# PE firms backing Insurtech (2026 list)

> 52 PE firms backing Insurtech, 69% active in the last 12 months. Led by Gaingels, Goldman Sachs, Citibank. Ranked by what they funded.

Source: https://millionrounds.com/lists/pe-firms-insurtech (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# PE firms backing Insurtech

Updated 7 November 2026

PE firms we have observed in an insurtech round in the last two years.

[See all 52 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-insurtech)The top 25

**52** investors on the list *+2* this week

**723** cheques in 12 months *-5%* against the market

**$33M** median round they joined *+306%* against the market median

**69%** wrote a cheque in 12 months

**54%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (24)

- 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen
- 2 [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) *Deploying now* Private equity · United States **758** **$73M** median round **Oct 2026** last seen
- 3 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen
- 4 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen
- 5 [TCV](https://millionrounds.com/fund/tcv) *Deploying now* Private equity · United States **200** **$100M** median round **Oct 2026** last seen
- 6 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen
- 7 [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton) *Deploying now* Private equity · United States **198** **$64M** median round **Nov 2026** last seen
- 8 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen
- 9 [Eurazeo](https://millionrounds.com/fund/eurazeo) *Deploying now* Private equity · France **150** **$28M** median round **Oct 2026** last seen
- 10 [Scottish Equity Partners](https://millionrounds.com/fund/scottish-equity-partners) *Deploying now* Private equity · United Kingdom **141** **$33M** median round **Feb 2026** last seen
- 11 [Apollo](https://millionrounds.com/fund/apollo-global-management) *Deploying now* Private equity · United States **114** **$55M** median round **Oct 2026** last seen
- 12 [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2) *Deploying now* Growth equity · United States **96** **$3M** median round **Oct 2026** last seen
- 13 [Galaxy Digital](https://millionrounds.com/fund/galaxy-digital) *Deploying now* Private equity · United States **94** **$12M** median round **Sept 2026** last seen
- 14 [Practical Venture Capital](https://millionrounds.com/fund/practical-venture-capital) *Deploying now* Private equity · United States **94** **$21M** median round **Jun 2026** last seen
- 15 [European Bank for Reconstruction and Development](https://millionrounds.com/fund/ebrd) *Deploying now* Private equity · United Kingdom **91** **$35M** median round **Nov 2026** last seen
- 16 [Cathay Capital](https://millionrounds.com/fund/cathay-capital) *Deploying now* Private equity · France **74** **$29M** median round **Oct 2026** last seen
- 17 [Vista Equity Partners](https://millionrounds.com/fund/vista-equity-partners) *Deploying now* Private equity · United States **64** **$40M** median round **Oct 2026** last seen
- 18 [CPP Investments](https://millionrounds.com/fund/cpp-investments) *Deploying now* Growth equity **59** **$200M** median round **Oct 2026** last seen
- 19 [SBI Group](https://millionrounds.com/fund/sbi-group) *Deploying now* Growth equity **57** **$14M** median round **Nov 2026** last seen
- 20 [Eldridge](https://millionrounds.com/fund/eldridge) *Deploying now* Private equity · United States **53** **$50M** median round **Oct 2026** last seen
- 21 [Aozora Corporate Investment](https://millionrounds.com/fund/aozora-corporate-investment) *Deploying now* Private equity · Japan **34** **$6.7M** median round **Sept 2026** last seen
- 22 [Goldman Sachs Alternatives](https://millionrounds.com/fund/goldman-sachs-alternatives) *Deploying now* Growth equity **24** **$110M** median round **Oct 2026** last seen
- 23 [Northwestern Mutual](https://millionrounds.com/fund/northwestern-mutual-future-ventures) *Deploying now* Private equity · United States **21** **$16M** median round **Oct 2026** last seen
- 24 [EBRD VC](https://millionrounds.com/fund/ebrd-vc) *Deploying now* Growth equity · United Kingdom **13** **$17M** median round **Jul 2026** last seen
- 25 [AAC Capital Partners](https://millionrounds.com/fund/aac-capital) quiet Private equity · Netherlands **11** **$1.1M** median round **Feb 2025** last seen

**27 more on this list**

All 52 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-insurtech)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[Soter Insure](https://millionrounds.com/company/soter-insure)** Series B *With* [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton)
- **3** Nov **[Scatec](https://millionrounds.com/company/scatec)** Debt · $217M *With* [European Bank for Reconstruction and Development](https://millionrounds.com/fund/ebrd)
- **30** Oct **[Complaion](https://millionrounds.com/company/complaion)** Other *Led by* [Eurazeo](https://millionrounds.com/fund/eurazeo)
- **29** Oct **[Solink](https://millionrounds.com/company/solink)** Growth · $100M *With* [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs)
- **29** Oct **[PhotonPay](https://millionrounds.com/company/photonpay)** Series C · $40M *With* [SBI Group](https://millionrounds.com/fund/sbi-group)
- **29** Oct **[Upwind](https://millionrounds.com/company/upwind)** Series C · $400M *With* [TCV](https://millionrounds.com/fund/tcv)

## Stages This Year

673 rounds

- Venture **21%**
- Debt **17%**
- Series A **9%**
- Seed **9%**
- Other **8%**
- Other **35%**

## What They Backed

Sectors, last 12 months

- AI **219**
- Fintech **76**
- Biotech **50**
- Financial Services **47**
- Aerospace & Space **42**
- Web3 & Crypto **30**

## Cheques by Quarter

Led Joined

177 Q1 25

200 Q2 25

205 Q3 25

262 Q4 25

224 Q1 26

225 Q2 26

140 Q3 26

42 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai)
- [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech)
- [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data)
- [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech)
- [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics)
- [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction)
- [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy)
- [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai)
- [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders in fintech and financial services

- Bank 4.0: Banking everywhere, never at a bank Brett King · 2018 4.07 from 622 ratings on Goodreads Fintech and financial services Company building About the book In the final book in the digital 'BANK'; series, Brett King tackles the topic of whether banks have a future at all in the emerging, technology embedded world of the 21st century. In 30-50 years when cash is gone, cards are gone and all vestiges of the traditional banking system… On AmazonListen on Audible
- Why Aren't They Shouting?: A Banker's Tale of Change, Computers and Perpetual Crisis Kevin Rodgers · 2016 4.26 from 222 ratings on Goodreads Fintech and financial services Company building About the book When Kevin Rodgers embarked on his career in finance, dealing rooms were seething with clamouring traders and gesticulating salesmen. Nearly three decades later, the feverish bustle has gone and the loudest noise you’re likely to hear is the gentle tapping of keyboards. Why… On AmazonListen on Audible
- The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time [Jim McKelvey](https://millionrounds.com/person/jim-mckelvey) · 2020 4.22 from 1,839 ratings on Goodreads Fintech and financial services Innovation Company building About the book From the cofounder of Square, an inspiring and entertaining account of what it means to be a true entrepreneur and what it takes to build a resilient, world-changing company In 2009, a St. Louis glassblowing artist and recovering computer scientist named Jim McKelvey lost a… On AmazonListen on Audible
- Service Design: From Insight to Implementation Andy Polaine · 2013 4.05 from 605 ratings on Goodreads Fintech and financial services Company building About the book We have unsatisfactory experiences when we use banks, buses, health services and insurance companies. They don't make us feel happier or richer. Why are they not designed as well as the products we love to use such as an Apple iPod or a BMW? The 'developed' world has moved… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=fintech).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about PE firms backing Insurtech

### Who are the most active PE firms backing Insurtech?

By cheques observed, the most active are Gaingels, Goldman Sachs, Citibank, General Atlantic and TCV.

### How many PE firms backing Insurtech are there?

52 are on record. 69% made an investment in the last 12 months and 54% have led a round.

### Which stages do PE firms backing Insurtech back?

Of the rounds with a named stage in the last 12 months, mostly Debt (27%) and Series A (14%).

### How big are the rounds PE firms backing Insurtech join?

The typical (median) round among the leading investors here is $29M.

### Which sectors do PE firms backing Insurtech back most?

In the last 12 months, mostly AI, Fintech and Biotech.

### Which PE firms backing Insurtech lead the most rounds?

General Atlantic (32 led), Goldman Sachs (22 led) and TCV (17 led).

### Where are PE firms backing Insurtech based?

Among the most active, most are based in the United States (15), the United Kingdom (3) and France (2).

### What have PE firms backing Insurtech invested in recently?

Recent rounds include Soter Insure (Series B, Nov 2026, with Franklin Templeton), Scatec (Debt, Nov 2026, with European Bank for Reconstruction and Development) and Complaion (Other, Oct 2026, with Eurazeo).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)