Insurtech Gateway – the birthplace of the likes of FloodFlash and By Miles – has completed the first close of its Seed Fund II, which will allow the insurtech investor to back a further 20 teams over the next four years.

“We believe that insurance and technology can transform society,” said Insurtech Gateway chief executive Richard Chattock, whose incubators support 20 portfolio companies in the UK and four in Australia. “We are proud to have created a place where independent founders can build sustainable partnerships with progressive insurers, regulators, and co-investors.”

According to Insurtech Gateway, it not only seeks to attract a “new kind of founder,” but also is “on a mission” to bridge the funding gap in early-stage insurtech. Founders backed by Insurtech Gateway are supported from pre-seed to Series A.

“The funding environment has cooled off from the 2021 euphoria, but the industry still offers huge opportunities and is waiting for much disruption,” commented Mundi Ventures CEO & general partner Javier Santiso. “We have seen a strong correction in public market valuations and some degree of pullback also in the private market.

“But in the long term, insurance is still a huge market with very low investment compared to fintech and health. It is great to see Insurtech Gateway launching a new fund to help close the insurtech funding gap.”

Further details of the new fund, including the amount, were not disclosed.