October was buzzing with activity. In fact, it was the most active month of the year — with 11 deals announced over the past few weeks. You’d have to go all the way back to May… 2022 to find a month with more deals announced!
As a result, 2025 is now clearly outpacing last year. So far, 20% more deals have been announced across the European InsurTech ecosystem — perfectly matching the pace of 2023 over the same period.
On the investment side, a total of €70 million was raised by startups. From that angle, nothing extreme — it’s a solid figure, but some months have seen higher totals since the start of the year, and even in the recent past.
But, as regular listeners of this podcast know, I tend to focus more on the number of deals rather than the amounts raised. Beyond the strong activity from B2B startups mentioned earlier, October also stood out for its diversity of approaches. All parts of the insurance value chain were covered: product, underwriting, distribution, and claims management.
There was also strong diversity in market approaches — with startups selling insurance directly to end customers (B2C) or to small businesses (B2SME). And when it comes to distribution, this single month alone captured a full snapshot of how InsurTech strategies have evolved over time: startups selling directly to consumers, others embedding insurance into third-party platforms, and finally, those building tech solutions to serve existing distribution players — brokers and agents.
In short, 11 deals announced, €70 million invested, that’s what you need to remember from the numbers side.
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Let’s now take a closer look at the three biggest deals of the month — and see what we can learn, either about the startups themselves or, more broadly, about the trends they represent.
Let’s start with ClaimSorted, taking third place on the podium. The UK-based startup announced a $13 million raise. The round was led by several well-known European investors — Atomico, Eurazeo, and FirstMinute. It comes less than a year after a first, much smaller $3 million round that went largely under the radar at the time. ClaimSorted builds claims management technology, describing itself as a “tech-enabled TPA” — or, in plain French, a service enhanced by technology.
By leveraging automation and modern tools, the company aims to deliver faster and more efficient claims handling. On its website, it even claims to be three times faster than traditional claims processors. It targets a wide range of business lines — from personal to commercial insurance. Founded in 2024, the company now claims 20 insurance partners, and prominently features the Lloyd’s logo on its website — as a partner, or perhaps a client?
In second place, we have Instanda, which announced a $20 million raise. This marks another funding round for the UK-based startup, more than three years after its previous €43 million raise. The round was led by CommerzVentures, joining the company’s existing investors. Since its founding, Instanda has now raised over $90 million in total. This latest round is intended to support continued growth of its no-code insurance platform, which could best be described as InsurTech-as-a-Service. In simple terms, it’s a modern IT system — built on contemporary programming frameworks — designed to help insurers modernize parts or all of their value chain. The company’s website highlights major clients such as HDI, Vitality, Sompo Japan, and Markel. At the time of this raise, Instanda announced that it now works with more than 80 insurance partners, and has been growing revenues over 40% year-on-year since its last funding round. As of today, the company employs 245 people, a figure up 11% year-over-year.
Finally, taking the top spot this month is Eir, which announced the largest raise. The Swedish startup raised €20 million to accelerate the development of its embedded insurance platform. This is the first publicly listed round for the company on Crunchbase and was led by Endeit Capital, with the goal of expanding its presence across European markets. Founded in 2019, Eir builds technology that enables eCommerce platforms and marketplaces to become insurance distributors — the very definition of embedded insurance. Its website lists around 40 partners, ranging from startups to specialized online retailers. The most recognizable brand, it seems, is EasySure, the insurance arm of the EasyJet Group. As part of this announcement, Eir revealed that it has surpassed €90 million in premiums, up 73% year-on-year. According to LinkedIn data, the company employs 46 people, a 15% increase over the past year.
