Techstars is a global platform that provides investment and innovation. Through the Techstars Worldwide Entrepreneur Network, founders and their teams connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporate partners who will help their companies grow. Techstars operates four divisions: Techstars Mentorship-Driven Accelerator Program supercharges success and Techstars Startup Programs inspire, educate, and connect entrepreneurs. Techstars Venture Capital Fund invests in innovative and disruptive companies. Techstars Corporate Innovation Partnerships help brands create products and services. Techstars' accelerator portfolio includes more than 1,000 companies with a market cap of $8.1 billion.

Techstars

Seedcamp is Europe's seed fund, identifying and investing early in world-class founders attacking large, global markets and solving real problems using technology. The Seedcamp Nation includes over 400 startups building breakout businesses that change the way people live, interact and buy and includes publicly listed UiPath, Wise, and unicorns Revolut, Hopin, Sorare, Pleo, and wefox along with fast-growing businesses such as Grover, viz.ai and Ezra.  Seedcamp fast-tracks a founder's vision and creates value through immediate access to smart capital, a lifelong community of support and a global network built upon more than a decade's experience backing exceptional talent. Seedcamp fast-tracks a founder's vision and creates value through immediate access to smart capital, a lifelong community of support, and a global network built upon more than a decade's experience backing exceptional talent.

Seedcamp

Techstars Ventures (formerly Bullet Time Ventures) is the venture capital arm of Techstars. Bullet Time Ventures is a $150 million fund based in Boulder, Colorado.

Techstars Ventures

TEKTON VENTURES is an international seed investment firm that partners at inception with forward looking company builders in leading technology hubs worldwide. The firm’s principals have over three decades of experience as early stage investors. Leveraging an extensive global network of entrepreneurs and investors, Tekton makes early stage investments in category defining companies in several strategic geographies around the world.  Passionate entrepreneurs exist in many parts of the world. Tekton Ventures focuses its investments in two different places: Silicon Valley and selected technology centers ( London and Israel); and the fast growing mobile/digitally connected markets in Asia (China, Korea and India).  Our approach to global investing rests on partnerships with local venture ecosystems: we have built long standing relationships with some of the best local seed and venture investors in our geographies of focus.  We see our unique global perspective as important to build transformational companies and make that knowledge available across our entire community of entrepreneurs.

Tekton Ventures

LocalGlobe is a UK-based venture capital firm that focuses on seed and impact investments. Seeding ambitious UK founders since 1999 inc Citymapper, Improbable, Lovefilm, Moo, Tweetdeck, Transferwise, and Zoopla.

LocalGlobe

RTP Global is a venture capital firm focused on early-stage technology investments. It supports young companies with strategic know-how and a broad global network. RTP Global has invested in companies founded in more than ten countries across Europe, Asia, and North America. Six early-stage investments became multi-billion public companies: Yandex, EPAM, Delivery Hero, RingCentral, Datadog, and Ozon. RTP Global has offices in New York, London, and Bangalore.

RTP Global

Pario works with entrepreneurs, CEOs, and business owners to identify and implement an exit strategy for the founder or shareholder. Pario Ventures is also active in investment for the startup, scale phase, and then pre IPO. It was founded in 2010 by Kevin Doyle and David Murray-Hundley and is based in London, England, the United Kingdom with also an office in New York and Brussels.

Pario Ventures

Breega propels pioneering and purpose-driven founders from idea into impact. We closed our first fund in 2015 and now have half a billion AUM and 70+ trailblazing portfolio companies. Crafted for founders by founders, we built Breega to provide start-ups with the help we wish we'd had. And we’ve created an investment proposition that’s purposefully designed. We call it full stack funding: providing capital and connections, expertise and experience, support and solidarity for entrepreneurs at every step of their journey. We invest across Europe and internationally, focusing on pre-seed to Series A+.

Breega

LaunchBay is a venture firm specialising in FinTech Infrastructure, B2B Software, and AI applications, investing in companies at the point where they have demonstrated product-market fit and are ready to scale. With headquarters in London, UK, and Tel Aviv, Israel, Launchbay has built a global presence with strong connections in the local ecosystems in which the team operates and an active investment and portfolio construction approach.    Launchbay supports technology companies across three main pillars: - a flagship access fund for early-stage investments,  - a growth fund for selected later-stage opportunities,  and  - a proprietary digital investment platform that facilitates primary and secondary deals across various stages Data-driven decision-making is a key aspect, where we utilize algorithms and scoring within the platform to address industry-wide challenges related to access and liquidity.    Launchbay takes a particular interest in founders with an immigrant background because we recognize the distinct perspective, drive, and ambition that often accompany building successful businesses outside of one's home country. We believe in the success stories of the vision, capabilities, and growth potential demonstrated by founders with this type of experience.

Launchbay Capital

Cuvva

Always on, or just an hour. Get flexible and fair car insurance on your terms, in minutes with Cuvva. The mobility app has sold around 6 million policies,  and supported over 760,000 customers.

<div>Cuvva is a digital automobile insurance provider based in the UK. The company provides temporary car insurance, van insurance, and learners insurance for short-term periods and a monthly subscription-based vehicle insurance product through its mobile app. As of November 2020, the company employed more than 100 staff.</div>

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience.

Neo Insurance

<div>
 
 Cuvva is a digital automobile insurance provider based in the UK. The company provides temporary car insurance, van insurance, and learners insurance for short-term periods and a monthly subscription-based vehicle insurance product through its mobile app. As of November 2020, the company employed more than 100 staff. 
 
 
 
 Cuvva was the most downloaded insurance app in the UK as of December 2019 and had more than 400,000 customers as of April 2021. The company’s last funding round was in December 2019, where it raised USD 19 million in Series A funding. The company expected to use this funding to launch long-term coverage products.
 
</div>

<div>
 
 Root Insurance is a full-stack insurance provider focusing on usage-based automobile insurance. The company offers a mobile app that collects data on driving speeds, braking patterns, and driving times using smartphone sensors, and applies artificial intelligence (AI) and predictive models to offer a personalized premium to the customer. The company claimed that the latest model utilizes double the proprietary data, demonstrating 17% greater predictive capabilities than the previous model. Moreover, the app incentivizes safe driving by providing greater insight into one&rsquo;s driving patterns and issuing additional discounts for improved driving behavior. Root allows customers to file claims directly through the mobile app. As of December 2021, Root held a carrier license in 48 states and offered automobile insurance in 32 states&mdash;most recently in Kansas.
 
 
 In July 2019, Root launched its renters&rsquo; insurance product and expanded to homeowners insurance in May 2020. The homeowners&rsquo; insurance is provided through a partnership with Homesite Insurance, a Boston-based property and casualty insurer that will underwrite any homeowners insurance policies issued by Root. As of June 2021, the company&rsquo;s renters&rsquo; insurance product was available in eight states.
 
 
 Key customers and partnerships
 
 
 Root had 203,840 policies in force as of June 2023.
 
 
 Root entered into a partnership with Carvana in July 2022, to offer usage-based auto insurance policies on the latter&rsquo;s used-car online platform.
 
 
 In addition, it had also collaborated with other players in the insurance space to optimize and digitize its insurance services.In January 2021, Root partnered with Tractable, a UK-based provider of AI-based solutions, to leverage its AI Subro solution to optimize Root&rsquo;s end-to-end claims process, starting with subrogation, where two insurance carriers negotiate the division of expenses when multiple parties are involved in a claim. It also partnered with CCC Intelligence Solutions in February 2023, to use its first-party casualty solution to streamline and digitize first- and third-party casualty claims through a single digital workflow.
 
 
 Funding and financials
 
 
 In October 2020, Root sold 26.8 million shares in its initial public offering (IPO), raising USD 724.4 million in the process at a valuation of USD 6.8 billion. In 
 <a href="https://sp-edge.com/updates/8089">
 January 2022
 </a>
 , Root received a five-year term loan of USD 300 million from BlackRock Financial Management (BlackRock) to extend its debt maturity and improve its liquidity position.
 
 
 For the full year of 2022, Root reported total revenue of USD 310.8 million (down 10.0% YoY), while its net losses improved to USD 297.7 million from a loss of USD 521.1 million in 2021. Its gross loss ratio improved to 82.1% from 86.0% in 2021.
 
 
 
</div>

Root Insurance

<div>
 
 Cambridge Mobile Telematics (CMT) launched its mobile-focused usage-based insurance (UBI) platform in 2012, enabling insurers to build their own UBI products. The company&rsquo;s product suite includes a white-label mobile app (DriveWell) and an Internet of Things (IoT) tag that collects telematics data that insurers can use to assess risk, incentivize behavioral change through gamification, and reconstruct crashes for accurate claims processing. The app also notifies insurers instantly during an accident, allowing them to dispatch help and begin the claims process. It also enables insurers to detect fraudulent claims based on telematics data.
 
 
 In June 2021, the company acquired TrueMotion, a developer of telematics solutions for auto insurance, for an undisclosed amount. Founded in 2012, TrueMotion helps insurers develop their own usage-based insurance products by allowing developers to build mobile apps on top of its platform which collects information from smartphone sensors in relation to an individual's driving behavior. The platform also includes telematic data features to file claims using the app and other value-added services such as good driving incentives and quick accident responses following a crash. TrueMotion&rsquo;s telematics solution can also be used by fleet operators to monitor the driving patterns of its drivers. Through the acquisition, the two companies will combine their products to bolster CMT&rsquo;s offerings and expand the company&rsquo;s geographical reach. 
 
 
 In addition, CMT acquired Amodo, a turnkey usage-based auto insurance solutions provider based in Europe 
 <a href="https://sp-edge.com/updates/16753">
 in March 2023
 </a>
 , for an undisclosed amount. Following the acquisition, Amodo will operate under the CMT brand and will gain access to its advanced telematics solutions. Through the acquisition, CMT aimed to accelerate its global reach and strengthen its position in Europe.
 
 
 Key customers and partnerships
 
 
 As of March 2023, CMT&rsquo;s technology-powered 95 enterprise programs across 25 countries including nine in continental Europe. In addition, its solutions are used by 21 of the top 25 insurers in the US, including insurers such as StateFarm, Liberty Mutual, and Progressive. CMT&rsquo;s solutions are also used by rideshare companies and large fleet operators.
 
 
 Funding and financials
 
 
 The company&rsquo;s last funding round was in December 2018, where it raised USD 500 million from SoftBank&rsquo;s Vision Fund, with plans to expand its platform.
 
</div>

Cambridge Mobile Telematics

<div>
 
 Hippo is a digital homeowner insurance provider. The company offers its homeowner policies online, with each policy accompanied by a complementary smart home monitoring system that will help identify risks proactively. It provides coverage using a combination of machine learning, satellite imagery, and other public records and actively reviews for any changes to the property overtime.
 
 
 Hippo also provides home insurance to buyers of newly built homes that is directly integrated to the digital mortgage and title process through its Builders business. Further, it launched 
 <a href="https://sp-edge.com/updates/16051">
 Hippo Builder Insurance Agency (HBIA)
 </a>
 in January 2023, to allow builders of all sizes to partner with HBIA to send leads of homeowners in return for a fee.
 
 
 The company also offers an on-demand homecare and maintenance app (Hippo Homecare) which it launched in 2019 following the acquisition of Sheltr, a home maintenance platform, during the same year. It also launched &ldquo;Book a Pro'' feature within its mobile app in Q4 2022, which allows homeowners based in Texas to connect to home improvement professionals as well as message its Hippo&rsquo;s own home care experts to get advice. Hippo also plans to roll-out this feature to other states in the future.
 
 
 In June 2020, Hippo entered into an agreement to acquire long-time insurance partner Spinnaker Insurance Company, which is a property and casualty insurer registered in all 50 states, for an undisclosed amount. The acquisition was expected to help the company expand its geographical reach. The company&rsquo;s homeowner offering was available in 40 states as of January 2023.
 
 
 Key customers and partnerships
 
 
 Hippo had 332,000 customers as of September 2022, and it claimed nearly 75% of its new customers were Gen B.
 
 
 The company partnered with property and casualty risk intelligence company, 
 <a href="https://sp-edge.com/updates/17629">
 Opterrix in April 2023
 </a>
 , to leverage its real-time data on severe weather events to identify at-risk policyholders and improve its claims management capabilities.
 
 
 Funding and financials
 
 
 In November 2020, Hippo raised USD 350 million from Mitsui Sumitomo Insurance company. The company expects to use this funding to support its national expansion plans and also evaluate acquisition opportunities to grow inorganically.
 
 
 For FY2022, the company recorded total generated premiums of USD 811.1 million, which was up 33.8% YoY. Its gross loss ratio improved 62 percentage points to 76% during the year, while its net loss improved 10.2% YoY to USD 333.4 million.
 
 
 
 
 
</div>

Hippo Insurance

Clearcover is a fully digital automobile insurance provider that offers insurance coverage and claims filing using online channels along with other value-added services such as roadside assistance. The company leverages AI and machine learning models to provide personalized pricing to its customers and validate claims. The company states that it can handle 96% of all claims virtually. Clearcover also launched a <a href="https://sp-edge.com/updates/27767">GenAI-powered claims intake tool</a> to navigate a conversation-driven experience after First Notice of Loss (FNOL) to collect information about an accident. The tool available through its mobile app includes a claims assistant and a real-time customer question resolution feature. It plans to incorporate the tool into its agent portal and website in the future.Clearcover also uses an application programming interface (API) to offer embedded car insurance. This powers <a href="https://sp-edge.com/updates/21232">Choice, </a>an end-to-end embedded auto insurance solution that allows brands to provide auto insurance policy options from various carriers to their customers.As of January 2024, Clearcover offered its policies in 19 states in the US.Key customers and partnershipsIn May 2020, Clearcover partnered with claims management solution vendor Snapsheet to fully digitize its own claims function from First Notification of Losses (FNOLs) to disbursements. Moreover, it collaborated with Experian to offer car insurance on the latter’s insurance comparison site <a href="https://sp-edge.com/updates/18045">in April 2023 </a>. This was part of Clearcover’s strategy to expand its distribution channels.Fundings and financialsIn April 2021, the company raised USD 200 million in a Series D funding round, led by Eldridge, at a valuation in excess of USD 1 billion. The company expects to use the funding toward product development and increasing headcount.For FY2022, the company generated total direct premiums written of USD 140.7 million (up 79% YoY) and recorded USD 61.4 million in net premiums earned. Its net losses amounted to USD 38.7 million for the year, while its loss ratio and combined loss ratios stood at 115% and 158%, respectively.

Clearcover

<div>
 
 Shift Technology, based in France, provides a Software-as-a-Service (SaaS) solution for insurers to automate claims and detect fraud during the underwriting and claims processing stages. The company’s platform uses artificial intelligence (AI) and a combination of internal and third-party data to flag potentially fraudulent claims. Furthermore, it provides a white-label mobile app that takes advantage of the company’s fraud detection capabilities and enables insurers to streamline their entire claims functions from First Notification of Losses (FNOLs) to disbursements. In addition to France, the company maintains regional offices in the US, Japan, the UK, Spain, and Singapore.
 
 
 Key customers and partnerships
 
 
 As of May 2021, the company had a workforce of 350 people, and it claimed to have analyzed ~2 billion claims globally. It also worked with more than 100 customers across 25 countries, including insurance companies such as AXA, Generali France, and Mitsui Sumitomo. 
 
 
 Shift collaborated with big data provider Legentic in April 2022, through which it aimed to allow its customers access structured data to minimize fraudulent claims and improve claims processing times. It also formed strategic partnerships to integrate its product as part of other insurtech’s product offerings such as with Sapiens, providing the latter’s customers with alerts regarding fraudulent claims.
 
 
 Funding and financials
 
 
 In May 2021, Shift Technology raised 
 <a href="https://sp-edge.com/updates/2834">
 USD 220 million in a Series D 
 </a>
 funding in a round led by Advent International at a valuation of over USD 1 billion. The company expected to use the funding to expand its presence in the property and casualty market and also venture into other insurance verticals such as health. The funding was to also be channeled toward accelerating business growth in the US. In November 2021, the company received an undisclosed investment from Guidewire, as an 
 <a href="https://sp-edge.com/updates/6418">
 extension to its Series D
 </a>
 round. The company was to use the new funds to further develop its technology and support its go-to-market strategies.
 
</div>

Shift Technology

IoTs used to proactively mitigate risks and offer usage-based insurance

Used for underwriting and claims; infrastructure providers offer AI/ML products to traditional insurers

Limited number of life insurers use genetic/epigenetics to underwrite life insurance

Uses personal data to underwrite and price personalized policies such as usage-based insurance for vehicles

Infrastructure and embedded solutions are offered under a B2B SaaS model

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

Cuvva

Neo Insurance

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