Market Insights

Insurance for All: Friday Dealbook for 4/24/2020

It’s been a big week for insurtech! Alan and Igloo raised $54.4 million and $8 million, respectively, to expand their platforms and reach. ForgeRock, in the wake of the COVID-19 impact, raked in a $93.5 million Series E and is gearing up for going public. As unemployment soars and people turn away from employers to alternative sources of health insurance, insurtech companies with painless onboarding flows and straightforward UX have much to gain.

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The Top Deals Covered by OWI this Week

ForgeRockforgerock.com / Founded in 2009

Developer of a digital identity management platform designed to facilitate secure organizational access controls. The company’s open-source platform offers identity and access management, identity gateway, directory services, profile and privacy safety controls among others which helps to securely connect people devices, thereby providing organizations with digital open identity stack solutions in a secure manner.

The company raised $92.53 million of Series E venture funding in a deal led by Riverwood Capital on April 21, 2020. Accenture Ventures, Kohlberg Kravis Roberts, Accel, Foundation Capital and Meritech Capital Partners also participated in the round. The funds will be used for research and development, cloud, global sales and market awareness so that the company can accelerate growth and continue to enable its customers to create exceptional digital identity experiences for their workforces, consumers and things.

Alan / alan.com / Founded in 2016

Operator of an online digital insurance platform designed to unlock frictionless, fair and friendly healthcare for everyone.. The company’s insurtech platform offers simple and seamless insurance coverage with reimbursements, easy claim handling and gives users access to medical professionals, both through in-person appointments and by video calls, enabling users to easily and conveniently get medical advice and manage their claims and reimbursements.

The company raised EUR 50 million of Series C venture funding in a deal led by Temasek Holdings on April 20, 2020. Index Ventures and Other undisclosed investors also participated in the round. The funds will be used to push its growth via 4 main avenues: offering better health insurance coverage to its members; digitising healthcare for companies; becoming the leading app for instant health info; and, expanding internationally (following the opening of two new offices in Spain and Belgium this summer, Alan aims to expand in most European countries over the next 5 years).

Igloo / iglooinsure.com / Founded in 2016

Provider of digital insurance services intended to offer smart coverage for digital economies. The company is focused on building innovative, high-frequency products with low premium due to accurate risk assessment based on our real-time risk engine across different verticals such as logistics, health and travel by leveraging on big data and machine learning, providing clients with products that are easily integrated into online marketplaces and platforms.

The company raised $8.2 million of Series A venture funding in a deal led by InVent by Intouch Holding on April 24, 2020. Linear Venture and Openspace Ventures also participated in the round.

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Investor Highlight

Riverwood Capital / riverwoodcapital.com / Founded in 2008

Founded in 2008, Riverwood Capital is a private equity firm headquartered in Menlo Park, California. The firm prefers to invest in companies based in North America and Latin America. The firm prefers to invest in the hardware, semiconductors, telecom, consumer electronics, B2B software, digital, consumer internet, and information technology service sectors.

Active Portfolio – 43

Investments (TTM) – 16

Med. Round Amount – $30.00M 

Med. Valuation – $113.27M

Exits – 36

Deal History

In the past year, IQ Capital Partners has invested in the following 7 identity companies:

Druva

ForgeRock

Resultados Digitais

SecurityScorecard

Technisys

*Source: PitchBook Data Inc. with proprietary keyword searches set by OWI Analysts