PitchBook News - VCs put the brakes on insurtech

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The Daily Pitch: VC

September 1, 2022

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

As investment in insurtech startups continues to fall, our latest Emerging Tech Research unpacks the sector's VC trends.

Our list of the top 10 PE investors in data center deals by deal count since 2012.

Sapphire Partners' Laura Thompson on what emerging managers can do to differentiate themselves in a crowded market.

Today's Top Stories

VCs put the brakes on insurtech

In an industry that is slow to embrace new tech, insurtech startups are finding success developing fresh approaches to established practices like underwriting and claims management and penetrating new markets such as cyberrisk.

However, the outlook for insurtech companies is still challenged, and PitchBook analysts expect venture investment in the sector will slow for the foreseeable future. In Q2, global VC funding fell 42.1% year-over-year to $2.6 billion, as insurtech startups selling risk faced scrutiny and those debuting on the public markets watched their stock prices plummet.

Our latest Emerging Tech Research report on insurtech unpacks the sector's VC trends and spotlights emerging opportunities in climate change insurance and no-code insurance platforms. It also includes company highlights on Noyo, Nuon AI and Herald.

read the preview

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Sapphire Partners on how emerging VC managers can stand out

(eamesBot/Shutterstock)

2022 is proving to be a record year for venture fundraising. But not all funds are receiving equal treatment from LPs; fundraising has been especially difficult for new and emerging managers.

We spoke with Laura Thompson, a partner at Sapphire Partners, about the current fundraising environment, how emerging managers can grab LPs' attention and what types of funds may be underrepresented now.

Recommended Reads

Do less well-known private equity firms overstate the value of their funds to attract LPs? New research indicates yes. [Institutional Investor]

How increasingly destructive natural disasters are adding urgency to researchers' efforts to develop better tech for emergency warnings. [The Wall Street Journal]

After five years, it's still unclear exactly how Whole Foods fits into Amazon's grocery retailing aspirations. [Bloomberg]

Since yesterday, the PitchBook Platform added:

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Quick Takes

	The Daily Benchmark
	2019 Vintage US PE Funds
	A message from PitchBook Media
	PitchBook's 2023 Media Kit released
	VC Deals
	SeatGeek snags $238M
	Fintech infrastructure provider Solid banks $63M
	Fairmatic picks up $42M
	Zilla Security raises $13.5M Series A
	Lerer Hippeau leads seed round for Wreno

The Daily Benchmark

2019 Vintage US PE Funds

Median IRR

30.93%

Top Quartile IRR

51.47%

1.33x

Median TVPI

Select top performers

Kinderhook Capital Fund VI

Tulco

Providence Strategic Growth IV

*IRR: net of fees

131 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from PitchBook Media

PitchBook's 2023 Media Kit released

Year to date, PitchBook's newsletters have over 115 million impressions and over 540 million report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.

The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.

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VC Deals

SeatGeek snags $238M

Accel has led a $238 million Series B for SeatGeek, the New York-based provider of a ticketing platform for live events. Founded in 2014, the company is backed by investors including Wellington Management and Arctos Sports Partners.

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View 8 competitors »

Fintech infrastructure provider Solid banks $63M

Solid has raised a $63 million Series B led by FTV Capital. Based in California, the company is a provider of fintech infrastructure intended to help businesses build and launch embedded fintech products such as bank accounts and crypto wallets.

View round

View 37 competitors »

Fairmatic picks up $42M

Fairmatic has raised a $42 million Series A led by Foundation Capital. The company offers a fleet insurance pricing platform that uses smartphones or other sensors to collect driving data.

View round

View similar company »

Zilla Security raises $13.5M Series A

Zilla Security has raised $13.5 million in a round co-led by Tola Capital and FirstMark Capital. Based in Boston, the company is the provider of an identity governance and access security platform across cloud, hybrid and on-premises environments.

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View similar company »

Lerer Hippeau leads seed round for Wreno

Wreno has raised $5 million in seed financing led by Lerer Hippeau, with support from investors including Fifth Wall, Owl Ventures and NFX. The Scottsdale, Ariz.-based company is the developer of a proptech platform intended to connect local trade businesses with institutional real estate companies.

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View similar company »

Chart of the Day

Source: PitchBook's Q2 2022 European PE Breakdown

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