Top 11 Venture Capital Firms Investing in Insurance Startups
Securing funding for your insurance startup? This guide introduces 11 venture capital firms that are actively investing in the insurance space right now.
Rho Editorial Team
When you're preparing to raise capital for your insurance or insurtech startup, knowing which investors to approach is critical. Finding a partner who understands your specific industry can make all the difference in your fundraising process.
To help you find the right partners, our team has curated this overview of top insurance focused venture capital firms. We created this guide to help you quickly identify relevant investors for your startup, from early stage to later rounds.
Rho provides access to business banking, corporate cards, and bill pay — built for startup teams moving fast.
Key Takeaways
Securing venture funding in the insurance space provides the capital needed for growth, product development, and meeting regulatory requirements.
Top venture capital firms active in the insurance industry include Wellington Management, Obvious Ventures, Moderne Ventures, and Recursive Ventures, who are notable backers of startups in this sector.
For founders who are 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?
It's helpful to know which investors to approach, whether you're an early-stage company or preparing for an exit. We've put together a quick overview of which VC firms in the insurance sector invest at each stage.
Pre-seed and Seed VC Firms in Insurance
This initial funding stage is for getting your idea off the ground, often before you have significant revenue, to build and validate your concept. For insurtech startups at this stage, firms like Recursive Ventures, Liberty Mutual Strategic Ventures, and TechRise are active investors.
Early Stage VC Firms in Insurance
Early-stage funding, which includes Series A and B rounds, is designed for companies with a proven product that are ready to scale their team and market presence. Some early-stage venture capital firms in the insurance space include Obvious Ventures, Moderne Ventures, and Commerce Ventures.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Late Stage VC Firms in Insurance
Late-stage rounds provide capital for established companies to accelerate growth, expand into new markets, or prepare for an exit like an IPO or acquisition. Insurtech venture capital firms that participate in these later rounds include Wellington Management, Propel, and Route 66 Ventures.
It's also worth noting that many venture capital firms are stage-agnostic, investing across the full spectrum from seed to late-stage rounds.
Here is a closer look at the top VC firms specializing in the insurance industry. We've outlined their investment stages, geographic focus, and what makes each a strong potential partner for your startup.
1. Wellington Management
Wellington Management is a long-standing investment firm that provides capital across private and public markets. With roots dating back to 1933, they apply their extensive resources to support the institutional clients and portfolio companies they serve.
The firm invests across multiple stages, from early venture to private equity, with a focus on financial services and insurance. Their portfolio includes major names like Airbnb and Coinbase, highlighting their capacity to back companies through to significant public listings.
Wellington Management could be a strong partner for founders with established companies in the finance or insurance sectors. Their multi-stage approach and deep experience make them a good fit for teams seeking a well-resourced investor for growth and late-stage rounds.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Early-stage to late-stage venture, private equity, and debt
Industries of focus: Asset Management, Finance, Financial Services, Insurance
Geographical presence: Boston, MA
Founded: 1933
Notable portfolio companies: Airbnb, Affirm, Coinbase, Coupang
Number of investments: Over 290
You can refer to their website here.
2. Obvious Ventures
Obvious Ventures invests in entrepreneurs aiming to transform massive industries through a "world positive" lens. They focus on companies that address challenges in planetary, human, and economic health.
The firm backs companies from seed to late stage, with a portfolio that includes well-known names like Beyond Meat and Proterra. Their investments, such as the HR platform Gusto, show a clear preference for businesses with a purpose-driven mission.
This firm is a strong potential partner if your startup has a bold vision for solving a major problem in one of their core areas. Founders who are building purpose-driven companies that can scale will find their approach a good fit.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Seed to late-stage venture and private equity
Industries of focus: Artificial Intelligence, Biotechnology, Finance, Financial Services, Insurance
Geographical presence: San Francisco, CA
Founded: 2014
Notable portfolio companies: Beyond Meat, Planet, Gusto, Proterra, Recursion
Number of investments: 173
You can refer to their website here.
3. Moderne Ventures
Moderne Ventures is a strategic venture capital firm and accelerator that invests in companies across the real estate, finance, insurance, and sustainability sectors. They focus on technology companies that are modernizing these large, multi-trillion dollar industries.
The firm supports companies from early-stage venture through to private equity, with a portfolio that includes successful exits like the e-signature platform DocuSign and expense-management platform Bento. Their dual role as an investor and accelerator signals a hands-on approach to helping their companies grow.
This firm is a strong match for founders in their key industries who are looking for a strategic partner with a track record of guiding companies to acquisition or IPO. The accelerator component makes them particularly suitable for teams that would benefit from operational support.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Early-stage venture, late-stage venture, private equity
Industries of focus: Real Estate, Finance, FinTech, Insurance, Sustainability
Geographical presence: Chicago, IL
Founded: 2015
Notable portfolio companies: DocuSign, August Home, Airside, Avvir, Bento
Number of investments: 105
You can refer to their website here.
4. Recursive Ventures
Recursive Ventures is a micro-VC firm that invests in seed-stage tech startups across the US and Israel. They focus on companies using data and AI to transform large, traditional industries.
The firm has a strong record of backing future market leaders, with major exits like Ring's acquisition by Amazon and Life360's IPO. Their portfolio also includes high-growth unicorns like Deel and Placer.ai, signaling a focus on businesses with massive scaling potential.
This firm is a great match for early-stage founders building data- and AI-driven companies in sectors like fintech, insurance, or real estate. If you have a clear vision for impacting a large market, their experience could be a valuable asset.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Seed, early-stage venture
Industries of focus: AI, Finance, FinTech, Insurance, Real Estate
Geographical presence: Albany, CA (invests in US and Israel)
Founded: 2015
Notable portfolio companies: Ring, Life360, Deel, Placer.ai
Number of investments: 48
Number of exits: 11
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. The firm invests in early-stage companies with technologies that are advancing the insurance sector.
As a corporate venture fund, LMSV provides startups with direct access to the resources and expertise of a major insurance carrier. Their portfolio includes successful exits like the smart-lock company August Home and high-growth companies like the car-sharing marketplace Turo.
This firm is an ideal partner for early-stage founders whose products could benefit from a strategic relationship with a major insurance company. If your startup is building technology for the insurance value chain, LMSV offers both capital and industry validation.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
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
Number of investments: 34
Number of exits: 5
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 initial capital to startups at the seed and early venture stages.
The firm is known for backing several high-profile unicorns, including the commission-free trading app Robinhood and the equity management platform Carta. Their portfolio shows a pattern of investing in companies that achieve significant scale and market recognition.
Elefund is a good match for early-stage founders with ambitious, thesis-driven ideas in consumer technology, fintech, or insurtech. If you are building a company with the potential for massive scale, their track record of backing unicorns makes them a compelling partner.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Seed, early-stage venture, convertible note
Industries of focus: FinTech, InsurTech, Financial Services, Mobile Apps, Wellness
Geographical presence: Mountain View, CA
Founded: 2015
Notable portfolio companies: Robinhood, Calm, Carta, Branch Insurance, Hotel Engine
Number of investments: 57
Number of exits: 9
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. Based in San Francisco, they back businesses that are creating new financial technologies and services.
The firm invests across multiple stages, from seed to late-stage rounds, with a clear focus on the financial technology sector. Their portfolio includes major successes like Coinbase and Hippo, showing a track record of backing companies through to public listings and significant revenue milestones.
Propel is a strong potential partner for founders building technology in the financial services or insurance industries. Their stage-agnostic approach makes them a good fit for companies at various points of their growth journey.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Seed, early-stage, and late-stage venture
Industries of focus: FinTech, InsurTech, Financial Services, Enterprise Software, Web3
Geographical presence: San Francisco, CA
Founded: 2016
Notable portfolio companies: Coinbase, DocuSign, Hippo, Groww, Neon
Number of investments: 62
Number of exits: 12
You can refer to their website here.
8. Commerce Ventures
Commerce Ventures is a venture capital firm that invests in the infrastructure of commerce. They focus on technology startups in retail, payments, fintech, and insurance.
The firm backs companies that are foundational to e-commerce and financial services, from payment platforms to fraud prevention. Their portfolio includes major successes like the publicly-traded Bill.com and digital identity provider Socure.
This firm is a great match for founders building technology for the commerce and financial sectors, from seed to later stages. If your company provides essential services for retail, payments, or insurance, their expertise could be a valuable asset.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Seed, early-stage, and late-stage venture
Industries of focus: E-Commerce, FinTech, InsurTech, Retail Technology
Geographical presence: San Francisco, CA
Founded: 2012
Notable portfolio companies: Bill.com, Forter, Socure, Vestwell
Number of investments: 194
Number of exits: 22
You can refer to their website here.
9. Avanta Ventures
Avanta Ventures operates as both a venture capital firm and an accelerator, providing capital and industry expertise. They focus on supporting companies that are shaping the future of insurance and related sectors.
The firm invests across all stages, from seed to late-stage rounds, and its dual role as an accelerator suggests a hands-on approach. Their portfolio includes the homeowners-insurtech unicorn Kin Insurance and the connected-car platform Automatic, which had a successful exit.
Avanta Ventures is a good fit for founders building technology for the insurance industry, especially those who value strategic support beyond just capital. Their accelerator model is particularly helpful for early-stage teams looking for deep industry connections.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Seed to late-stage venture and private equity
Industries of focus: InsurTech, Insurance, Financial Services
Geographical presence: Palo Alto, CA
Founded: 2017
Notable portfolio companies: Kin Insurance, RapidSOS, Cowbell Cyber, Automatic
Number of investments: 29
You can refer to their website here.
10. TechRise Chicago
TechRise is a Chicago-based initiative that operates as both a venture capital firm and a startup competition. Its primary mission is to support and fund tech startups led by Black and Latinx founders.
The firm's clear focus on providing capital and support to Black and Latinx entrepreneurs is its defining feature. They invest across a wide range of industries, including finance, insurance, and education, primarily at the seed and early stages.
TechRise is an excellent match for Black and Latinx founders at the earliest stages of building their companies. If you are seeking seed funding, grants, or entry into a supportive ecosystem, this firm is a strong potential partner.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Seed, early-stage venture, grant
Industries of focus: Construction, Education, Finance, Food and Beverage, Insurance, Medical, Professional Services, Web Design
Geographical presence: Chicago, IL
Founded: 2021
Number of investments: 139
Investor type: Startup Competition, Venture Capital
You can refer to their website here.
11. Route 66 Ventures
Route 66 Ventures is a venture capital firm that provides both venture capital and credit solutions to companies in the financial technology and services sectors. They support businesses from their earliest stages through to significant growth.
The firm invests across the full spectrum, from seed to late-stage rounds, and also offers debt financing. Their portfolio includes major fintech players like the blockchain payments company Ripple and the API-based brokerage infrastructure provider DriveWealth.
Route 66 Ventures is a strong fit for founders building companies in financial services, fintech, or insurance. Their flexible approach, offering both equity and debt, makes them a versatile partner for companies at any stage of development.
Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Investment stages: Seed, early-stage, late-stage venture, and debt
Industries of focus: FinTech, Financial Services, Insurance, Consumer Lending, Credit, Wellness
Geographical presence: Alexandria, VA
Founded: 2012
Notable portfolio companies: Ripple, DriveWealth, EarthOptics, Payzer
Number of investments: 83
Number of exits: 15
You can refer to their website here.
What This Tells Us About The VC Scene for Insurance Companies
The venture capital support for insurance startups appears well-rounded. Our list shows that while many firms are stage-agnostic, there are also dedicated early-stage investors. This means you can find capital whether you are just starting out or preparing for a later growth round, which points to a mature sector with a clear funding path for companies.
Geographically, there is a notable concentration of firms in California, but also a strong presence in other hubs like Boston and Chicago. The variety of investor types—from corporate VCs to accelerators—also gives you the flexibility to find a partner that aligns with your strategic goals. Once funding is secured, Rho’s integrated financial tools — including business banking, corporate cards, and automated bill pay — help startups manage and deploy capital efficiently.
Raise Confidently with Rho
Having a focused list of investors who understand the insurance industry is a significant advantage. It allows you to direct your time and energy where it matters most during your fundraise.
Once your round is closed, the work of managing that capital begins. If you’ve just raised, Rho can help you set up your financial stack in minutes.
Our platform provides the integrated tools you need to manage your new funding with confidence. We offer business banking, corporate cards, and automated bill pay, all in one place for startups.
FAQs about Venture Capital Firms Focused on Insurance
Which California venture capital firms invest in insurtech?
California is a major hub for insurtech investment. Firms like Obvious Ventures, Propel, and Avanta Ventures are based there and actively fund insurance technology companies, from early-stage startups to those in later growth rounds.
Are there major insurtech venture capital firms in New York or Boston?
Yes, both cities are key hubs. Boston is home to firms like Wellington Management and Liberty Mutual Strategic Ventures. New York also has a strong ecosystem of fintech and insurtech investors actively funding startups in the sector.
What do early-stage venture capital firms look for in an insurance startup?
Early-stage investors typically look for a strong founding team, a clear problem you're solving in the insurance market, and initial signs of product-market fit. Evidence of early customer traction or a working prototype is highly valued.
What is the benefit of working with a corporate insurance venture capital firm?
Corporate VCs, like Liberty Mutual Strategic Ventures, offer more than just capital. They provide deep industry expertise, potential distribution channels, and validation that can help your insurtech startup scale faster within the insurance ecosystem.
How can my insurtech startup get noticed by VC firms?
Build relationships early through networking and warm introductions. A clear pitch deck showing your team, market opportunity, and traction is essential. Focus on investors whose portfolio and thesis align with your company’s mission and stage.
How can Rho help after I secure venture capital?
Once your round is closed, our platform helps you manage your new capital. Rho provides integrated business banking, corporate cards, and automated bill pay to help you deploy your funding efficiently and with confidence.