Despite its many troubles, the insurtech market is ‘far from dead,’ investors say

When insurtech company Metromile went public via a special purpose acquisition company (SPAC) in February last year, it was valued at over $1 billion. A year and five months later, Lemonade acquired the company for less than $145 million.
As the markets turned early this year, insurtech left most generalist investors’ playbooks almost as fast as Metromile and its peers’ plummeting valuations. Yet, the sector is very much alive, and the “correction” of these companies’ valuations presents an opportunity for those who have cash left on their balance sheets, investors told TechCrunch.
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