PitchBook News - Insurtech VC resets, readies for growth

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The Daily Pitch: VC

March 3, 2025

Presented by Fidelity Private Shares^SM

🌲 Hamilton Lane launched its first secondaries-focused evergreen fund to give wealthy individuals access to the PE secondary market. The new vehicle capitalizes on two trends that are reshaping the buyout industry: the exponential growth of the PE secondary market and multi-strategy asset managers' sustained push into the private wealth channel. Full story

📉 The data shows that insurtech VC investors are increasingly selective and cost-conscious. Deal value fell 42% quarter-over-quarter in Q4, from $1.9 billion to $1.1 billion, according to our latest Emerging Tech Research.

Strong valuations continue to be an upside for the sector, with the most notable increase in early-stage deals. Our analysts view the market reset as paving the way for emerging insurtech startups. Read the preview

Plus...
• What's fueling optimism for natural gas deals?
• Europe’s share of regional IPOs hits decade low

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Europe's share of regional IPOs hits decade low

(Chris J Ratcliffe/Getty Images)

The percentage of European companies going public on the region's stock exchanges fell once again in 2024.

Structural issues around European stock exchanges have pushed more companies to opt for a US listing.

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The Daily Benchmark:
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VC Deals

San Francisco-based CompScience, an insurtech company focused on workers' safety, raised a $27.6 million Series B led by Sands Capital.

Capim, a Brazilian buy now, pay later startup focused on the dental industry, raised a $26.7 million Series A co-led by Valor and QED.

Boston-based VerAI, a startup using AI to detect mineral deposits, raised a $24 million Series A led by Insight Partners.

Palo Alto-based Workhelix secured a $15 million Series A for its software to help workplaces manage AI deployments. The round was led by AIX Ventures.

Canadian startup VRIFY has raised a $12.5 million Series B led by LGVP for its AI-driven mineral discovery platform.

Cafler, a Barcelona-based startup operating a platform for on-demand car-related services, raised $11 million in a Series A led by Copec Wind Ventures.

Amnis, a Zurich-based fintech company, secured €10.7 million in a Series B round led by Swisscom Ventures.

Just Move In, a UK-based startup operating a home setup service, raised $8 million in a Series A led by Eos Ventures.

PE Deals

Eurazeo made a majority investment in Mapal, a Spain-based business analytics software for the hospitality sector.

The Carlyle Group and Arcmont Asset Management provided a €470 million financing package for Bianalisi, an Italy-based healthcare diagnostics platform.

BlackRock and Allianz are both preparing to submit a binding bid for German life insurance consolidator Viridium Group, Bloomberg reported.

Boathouse Capital has provided a growth capital investment to Analytics8, a data and analytics firm that assists companies to solve complex business problems.

Financial services and technology investor Aquiline Capital Partners has acquired SEI’s Family Office Services business, in a transaction valued at $120 million.

Boise-based Teleo Capital has acquired Softrax, a revenue management software provider, seeking to enhance revenue management capabilities and integrate AI.

Apax Partners has increased its stake in ECI Software Solutions, a cloud-based management software provider, becoming a co-control owner alongside Leonard Green & Partners after initially investing in the business in 2017.

Aurora Capital-backed Lubrication Engineers is set to acquire Royal Purple, a provider of lubricants and greases for industrial companies, from Calumet.

Exits

The fintech company Alkami is purchasing Mantl, another fintech startup focused on opening of banking accounts, for $400 million.

The venture capital firm General Catalyst is looking into going public, Axios reported, though the plan is in the very early stages.

Fundraising

Principal Asset Management has raised $3.64 billion in a final close within its Data Center Growth and Income Fund, its third data center-focused vehicle, seeking to invest in projects across the US.

The cloud storage giant Snowflake has committed $200 million to its startup accelerator, focusing on companies in the AI cloud sphere.

ResilienceVC, a DC-based seed-stage investor focused on fintech, has raised $56 million for its first flagship fund.

Corporate M&A

In a deal valued at $715 million, MPLX has acquired the remaining interest in BANGL, an operator of natural gas pipelines, from affiliates of WhiteWater and Diamondback Energy.

Chart of the Day

Source: Investing in the grid: PE’s battery storage strategy

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PitchBook News - Insurtech VC resets, readies for growth

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