August was very quiet, with only two funding rounds announced. And the financial details were not even disclosed.
As you may have understood, both rounds were led by incumbent insurers, despite neither having dedicated VC teams like some corporate VCs in the sector.
Summer is traditionally quieter, with startups often taking a breather mid-year before picking up the pace again in September.
It will therefore be interesting to keep an eye on the coming weeks to get a first sense of the European InsurTech momentum after a very strong first half of the year.
Will funding amounts remain high, given that almost twice as much money was invested in H1 as throughout the whole of last year?
Conversely, will deal activity pick up, after the number of announced rounds fell 35% below last year's level?
In short, 2 deals announced is what to remember from the numbers.
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Let’s now take a closer look at the biggest deal of the month.
Kita announced one of the two funding rounds. The UK startup raised a new round led by corporate investor Tokio Marine, which was already a business partner.
While the amount raised was not disclosed, the announcement came with an additional €22.5m in underwriting capacity for Kita, alongside a continuation of the partnership to develop carbon credit insurance, the startup’s specialty since its launch in 2021.
Kita is one of the emblematic players from an InsurTech trend that was particularly strong at the time: startups using technology and data to support the development of the carbon credit market, with insurance seen as a potential catalyst for growth.
Kita previously raised a $4.5m seed round in 2023. As of today, the startup employs 341 people, according to LinkedIn, up 124% in two years.
