Despite the bank holiday on Monday, NYC tech startups managed to raise a lot of money this week — $89 million, to be exact. Of the four companies that raised funds, two are in the insurance tech space, signaling that the industry may see some interesting changes in the near future.
Andela, $40M
Andela, a company that brings top tech talent from Africa to the United States, raised $40 million in a Series C funding round led by CRE Venture Capital, with participation from DBL Partners, Amplo, Salesforce Ventures, TLcom Capital and existing investors. The investment will go toward expanding to other countries in Africa. [Built In NYC]
SecurityScorecard, $27.5M
SecurityScorecard, a platform that gives risk management professionals better transparency into their company’s security, raised $27.5 million in Series C funding. The round was led by Nokia Growth Partners with participation from Moody's Corporation, AXA Strategic Ventures, Intel Capital and existing investors. It will go toward adding new features to the platform. [Press release]
CoverWallet, $18.5M
Insurance tech startup CoverWallet closed an $18.5 million Series B funding round led by Foundation Capital, bringing the total amount raised to $30 million. Existing investors Union Square Ventures, Index Ventures, CV Starr and Two Sigma Ventures also participated in the round. The investment will be used to grow its technology and partnerships. [Press release]
Boost Insurance, $3M
Boost Insurance, a platform that helps streamline processes for entrepreneurs in the insurance industry, raised $3 million. The funding round was led by Norwest Venture Partners, with participation from IA Capital Group, Greycroft Partners, State National Companies and Nephila Capital. [NewsCenter.io]
