In 2025, investors provided €600 million to European insurance start-ups, according to data from astorya.vc published in The State of Insurtech & Resilience 2025 report. This is less than a year earlier, when the total investment reached €820 million, and in 2023, when the total financing value was €700 million. Not to mention the exceptionally generous years around the time of the pandemic, when as much as €2.5 billion flowed into the market (as in 2021).

However, the fund's experts point out that a similar trend can also be observed in overall investments in the European VC market, or more broadly, at the global level. After the exceptionally abundant years of 2021-2022, financing values returned to levels closer to those seen before the pandemic. As for the number of financing rounds, analysts tracked 63 last year. This means the number of companies receiving funds has remained roughly the same for several years. In 2024, there were 62, and in 2023, there were 68.

Last year, the largest amount of funding was raised by wefox – EUR 151 million. It is an insurtech company that was once present in Poland with an insurance offering, but after significant turmoil, it changed its business model to focus on insurance brokerage, which, among other things, led to its withdrawal from Poland.

See also: WEI: Every sixth non-bank loan transaction is conducted in the shadow economy

The next places on the podium were taken by Marshmallow (€79 million), which offers motor insurance in the United Kingdom, and Tinubu (€ 40 million in funding), which provides core systems to insurers. Polish company Trasti came fifth in the ranking of the largest rounds, receiving €21 million.

Interestingly, for almost half of all entities included in the ranking, the financing obtained was their first round.

In terms of geographical distribution, the largest amounts were traditionally placed in the United Kingdom, France, and Germany. However, bearing in mind that these are also the largest markets in Europe in terms of premium collections, the experts at astorya.vc attempted to relate the financing amounts to the market potential. As it turns out, while the United Kingdom and France continue to perform well, Germany's share of total funding was lower than its share of European gross written premiums. In this respect, Poland, Spain, and the Netherlands performed very well in 2025, with the funding raised by domestic insurtechs significantly exceeding expectations given the size of the market. In Poland's case, this was due to Trasti's record-breaking round.

The report also reveals that last year saw 12 acquisitions in which insurtech companies were taken over by more mature organisations. This includes the case of the Polish company Quantee, which came under the wing of the American company Guidewire, but also, for example, the Italian company Prima, which was acquired by AXA, the French company Zelros, which became part of Earnix, and Next Insurance, which was bought by Munich Re.

See also: Check who is really calling. A new feature in the Revolut app

In the areas where European insurtech companies operate, last year saw financing secured by entities at every stage of the value chain. This includes both those that are completely self-sufficient and those that are developing improvements in product, risk assessment, claims settlement, or distribution. The latter have traditionally been the most numerous.

The report also contains information on observed trends and innovations outside the traditional understanding of insurtech, such as cybersecurity, climate risk management, and the fight against financial crime. The cashless.pl portal has taken patronage of this project.