XL Innovate

https://xlinnovate.com

Last activity: 23.07.2020

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Invests in categories: InsurTechTechnologyDataAnalyticsHomePlatformPropertyCommerceConstructionService

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Portfolio

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Overview

Employees

1-10

Investment Type

Venture Capital

Investment Stage

Seed; Series A; Series C

Portfolio 11

Date	Name	Website	Total Raised	Location
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Dec 15, 2016	Stonestep	stonestep.ch	$4M
Mar 29, 2016	Slice Labs	slice.is	$35.5M	United States, New York
	Zendrive	zendrive.com	$52M	India, Karnataka, Bengaluru
	GeoQuant	geoquant.io	$4M
	Lemonade	lemonade.com	$467M	United States
	Pillar Technologies, Inc.	pillar.tech	$3.18M	United States, New York
	CAPE Analytics	capeanalytics.com	$75M	United States, California, Mountain View
	New Energy Risk	newenergyrisk.com		United States, California, Menlo Park
	Notion	getnotion.com	$15.2M	United States, Colorado, City and County of Denver
	Embroker	embroker.com	$140.2M	United States, California, San Francisco

News 44

Date	Title	Description
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	Pursuing Innovation in Insurance is Like Maintaining Your Beach Bod (…It Takes Discipline)	By Chris Downer, Associate at XL Innovate Insurtech enthusiasts, Last week, I attended the Insurtech Summit Canada hosted by Deloitte. It was my first trip to the fine city of Toronto, so in addition to being extremely excited to visit Th...
	Risky business: why it’s so important to take humans out of the equation and let the machines do the work	By Chris Downer, Associate Chris Downer’s latest LinkedIn post focuses on how “Man versus Machine” — a conflict which dates back to the invention of the wheel (“hey, this ‘wheel’ thing sure is going to put a lot of porters out of work”) — ...
	Welcome To The Upside Down: PoC Purgatory	Chris Downer, Principal As I connect with startups and entrepreneurs who are building insurtech companies and ask about their progress thus far, I hear a common refrain: “We’ve got a number of proofs of concept underway, including with tw...
	Willis Towers Watson Leadership Spotlight with Tom Hutton	By XL Innovate Tom Hutton was featured in Willis Towers Watson Quarterly Insurtech Briefing (pp. 22–26) discussing what’s exciting in insurtech, including customer facing digital distributors and startups that apply artificial intelligence...
	Notion Raises $10 Million to Take Smart Home Awareness Mainstream	By XL Innovate Read about it: https://www.prnewswire.com/news-releases/notion-raises-10-million-to-take-smart-home-awareness-mainstream-300472836.html
	The Internet of Insurance: to find your way in the Wild West of IoT, start with data	By Chris Downer, Associate at XL Innovate Read it here: https://www.linkedin.com/pulse/internet-insurance-find-your-way-wild-west-iot-start-data-downer/?published=t
	Evolution of Insurtech	Interview with Martha Notaras Check out the interview by Alicja Grzadkowska from Insurance Business with our Partner, Martha Notaras and head of investments at Argo Ventures, Oleg Ilichev.
	Women in Insurance	By XL Innovate Download the article here: https://reactionsnet.com/uploads/Women%20in%20Insurance_LR.pdf
	Downer’s Index — Facts from the Insurance Nexus IoT Conference	By Chris Downer, Associate, XL Innovate Read the LinkedIn Article (December 5, 2017)
	What Entrepreneurs Should Demand from their VC Board Members	By Martha Notaras, Partner I recently heard from an entrepreneur who is in the middle of fundraising. He made a remark about a venture capitalist who was interested in investing in his company: “Based on their questions and tone when discu...
	What XL Innovate looks for in insurtech leadership	By Tom Hutton, Managing Partner Read about it here: https://www.dig-in.com/opinion/what-xl-innovate-looks-for-in-insurtech-leadership
	Naked and (un)Afraid: Embracing Insurtech Innovation	By Chris Downer, Associate at XL Innovate Insurtech enthusiasts, Last week I attended the Insurtech: Innovation, Corporate Strategy and Customer Engagement conference in New York City. With temperatures well above a humid 90 degrees in th...
	Martha Notaras Named Digital Insurance Innovator to Watch	By XL Innovate Transformation of the insurance industry is continuing at a rapid rate, with new technologies being adopted across the value chain every day. Digital Insurance Named 26 Innovation Leaders in Insurance (including our very own...
	Insurance and Insurtech: Success Starts With Embracing the Hate	By Chris Downer, Associate at XL Innovate Last week I attended the Intersection of Insurance and Insurtech Conference. XL Catlin’s very own Chris Dougherty and Lauren Tennant Pollock, spoke eloquently and insightfully on their global view...
	10 Insurtech Predictions for 2019	By Martha Notaras It’s been another big year for Insurtech, with venture funding surpassing 2017 levels, the first unicorns outside of health insurance, and incumbent carriers doubling down on new technologies and solutions. At XL Innovate...
	The Startup Bringing Insurance To Myanmar	By XL Innovate In many ways, Myanmar is ground zero for fintech innovation right now. The country’s population is largely unbanked and despite having been closed off to foreign investment for decades, it’s witnessed an explosion of investm...
	XL Innovate To Present At Insurance Disrupted Conference On November 20, 2015	By XL Innovate Read about it here: http://xlgroup.com/press/xl-innovate-to-present-at-insurance-disrupted-conference-on-november-20-2015
	Lemonade is Using Behavioral Science to Onboard Customers and Keep Them Honest	By XL Innovate Insurance startup Lemonade won itself headlines in January with the boast that it had successfully approved a claim in just three seconds. In that time, Lemonade’s software had run 18 anti-fraud algorithms and sent a payment...
	Reimagining the P&C Insurance Industry of the Future	By XL Innovate Watch it here on CB Insights: https://www.youtube.com/watch?v=TkiTip16Ku4&index=30&list=PLdrkyB30D4lP1LQOL3gn3GNp-xCc3QutS
	-	By XL Innovate Cape Analytics has raised $14 million to use computer vision and machine learning to improve automated property underwriting for insurance companies. Formation 8 led the round, with participation from XL Innovate, Data Coll...
	InsTech London Podcast with Chris Downer	By XL Innovate Check out InsTech London interview with Matthew Grant and Chris Downer: “Checking in on London” (Podcast 11).
	Women Insurtech Founders Tackle Unconscious Bias	Interview with Martha Notaras, Partner The insurtech phenomenon is currently plowing through the industry, introducing new ways of doing business and upending the status quo. But while the movement promises a renaissance of novel ideas rel...
	AI in insurance: The future is now	By Martha Notaras, Partner Check out Martha Notaras’ byline in PropertyCasualty360 on AI in Insurance. She describes use cases that show how carriers that implement AI now benefit from short-term ROI while positioning their organizations t...
	Are new data sources sparking joy for underwriting and claims?	By Chris Downer, Principal Decluttering expert Marie Kondo asks a single question when determining whether a piece of clothing or a book should stay in the house or be thrown out: “does the piece spark joy?” A very similar question can be...
	Chris Downer Interview with FinTech SiliconValley on Disruption in Insurance	By XL Innovate Watch it here: https://www.youtube.com/watch?v=_qFh-VdJsgE
	Martha Notaras on Why and How P/C Insurance Carriers Should Work with Insurtechs	By XL Innovate Read about it: http://www.insurancejournal.com/news/national/2017/08/15/461065.htm
	Is Insurtech breaking London’s insurance dominance?	By XL Innovate For centuries, London has been at the center of intellectual capital when it comes to insurance. London was the birthplace of modern property and casualty insurance, and Lloyd’s — the world’s most established insurance marke...
	Buckle Up! Insurance is about to get even sexier with Justin Timberlake and AI	By Chris Downer, Associate at XL Innovate Last week I attended the Connected Claims Summit in Chicago. According to the organizers, there were over 320 attendees and all of the 15 largest P&C carriers in the US were represented. So wh...
	XL Innovate Promotes Chris Downer to Principal	By XL Innovate We’re thrilled to announce that Chris Downer has been promoted to Principal. He will continue to help lead XL Innovate’s venture investments globally into new categories within insurtech, including data and analytics, AI, an...
	The Rise of Risktech: How Startups Are Saving Lives and Property in Construction	By Martha Notaras, Partner “Risktech” is a new emerging category, where companies offer technologies that focus on safety and protecting workers, assets and the project as a whole. Construction is the area in which this is the growing most...
	8 Insurtech Predictions for 2018	by Martha Notaras, Partner at XL Innovate Read about the 8 Insurtech predictions for 2018 Published by Digital Insurance on January 9, 2018
	GeoQuant Raises $4M to Use Machine Learning to Monitor Geopolitical Risk in Real Time	By XL Innovate Read about it: https://www.morningstar.com/news/pr-news-wire/PRNews_20170614MX17071/geoquant-raises-4m-to-use-machine-learning-to-monitor-geopolitical-risk-in-real-time.html
	Insurers and startups work together to spur innovation	Business Reporter Interview with Tom Hutton Read more here: https://business-reporter.co.uk/2017/06/12/insurers-startups-work-together-spur-innovation/
	How Insurers Can Use CapeAnalytics to Better Assess Damage from Harvey	By XL Innovate Read about it: https://www.dig-in.com/news/harvey-is-a-catastrophe-but-analytics-put-insurers-in-a-better-position-to-respond
	Why machine learning is sexy even if it is the tortoise, not the hare	By Chris Downer, Principal Today, machine learning is seen as a transformative force and a technology that will revolutionize businesses in the next few years. But what if the reality is far more mundane? What if machine learning tools and...
	XL Innovate’s Martha Notaras on why the Insurtech frenzy not slowing down soon	By XL Innovate Read about it: https://www.dig-in.com/news/insurtech-frenzy-not-slowing-down-soon-xlinnovate
	Insurance Nerds: Profiles in Risk with Chris Downer	By XL Innovate In this episode of Profiles in Risk, Insurance Nerds spoke with Chris Downer, Principal of XL Innovate. (They also credited Chris with the “single best insurtech newsletter in the industry”). The interview covers the newslet...
	Pillar Technologies raises $2.75M for monitoring construction sites for building safety nets	By XL Innovate Read More: https://techcrunch.com/2017/08/31/monitoring-construction-sites-for-building-safety-nets-pillar-technologies-2-75-million/
	BlueDun Q&A with Tom Hutton of InsurTech Investors XL Innovate	By XL Innovate Learn more here: http://blue-dun.com/2016/07/20/tom-hutton-insurtech-xl-innovate/
	Commercial Insurtech is Like an Exclusive Club — and Google and Amazon Aren’t Invited	By Chris Downer, Principal Chris Downer just wrote a byline for TechCrunch on the buzz around Amazon and Google entering the insurance sector, particularly personal lines. However, the commercial sector is an entirely different challenge f...
	Windward Raises $16.5M, Led by XL Innovate, to Help Marine Insurers	By XL Innovate Windward, the pioneering maritime risk analytics startup that’s fundamentally changing the marine insurance landscape, today announced it had raised $16.5M in Series C funding. It brings the total raised to date to $38.9M. ...
	Is insurance a rich enough game to disrupt?	By Martha Notaras Partner XL Innovate Partner Martha Notaras just wrote a piece in TechCrunch where she talks about tech giants and the insurance industry. Check it out!
	Insurers and Insurtechs both swiping right: Wrap-up of Insurtech Connect 2017	By Chris Downer, Associate at XL Innovate Insurtech enthusiasts, Last week I attended Insurtech Connect Conference in Las Vegas. The conference kicked off less than twenty-four hours after last Sunday evening’s tragic events. The city — f...

Mentions in press and media 19

Date	Title	Description
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Jul 23, 2018	XL Innovate Promotes Chris Downer to Principal	XL Innovate, a Menlo Park, Calif.-based insurtech-focused venture capital firm, is promoting Chris Downer from associate to principal. As part of his new role, Downer will help lead XL Innovate’s venture investments globally into new catego...
Jul 10, 2018	Is insurance a rich enough game to disrupt?	Martha Notaras Contributor Martha Notaras is a partner at XL Innovate. For the last decade, the largest technology companies have increasingly looked outside of tech to grow their operations. From automotive to retail to groceries, these co...
Jul 2, 2018	Windward Raises $16.5M Led by XL Innovate	Windward, the maritime risk analytics startup, announced it had raised a $16.5m Series C round, bringing its total funding to date to ~$32m. The round was led by XL Innovate. Existing investors, Horizons Ventures and Aleph, also participate...
Sep 3, 2017	Pillar Technologies Raises $2.75M Seed Funding from Hyperplane VC	Pillar Technologies, the first company to capture, measure, and distribute risk data on construction sites with a series of smart sensors, announced today it has secured $2.75 million in seed funding from XL Innovate, Hyperplane VC, and Tec...
Jun 14, 2017	GeoQuant Raises $4M	GeoQuant, creators of a cutting edge platform for measuring political risk in real time, is announcing the close of a seed round of $4M. The money was raised from Aleph, an early stage venture capital fund based in Tel Aviv, as well as XL I...
Dec 20, 2016	Stonestep raises $4M in Series A financing round
Dec 16, 2016	Microinsurance player Stonestep picks up $4M from XL Innovate	The ‘microinsurance as a service’ startup known to some as Stonestep announced it has raised $4 million in a Series A round from XL Innovate. The four-year-old startup partners with corporations in emerging markets to allow them to cross-se...
Dec 16, 2016	Stonestep Secures $4M in Series A Funding	Stonestep, a Zug, Switzerland-based company offering Microinsurance as a Service, secured $4M in Series A funding. XL Innovate, a insurtech venture fund, made the investment. The company intends to use the funds to establish its presence in...
Dec 15, 2016	Stonestep Raises $4M From XL Innovate	Stonestep, the pioneering company offering Microinsurance as a Service, announced it has secured $4M in Series A funding from XL Innovate, a leading insurtech venture fund. This financing allows Stonestep to establish its footprint in Asia,...
Dec 15, 2016	Stonestep raises $4 million to provide ‘micro insurance’ service	Stonestep has raised $4 million to offer “micro insurance as a service.” The Zug, Switzerland-based startup is one of a number of companies trying to disrupt the traditional insurance market. The funding comes from XL Innovate, an insurance...
Nov 13, 2016	Lux Capital Joins $14M Funding for Cape Analytics	Cape Analytics, a new company that leverages geospatial imagery, computer vision, and machine learning to generate property data, announced today it has raised $14 million in funding from leading technology investors. The round was led by F...
Aug 23, 2016	XL Innovate backs Insurance Startup Lemonade	Lemonade, set to be the world's first peer to peer insurance company, today announced that XL Innovate has made a significant investment in Lemonade, and its Managing Partner, Tom Hutton, has joined the board. XL Innovate is a venture capit...
Aug 23, 2016	XL Innovate backs Insurance Startup Lemonade	Lemonade, set to be the world's first peer to peer insurance company, today announced that XL Innovate has made a significant investment in Lemonade, and its Managing Partner, Tom Hutton, has joined the board. XL Innovate is a venture capit...
Aug 23, 2016	Insurtech, Lemonade Receives Investment from XL Innovate	Lemonade, a NYC-based peer to peer insurance company, received a significant investment from XL Innovate*. In conjunction with the funding, whose amount was not disclosed, XL Innovate’s Managing Partner Tom Hutton joined Lemonade’s board. T...
May 12, 2016	Slice Labs Adds XL Innovate’s Tom Hutton to Board	Following the recent investment round, Slice Labs Inc., a NYC-based insurtech startup set to launch an on-demand insurance platform to support the on-demand economy, added Tom Hutton, Managing Partner of XL Innovate, to the board of directo...
Mar 29, 2016	Slice Labs Raises $3.9M Seed Round Led by Horizons Ventures and XL Innovate	Slice set to launch industry’s first on-demand insurance product for the 45 million participants in the US on-demand economy NEW YORK–(BUSINESS WIRE)–March 29, 2016– Slice Labs Inc., an insurtech startup set to launch the industry’s first o...
Sep 30, 2015	XL Innovate Acquires New Energy Risk	XL Group plc (NYSE: XL) said that XL Innovate, the venture capital initiative sponsored by the company, acquired New Energy Risk, Inc., a Menlo Park, CA-based provider of data analytics, strategic consulting and financial risk transfer solu...
	Windward Raises $16.5M, Led by XL Innovate, to Help Marine Insurers	By XL Innovate Windward, the pioneering maritime risk analytics startup that’s fundamentally changing the marine insurance landscape, today announced it had raised $16.5M in Series C funding. It brings the total raised to date to $38.9M. ...

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FAQ about XL Innovate

How many startups has XL Innovate invested in?

XL Innovate has 11 portfolio companies on Parsers VC, among them Stonestep, Slice Labs and Zendrive.

What is the latest news about XL Innovate?

Parsers VC has 44 news items about XL Innovate, among them “Pursuing Innovation in Insurance is Like Maintaining Your Beach Bod (…It Takes Discipline)” and “Risky business: why it’s so important to take humans out of the equation and let the machines do the work”.

What has the press written about XL Innovate?

Parsers VC has collected 19 articles mentioning XL Innovate, among them “XL Innovate Promotes Chris Downer to Principal” (Jul 23, 2018) and “Is insurance a rich enough game to disrupt?” (Jul 10, 2018).

Is XL Innovate still active?

Yes, XL Innovate is active; its latest activity on Parsers VC dates from Jul 23, 2020.