10 recently-funded tech startups to watch in 2023
Vesttoo is very excited to be included in VentureBeat's 10 recently-funded tech startups to watch in 2023. It has been an incredible year at Vesttoo - Moving towards the vision of truly connecting insurance and capital markets at light speed.
While this list is certainly not exhaustive, it offers a glimpse of the promising potential of the startup ecosystem in 2023, regardless of the current economic downturn.
Vesttoo bridges the insurance industry and capital markets with AI-powered technology and expertise in data science, insurance, and finance. Using advanced machine learning (ML), Vesttoo creates insurance-linked assets from low-volatility insurance liabilities, which provide additional sources of capital for insurers and access to low-volatility assets for investors.
Vesttoo’s ML-based technologies analyze and build risk models from large volumes of complex data associated with insurance liabilities. The company’s platform models the non-catastrophe insurance liabilities and packages them into a variety of financial structures that are familiar to capital market investors, offering them a range of investment products. Its network of partners includes well-established global insurers, financial institutions, and large multinational brokers.
Despite the current downtrend for many insurtech companies generally, Vesttoo raised $80 million in its third round of venture capital and had a valuation of $1 billion in October 2022. The deal was co-led by Mouro Capital and a private equity fund based in UAE, with participation from Gramercy Ventures, Black River Ventures, and Hanaco Ventures. The company is reportedly profitable and says it intends to use its new funding to expand its global footprint and widen its marketplace offerings that connect insurers and investors.