This year has started with great investment momentum in our focus areas and new successes for our portfolio companies.
We had the pleasure of welcoming two new companies to our portfolio. Avanta Ventures led Doorstead’s $21.5M Series B funding round. Doorstead has redefined property management by offering homeowners upfront “guaranteed” rental payments, creating greater cash-flow certainty. We were also excited to be part of Joyn Insurance’s Series A round of funding. Joyn is an exciting insurtech startup transforming small and mid-market US commercial insurance through the use of digital technology, data analytics and automation.
Current portfolio company CarIQ recently announced a $15 million addition to their Series B to accelerate the development and adoption of their machine-to-machine payment platform. Overhaul acquired SensiGuard, making them the largest in-transit supply chain cargo security provider. While CAPE Analytics was named one of Analytics Insight’s top 100 AI companies to watch this year!
We’re excited to announce that Avanta Studios is now taking new applications. Avanta Studios’ program provides funding and a B2B engagement-focused curriculum geared to meet participants where they are and help accelerate product market fit. During the program, participants will engage with curated subject matter experts, both internally from within CSAA Insurance Group and externally from the industry. By joining Avanta Studios, startups gain funding and tangible enablement for their startups such as, proven frameworks, guided validation exercises, and customized marketing collateral materials to accelerate product market fit. Startups will also get access to our community of subject matter experts, investors, founders, mentors and champions who can help turbocharge their growth. Interested startups can apply here.
Our Avanta Ventures team is excited by the growth of our portfolio companies and looking forward to what lies ahead in 2023.
P.S. See the events section below for upcoming events the team will be attending or speaking at, and make sure to follow us on LinkedIn and Instagram for the latest news from Avanta Ventures and our partners.
Avanta Ventures’ Insights
Digital ecosystems: Why they matter to insurance companies
As many industries worldwide transform their operations to become more digital, the strategy to build broader digital ecosystems around their core products is gaining traction. Digital ecosystems are various sets of services offered in a single integrated experience. These sets of services are often potentially insurance-adjacent or affiliated value-added services, which help to increase the frequency of touch with the end customer.
Fintechs addressing high-end freelance workers and creators
While the percentage of independent workers in the US has risen from 27% in 2016 to 36% in 2022, there is a distinct lack of financial products and services that serve them well. Incumbent carriers are partnering more with fintech startups to target Millennials and Gen Z creators as they acquire insurable assets. Partnerships with emerging fintechs can provide insurers with new distribution channels to offer tailored insurance products for this underserved market.
SMB freight technology platforms and the implications for insurance
The supply chain and logistics industry are still facing substantial challenges from the COVID-19 pandemic. To help overcome these challenges, carriers and brokers are increasingly turning toward technology platforms. As small freight brokers and carriers begin adopting software solutions like digital freight matching and factoring to streamline business operations and manage costs, new partnership opportunities for insurers will also emerge.
Adjacencies: Exploring Residential Proptech
Proptech is the application of innovative information technology and platform economics to real estate markets. Proptech startups are offering new products addressing frictions in the traditional real estate market and attracting a growing proportion of new property owners, managers, and renters.
Ventures Spotlight: CAPE Analytics
Find out how Avanta Ventures’ portfolio company CAPE Analytics uses deep learning and geospatial imagery to provide instant property intelligence for buildings across the United States.
Sponsored and Attending Events
- GCVI Summit: March 15th-16th
- Insurance for Robots Panel Discussion: March 21st
- InsurTechNY 2023 Spring Conference (Panel: VCs and Insurtechs – Best Friends Forever or Not?): March 30th
Portfolio Company News
About Avanta Ventures
Avanta Ventures is the venture capital arm of CSAA Insurance Group. We aim to reimagine the future of insurance and drive future growth for CSAA IG through our engagement and investment in ground-breaking US-based startups and entrepreneurs. We provide deep insurance expertise, partnership, and financial investment to leading startups in insurtech, mobility and risk-adjacent sectors. We typically invest in Seed, Series A and Series B companies with early-market traction.
Avanta Studios program provides funding and a B2B engagement-focused curriculum geared to meet participants where they are and help accelerate product market fit. During the program, participants will engage with curated subject matter experts, both internally from within CSAA Insurance Group and externally from the industry.
