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{"id":32742,"date":"2023-05-19T21:45:34","date_gmt":"2023-05-19T21:45:34","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/05\/19\/despite-messy-ipos-theres-good-reason-to-be-optimistic-about-insurtech-startups\/"},"modified":"2023-05-19T21:45:35","modified_gmt":"2023-05-19T21:45:35","slug":"despite-messy-ipos-theres-good-reason-to-be-optimistic-about-insurtech-startups","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/05\/19\/despite-messy-ipos-theres-good-reason-to-be-optimistic-about-insurtech-startups\/","title":{"rendered":"Despite messy IPOs, there\u2019s good reason to be optimistic about insurtech startups"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/19\/messy-ipos-insurtech-startups\/<\/a><\/br>
\nDespite messy IPOs, there\u2019s good reason to be optimistic about insurtech startups<\/br>
\n2023-05-19 21:45:34<\/br><\/p>\n

\n

It wasn\u2019t a surprise<\/span> to learn that former scooter unicorn Bird is pursuing a reverse stock split<\/a>. The company isn\u2019t treading new ground here \u2014 it isn\u2019t the only tech firm that has IPO\u2019d in the past couple of years to consolidate its equity in hopes of keeping its share price above $1 to avoid a delisting. Root Insurance did the same thing last August<\/a>. As did Hippo<\/a>, another former insurtech startup.<\/p>\n

Root and Hippo were very much part of the trend that saw several consumer-facing insurance startups going public during the last venture boom, as were MetroMile and Lemonade. Since their IPOs, most of these companies\u2019 track records on the public market have been suboptimal, to put it mildly.<\/p>\n

\n

The Exchange explores startups, markets and money. <\/em><\/strong><\/p>\n

Read it every morning on TechCrunch+<\/a> or get The Exchange newsletter<\/a> every Saturday.<\/em><\/strong><\/p>\n

\n

Valued at around $6.8 billion<\/a> in its IPO, Root is today worth a mere $67.2 million, per Yahoo Finance. Hippo and MetroMile went the<\/a> SPAC route<\/a>, and both saw their values decline precipitously afterwards: Hippo is worth $440 million today compared to its post-combination market cap of more than $5 billion, and MetroMile wound up selling to Lemonade<\/a> for less than $145 million worth of stock in its new parent company.<\/p>\n

Not all of this cohort has done poorly, though. Lemonade went public at $29 per share<\/a>, and its shares are trading at just over $16 today. It\u2019s by far the best performer of the group.<\/p>\n

\"\"<\/a>But insurtech has persisted, stubbornly showing a few signs of life despite the carnage. Earlier this year, Duck Creek, which makes enterprise software for insurers, was taken private for $2.6 billion<\/a> by private equity firm Vista Equity Partners. And, just a few months ago, TechCrunch+ spoke to a half-dozen investors in the insurtech space<\/a> who shared more than a few thoughts on where tech could profitably intersect with the larger insurance market.<\/p>\n

After parsing recent venture data, re-examining venture interest in light of new market conditions, and a number of recent funding rounds, we\u2019ve come to the conclusion that the market for insurance-focused startups is actually not moribund. It\u2019s simply smaller and, perhaps, more intelligently focused than before. Let\u2019s examine.<\/p>\n

There\u2019s some bulls in this house<\/h2>\n

First, we should clarify that the investors we talked to haven\u2019t lost interest in insurtech startups, even when this is only one of several categories their funds invest in. \u201cWe are still bullish on insurtech and we have been active in 2023,\u201d said H\u00e9l\u00e8ne Falchier, a partner at fintech-focused fund Portage, for example.<\/p>\n

Yet, the sector hasn\u2019t been spared the devastation caused by the broader downturn. \u201cIt\u2019s been a turbulent few months for all tech sectors, including insurtech,\u201d said Stephen Brittain, director and co-founder of Insurtech Gateway.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/05\/19\/messy-ipos-insurtech-startups\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/19\/messy-ipos-insurtech-startups\/ Despite messy IPOs, there\u2019s good reason to be optimistic about insurtech startups 2023-05-19 21:45:34 It wasn\u2019t a surprise to learn that former scooter unicorn Bird is pursuing a reverse stock split. The company isn\u2019t treading new ground here \u2014 it isn\u2019t the only tech firm that has IPO\u2019d in the past couple of years […]<\/p>\n","protected":false},"author":1,"featured_media":32743,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-32742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nDespite messy IPOs, there\u2019s good reason to be optimistic about insurtech startups - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/05\/19\/despite-messy-ipos-theres-good-reason-to-be-optimistic-about-insurtech-startups\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Despite messy IPOs, there\u2019s good reason to be optimistic about insurtech startups - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/05\/19\/messy-ipos-insurtech-startups\/ Despite messy IPOs, there\u2019s good reason to be optimistic about insurtech startups 2023-05-19 21:45:34 It wasn\u2019t a surprise to learn that former scooter unicorn Bird is pursuing a reverse stock split. 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