Arbor Ventures leads $12m round for Israeli insurtech firm Planck Re

Planck Re Founders

Hong Kong-headquartered venture capital firm Arbor Ventures has led a $12-million funding round for Israeli commercial insurance data platform Planck Re.

Arbor Ventures, which has offices in Shanghai, Tokyo and Tel Aviv, was joined by Viola FinTech and Eight Roads in Planck Re’s first funding round since it was founded in 2016 by Elad Tsur, Amir Cohen, and David Schapiro.

Planck Re said it will use the fresh funds to expand its product line into more segments and boost its research development team in Israel and sales team in North America.

Buying insurance in 2018 still involves endless questions filled by humans, according CEO Elad Tsur. In addition to it being a time-consuming and labour-intensive process, it is also prone to errors, he said.

Planck Re said it streamlines the commercial underwriting process by aggregating small and medium businesses’ digital footprint to help insurers acquire a comprehensive understanding of customer risk.

“Emerging from two years of research and development, we resolved this by leveraging AI and Big Data technologies to provide answers to all required underwriting questions, with name and address being the only manual inputs,” Tsur said.

The insurtech startup, which is based in Tel Aviv and New York, said it will initially focus on the US commercial insurance market where it already has pilot programs with a number of insurance carriers.

A number of insurtech startups recently raised funding from investors eager to tap into the insurance technology segment.

In February, Singapore-based automotive insurance startup Vouch Insurtech closed a $759,040 seed investment from Taipei-based Nogle Capital Management, GREE Ventures and several angel investors.

Vertex Ventures Israel also led a $5-million Series A funding round in Israeli startup Atidot, an insurtech firm that provides big data and predictive analytics tools for the life insurance industry.

Last year, Malaysian startup PolicyStreet, an online marketing and technology partner for insurance providers, raised $492,206 in seed funding from Singapore-based venture capital firm KK Fund.

“Insurance companies are thirsty for actionable data, to assess risk, gain real-time insights and enhance customer understanding. Planck Re aims to empower them through a streamlined digital approach, which we believe will truly alter the insurance industry,” Arbor Ventures vice president and Israel head Lior Simon said in a statement.

Arbor Ventures recently raised $178.6 million toward a $220-million second venture capital fund, according to a filing with the US Securities and Exchange Commission in May. The fund was backed by as many as 23 LPs.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.