May was once again a very quiet month.
Only three deals were announced over the past few weeks. Once again, this is an exceptionally low figure, not only for this year but also compared with the past 24 months, during which activity had generally remained much stronger.
The picture is no better when looking at invested capital, with just €8 million raised. This makes May the weakest month of the year by a considerable margin. Once again, however, it echoes a handful of low points observed over the past two years.
We had become accustomed to a market split between, on the one hand, young startups entering the market with their first funding rounds—by definition relatively small, with the possible exception of AI-focused insurance startups—and, on the other hand, category leaders capable of raising sizeable rounds.
In May, things looked different. One young company, which we discussed earlier, announced its first funding round worth a few hundred thousand euros. The other two rounds, however, were raised by startups that are already well established within the InsurTech landscape. Yet both financings remained relatively modest—at least when compared with the large rounds currently being secured by category leaders.
It is also worth noting that both of these follow-on rounds were announced by Italian startups.
This is particularly interesting because the Italian ecosystem remained relatively quiet for a long time. Given the size of the insurance market, Italy should arguably have been far more active—in terms of both startup creation and investment—during the first decade of InsurTech. With only a handful of exceptions, it was largely absent from the map.
Over the past several months, however, that trend appears to be reversing, not only in InsurTech but across the broader startup and venture capital landscape. It is therefore encouraging to see companies that have been operating in this market for several years returning to raise fresh capital. It will be fascinating to watch how Italy’s renewed entrepreneurial momentum translates into innovation within the insurance industry specifically.
In short, three deals announced and €8 million invested—that is the key takeaway from the numbers this month.
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Now, let’s take a closer look at the largest deal of the month to learn more about the startup that illustrates the trend I mentioned earlier.
Taking the top spot this month is Wopta, which announced the largest funding round. The Italian startup raised €5 million in new capital. This marks the company’s fourth funding round and comes 18 months after its previous €4 million raise in early 2025.
Founded in 2022, Wopta provides insurance solutions for small and medium-sized businesses through a fully digital distribution model, both directly via its website and through a network of distribution partners, which the company says now numbers 4,000.
Since launch, Wopta has raised nearly €20 million in total funding and reports serving more than 220,000 customers, generating €20 million in written premiums. Importantly, the company also claims to be profitable.
The new funding will help support further acquisitions following two recent deals, as part of what appears to be an accelerating consolidation trend within the market. This strategy should enable Wopta to continue its trajectory of profitable growth.
As of today, the startup employs 27 people, according to LinkedIn, a figure that has remained stable over the past year.
