Anthemis’ New Fund Raises $90 Million to Back Insurtech Firms

The fund thinks insurance tech companies are not receiving adequate backing.

Anthemis, a financial services venture capital firm, has raised $90 million for a new fund, aiming to invest in fast-growing insurance technology startups.

Reported by Reuters on Thursday, the new fund is named Anthemis Insurance Venture Growth Fund I, with participants including Aflac Global Ventures, Sumitomo Life, and Nürnberger Versicherung in partnership with Daido Life Insurance Company.

The company, with this fund, will focus on backing companies working on digitizing the insurance company, which already had established a good track record in the sector.

A gap in insurance tech funding

Founded in 2010, the London-based fund already has numerous insurance technology companies in its portfolio. The company primarily focuses on early-stage startups and has successfully backed digital banks like Simple and Atom.

Most recently, the venture fund participated in the £1 million (around $1.29 million) seed funding round of gig economy fintech Wollit, targeting the UK market.

The fund was also focusing on the booming blockchain industry and supported Kaiko, a decentralized market data provider, with $6.43 million in its seed round to scale its product offerings, expand its team, and open an office in New York, Finance Magnates reported.

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According to Sean Park, the fund’s founder and chief investment officer, Anthemis is eying on later-stage insurtech companies with the new fund as it has spotted a gap in such markets.

Around the world, fintech companies are booming, gathering huge sums from venture capitals and angel investors. In a detailed analysis of the fintech funding trends, Finance Magnates reported that the sector received a total of $34.5 billion in 2019. The data was taken from the latest CB Insights report detailing the funding scenarios of the industry.

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