PitchBook News - The evolution of embedded insurance

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The Daily Pitch: VC

March 1, 2024

Presented by Morgan Stanley at Work

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

A new crop of companies are attracting VC interest by shaking up how insurance is offered

Manulife's co-head of secondaries on how buyers evaluate continuation funds

The 10 most active VC investors in cybersecurity startups

Today's Top Stories

VCs eye nontraditional providers as insurtech's future

VC investors have poured nearly $30 billion over the past three years into the insurtech startups challenging established business models.

A new crop of companies, those developing embedded insurance, are attracting investor attention—and their capital, PitchBook's Robert Le writes in our latest analyst note. Embedded insurance is a model where coverage is offered and managed by nontraditional providers and, typically, distributed via retail platforms like Amazon or American Airlines.

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The VCs leading the way in cybersecurity

(Boonchai Wedmakawand/Getty Images)

Companies and governments are leaning on cybersecurity to help fight disinformation, deepfakes and data breaches as a busy year for global elections presents heightened threats. We tracked down the 10 most active VC investors in cybersecurity startups since 2017.

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Since yesterday, the PitchBook Platform added:

17

VC valuations

2134

People

680

Companies

42

Funds

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The Daily Benchmark:
2020 Vintage Global Secondaries Funds

Median IRR

20.35%

Top Quartile IRR

30.13%

0.12x

Median DPI

Select top performers

LTO Fund III

Blackstone Strategic Partners Infrastructure III

RCP Secondary Opportunity Fund III Overage Fund

*IRR: net of fees

21 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

German solar energy startup Enviria raised over $200 million from BlackRock.

Portuguese electric vehicle charging specialist Powerdot secured a €100 million investment led by Antin Infrastructure Partners.

BlossomHill Therapeutics, a San Diego-based biotech startup, raised a $100 million Series B led by Colt Ventures.

Kenai Therapeutics raised an $82 million Series A co-led by Alaska Permanent Fund, Cure Ventures and The Column Group. The San Diego-based company is developing cell therapies for neurological diseases.

San Jose-based SaaS startup AiDash secured a $50 million investment led by Lightrock.

Greek insurtech startup Hellas Direct raised €30 million in a round led by ETF Partners.

Real estate equity startup EasyKnock, which is based in New York, raised a $28 million Series D backed by investors including Northwestern Mutual Future Ventures.

Orbis Medicines, a Danish drug discovery startup, raised a €26 million seed round led by Novo Holdings and Forbion.

Germany's Heyflow closed a $16 million Series A led by Singular for its no-code platform for building interactive websites.

Paris-based cybersecurity startup Filigran completed a €15 million Series A led by Accel.

Silence Laboratories, a Singapore-based developer of privacy-compliant collaboration infrastructure, secured $4.1 million in a round led by Pi Ventures and Kira Studio.

Vitrue Health raised $4 million in a round led by MMC Ventures and Hambro Perks. The London-based company's digital tools help combat musculoskeletal issues in the workplace.

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How building with AI is providing increased product functionality.

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PE Deals

KKR may sell its controlling stake in Mumbai-based JB Chemicals & Pharmaceuticals, Bloomberg reported.

Kester Capital has sold UK pet shop chain Jollyes to TDR Capital.

IK Partners has entered exclusive negotiations to buy a majority stake in Eurofeu, a German maker of fire protection equipment and firefighting vehicles, from Capza.

Swedish buyout company Pophouse Entertainment Group has purchased the music catalog of singer Cyndi Lauper, Bloomberg reported.

Restoration services company Insurcomm has received a majority growth investment from Summit Partners.

CIBC Innovation Banking has made a growth investment in Ohio-based Drips Holdings, a conversational outreach customer support company.

Exits & IPOs

EQT has plans to hold a Swiss IPO for Galderma as early as next month, Bloomberg reported. The skincare company could be valued at around $20 billion.

Fundraising

India's Kedaara Capital is eyeing a $1.7 billion close for its latest fund, Mint reported. The new vehicle has the potential to be the country's largest PE fund yet.

Inspired Capital closed its third flagship fund on $330 million. The New York-based firm will invest from pre-seed to Series A.

Chart of the Day

Source: Financial Fusion: Fintech's M&A Landscape Unveiled

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PitchBook News - The evolution of embedded insurance

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