Walnut Insurance, Powering the future of embedded insurance has raised $4.6 Million in Funding led by NAventures, National Bank of Canada’s corporate venture capital arm with participation from TELUS Global Ventures, Diagram Ventures, Portage, and Highline Beta.
Read also – [Funding News] CarbonQuest Secures Series A Funding to Advance Its Distributed Carbon Capture Technology
The investment will be used to expand Walnut’s groundbreaking embedded insurance technology platform for insurers, brokers and enterprise businesses looking to participate in the future of insurance distribution.
Read also – SoundHound AI Acquires Amelia
Some of Canada’s top investors’ funding represents a significant turning point for Walnut, accelerating the company’s efforts to modernise and simplify the insurance distribution process. With the addition of outside investments, Diagram has recently broadened its approach beyond its well-known venture studio model. As one of the first few companies of this type in the Diagram portfolio, Walnut demonstrates their belief in the team’s ability to completely transform the insurance industry.
“The insurance industry has yet to complete its digital transformation, with many insurers and brokers still operating in traditional, non-digital fashions. We aim to leapfrog traditional digitization and support a modern API-enabled embedded distribution strategy,” said Adrien Niblock, CPO and Co-founder of Walnut.
“Our embedded insurance platform captures distribution, supports insurers and brokers with embedded-first infrastructure, and delivers products to our customers in a compliant manner. This funding allows us to expand our technology stack, scale our operations, and bring innovative insurance solutions to both insurers and businesses looking to drive new revenue streams.”
“Walnut’s unique approach to embedded insurance distribution aligns with our vision of supporting transformative technologies that have the potential to drive significant industry change,” said François Lafortune, CEO of Diagram Ventures. “Over the last two years, in addition to Diagram’s historical Venture Builder activities, we’ve made a number of investments in high-quality external pre-seed to Series A companies. We think this complements what we have historically been doing and we are excited to support a broader group of companies, like Walnut, with our ecosystem,” added François.
The newly obtained funds will be used by Walnut Insurance to grow its engineering staff, establish new alliances, and improve its technology platform for brokers and insurers. The business is ready to expand into new areas and take advantage of the enormous potential to implement replicable embedded insurance solutions.
About Walnut Insurance
Walnut Insurance is a technology company backed by ATB Financial and National Bank Ventures that is powering a new era of insurance — embedded. Walnut Insurance partnering with distribution partners including fintechs, financial services firms, retailers, and online platforms to transform their product offerings and revenue models without years of carrier negotiations and technical integration.
