“We are in a venture recession.” — Matt Kinley, Founding Partner of ManchesterStory. Read the latest on #insurtech trends in Andrew Johnston / Gallagher Re’s latest quarterly report… and how we and other #venturecapital firms are responding…
Dear LinkedIn friends, It has been great to see so many of you at InsureTech Connect (thanks again for such an impressive job, Bill Harris - this event is so important for our community). It is also my pleasure to share with you the third Gallagher Re InsurTech report of the 2023 series. We continue this year to focus on the different lifecycle funding stages into InsurTech - with this latest report looking at what we are calling 'mid-stage expansion' (essentially Series B and C). At a glance for this third quarter, the numbers are quite dramatic. Global InsurTech funding increased 19.8% quarter on quarter, from $916.71 million in Q2’23 to $1.098 billion in Q3’23. Early-stage InsurTech funding increased 24.7% quarter on quarter, from $216.05 million to $269.45 million. Q3’23 saw average InsurTech deal sizes dip to a six-year low. Deal share for US-based InsurTechs at the highest level since Q1’20. 15.1% of all Q3’23 InsurTech deals were in the mid-stage expansion category, which is less than long-term InsurTech trends. The majority of tech investments from (re)insurers were early stage for the fifth consecutive quarter. To understand what is driving these numbers and get a better sense of the exciting inflection point we are now observing, please access the complete report. Full report available for download at the bottom of the link https://lnkd.in/eKYAmRfA Now to our wonderful participants – this report would not be possible without the following companies and people featured; Boost (Alex Maffeo, Lisa Khoury), Novidea (Roi Agababa, Julie Shafiki Kate Shopper), YuLife (Sammy Rubin), Zopper (Mayank Gupta), Donald Price, CFA, ManchesterStory (Jason Gross), LULA (Matthew Vega-Sanz, Michael Vega-Sanz), Plug and Play Tech Center (Saeed Amidi, Sean V.) our partners CB Insights, Freddie Scarratt Irina Heckmeier, Brea White and Charlie Thomas. #insurtech #gallagher #gallagherre- #itcvegas2023
