Anthemis’ New Fund Raises $90 Million to Back Insurtech Firms

Anthemis, a financial services venture capital firm, has raised $90 million for a new fund, aiming to invest in fast-growing insurance technology startups.

Reported by Reuters on Thursday, the new fund is named Anthemis Insurance Venture Growth Fund I, with participants including Aflac Global Ventures, Sumitomo Life, and Nürnberger Versicherung in partnership with Daido Life Insurance Company.

The company, with this fund, will focus on backing companies working on digitizing the insurance company, which already had established a good track record in the sector.

A gap in insurance tech funding

Founded in 2010, the London-based fund already has numerous insurance technology companies in its portfolio. The company primarily focuses on early-stage startups and has successfully backed digital banks like Simple and Atom.

Most recently, the venture fund participated in the £1 million (around $1.29 million) seed funding round of gig economy Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Wollit, targeting the UK market.

The fund was also focusing on the booming Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term industry and supported Kaiko, a decentralized market data provider, with $6.43 million in its seed round to scale its product offerings, expand its team, and open an office in New York, Finance Magnates reported.

According to Sean Park, the fund's founder and chief investment officer, Anthemis is eying on later-stage insurtech companies with the new fund as it has spotted a gap in such markets.

Around the world, fintech companies are booming, gathering huge sums from venture capitals and angel investors. In a detailed analysis of the fintech funding trends, Finance Magnates reported that the sector received a total of $34.5 billion in 2019. The data was taken from the latest CB Insights report detailing the funding scenarios of the industry.

Follow the money #fintech funding by region. See what Africa gets?! Only 1%/of the global strategic funding by VC and other institutions come to Africa Fintech solutions pic.twitter.com/PJjaCSl2ak

— mumbekhu nunekhu (@Obalu_K) February 24, 2020