisition of InAuth by American Express.

This firm is a strong potential partner if you are building a company in their core sectors and have a clear path to a major exit. Founders aiming for an IPO or a significant acquisition will find their experience valuable.

• Investment stages: Seed, Early Stage Venture, and Late Stage Venture
• Industries of focus: E-commerce, FinTech, and Insurance Technology
• Founded: 2012
• Notable investments: Bill.com, Forter, Socure, and Vestwell
• Total investments: 194
• Number of exits: 22
• Headquarters: San Francisco, California

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 startups in the insurtech sector. They support companies across their entire lifecycle, from initial seed funding to later private equity rounds.

The firm has a clear focus on technologies that can transform the insurance industry. Their portfolio includes companies like Kin Insurance, a direct-to-consumer insurtech that achieved a unicorn valuation and is reportedly angling for an IPO. This mix highlights their interest in both high-growth businesses and technologies with broad societal impact.

Avanta Ventures could be a great partner if your company is building technology with direct applications for the insurance industry. Founders seeking a strategic investor with deep domain knowledge and connections will find their approach particularly valuable, especially if the goal is a major exit or achieving significant scale within the insurtech market.

• Investment stages: Seed, Convertible Note, Early Stage Venture, Late Stage Venture, and Private Equity
• Industries of focus: Insurance, InsurTech, and Financial Services
• Founded: 2017
• Notable investments: Kin Insurance, RapidSOS, Cowbell Cyber, and Automatic (acquired by SiriusXM)
• Total investments: 29
• Number of exits: 1
• Headquarters: Palo Alto, California

You can refer to their website here.

10. TechRise Chicago

TechRise Chicago is a venture capital firm and startup competition focused on empowering underrepresented founders. The firm operates as a multi-stakeholder initiative to provide capital and support to early-stage companies.

The firm's primary focus is on backing Black and Latinx entrepreneurs, making it a key player in fostering a more inclusive tech ecosystem. Their investment scope is broad, covering sectors from insurance and finance to education and construction, and they invest at the earliest stages, including grants.

TechRise could be an ideal partner if you are a Black or Latinx founder at the seed or early stage. Their model is especially well-suited for entrepreneurs seeking a supportive community alongside initial funding.

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

You can refer to their website here.

11. Route 66 Ventures

Route 66 Ventures provides both venture capital and credit solutions to emerging companies in the financial technology and services sectors. The firm supports businesses across their entire funding journey, from initial seed rounds to later-stage growth.

The firm’s dual focus on equity and debt financing gives founders flexible capital options. Their portfolio features foundational companies like the blockchain payments firm Ripple and the brokerage infrastructure provider DriveWealth, indicating a focus on businesses that power the financial industry.

Route 66 Ventures could be a strong partner if you are building core technology in fintech or insurtech and could benefit from a flexible financing structure. Founders who need a partner that can provide more than a traditional equity check will find their model appealing.

• Investment stages: Seed, Early Stage Venture, Late Stage Venture, Debt, Venture
• Industries of focus: FinTech, Financial Services, Insurance, Consumer Lending, and Wellness
• Founded: 2012
• Notable investments: Ripple, DriveWealth, EarthOptics, and Payzer
• Total investments: 83
• Number of exits: 15
• Headquarters: Alexandria, Virginia

You can refer to their website here.

What This Tells Us About The VC Scene for Insurance Companies

Our overview of these firms shows a healthy and varied funding environment for companies in the insurance sector. You’ll find investors focused on every stage, from pre-seed and seed specialists to late-stage giants. Many firms on our list also invest across the full spectrum of a company's growth. This balance suggests that capital is available whether you are just starting out or preparing for a major expansion.

The variety also extends to the types of investors and their locations. The list includes corporate VCs, micro-VCs, and firms with a specific social mission. While many are based in traditional tech hubs like the Bay Area, there is also geographic diversity with firms in Chicago, Boston, and the DC area. This well-rounded field gives you a broad set of options for finding a partner that aligns with your company's specific needs and stage.

Raise Confidently with Rho

Fundraising requires significant time and energy, and a focused list of relevant investors helps you connect with the right partners more effectively. We hope this overview gives you a strong starting point for your outreach.

When you close your round, the next step is putting that capital to work. If you’ve just raised, Rho can help you set up your financial stack in minutes.

Our platform provides integrated business banking, corporate cards, and bill pay to help you manage your new funding with clarity. We give you the tools to control spending and track cash flow, so you can focus on growing your business.

FAQs about Venture Capital Firms Focused on Insurance

What are the benefits of partnering with a corporate VC in insurance?

Corporate VCs, like Liberty Mutual Strategic Ventures, offer more than capital. They provide deep industry knowledge, strategic partnerships, and market access, which can accelerate your company’s growth and validation within the insurance sector.

Should I pitch to generalist or industry-focused VC firms?

Both can be good partners. Industry-focused firms offer deep domain expertise, while generalist VCs may have broader networks and experience scaling tech companies. Your choice depends on your company's specific needs and growth strategy.

Which are the top Bay Area venture capital firms for insurtech?

The Bay Area is a major hub for insurtech investment. Firms like Obvious Ventures, Propel, and Elefund are based there and have strong track records, backing companies from early stages through significant growth rounds.

What is the geographic focus of most insurtech VC firms?

While insurtech is global, many prominent venture firms are based in US tech hubs like the Bay Area, Boston, and Chicago. Founders outside these areas should research investors with a specific international or regional investment thesis.

What should I do after securing venture capital funding?

Once you've closed your round, it's crucial to manage your new capital effectively. A financial platform can help you track spending and cash flow. You can set up your company's financial stack with Rho in minutes.