Funding to tech startups in the auto insurance industry has already risen to a five-year high in 2015, according to CB Insights data.
Although they account for a smaller share of insurance tech funding compared to health benefits-related startups, auto insurance tech companies raised over $220M since 2011. Some of the categories they cover include comparison platforms, pay-per-mile insurance, and data analytics for usage-based insurance.
The largest financing of 2015 year-to-date went to auto insurance-comparison engine CoverHound‘s $33.3M Series C led by insurer ACE Group. Of note, Google earlier partnered with CoverHound to help power its Google Compare tool.
Outside of price comparison, new usage-based applications have also garnered more venture capital in the past couple years. Censio, a startup that recently announced a connected car app for Progressive, raised a $10M Series A led by General Catalyst Partners. Metromile, which offers pay-per-mile insurance including to ride-sharing drivers through a partnership with Uber, has raised $14M from investors including Felicis Ventures, First Round Capital, NEA, and Index Ventures.
Tech startups in the auto insurance space span a broad range of geographies and focus areas. The graphic below highlights a selection of the auto insurance-tech startups active in today’s market that have received investment in the past couple years.
| Company | Description | Round | Date |
|---|---|---|---|
 (Censio) |
Smartphone-only usage-based car insurance platform | $10M // Series A | Oct-15 |
 (CoverHound) |
Auto insurance quote-comparison and buying portal | $33.3M // Series C | Sep-15 |
 (Driveway Software) |
App giving drivers and auto-insurance providers data about driving habits | $10M // Series A | Jul-15 |
 (Acculitx) |
Data analytics on driver behavior for insurance underwriters | $1M // Seed | Jul-15 |
 (EverQuote) |
Online car insurance quote-comparison tool | $1.6M // Seed VC | Apr-15 |
 (Schutzklick) |
Simple insurance products with fixed terms including auto insurance | $8M // Series B | Mar-15 |
(Goji) |
Auto insurance quote-comparison portal | $14M // Series C | Apr-15 |
 (Estify) |
Digitizing paper insurance claims for auto repair | $1.5M // Seed VC | Oct-14 |
 (Metromile) |
Pay-per-mile insurance provider and smart driving app and hardware | $10M // Series B | Apr-13 |
 (Snapsheet) |
Virtual insurance claims operations | $10M // Series B | Dec-13 |
Looking for more insurance tech financing and exit data? Sign up for CB Insights Venture Capital Database free below.
If you aren’t already a client, sign up for a free trial to learn more about our platform.