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Ledger Investing Raises $75 Million in Series B Funding to Democratize Insurance Risk Capital

Additional capital will finance the expansion of Ledger Investing’s ILS marketplace, data infrastructure service products, and asset management offerings

NEW YORK, NY (JUNE 22, 2022) – Ledger Investing, an InsurTech startup, today announced that it has raised $75 million in Series B funding led by WestCap, with participation from Teachers’ Venture Growth and Intact Ventures, and previous investors: SignalFire, MassMutual Ventures, Allegis Capital, and Accel. Ledger Investing will use the funds to accelerate revenue growth across its insurance-linked security (ILS) brokerage and asset management businesses, launch data infrastructure service products, and hire more than 200 employees.

Ledger Investing is a marketplace connecting insurance risk with capital. It has successfully expanded ILS into the U.S. casualty market by providing unprecedented data transparency, simplified reinsurance structures, and uncorrelated returns for institutional investors. Ledger Investing has placed over $400 million in premium into the capital markets, and is on track to exceed $1 billion by the end of the year. Managing General Agents (MGAs) and insurance carriers have leveraged the marketplace for multi-year underwriting capacity and access to alternative capital, unlocking incremental value. Ledger Investing has enabled institutional investors to achieve attractive and diversifying, risk-adjusted yields through its ILS fund, Nanorock, and from direct investments in brokered securitizations.

As Ledger grows, the marketplace will serve virtually all types of insurance risks and capital, encompassing traditional reinsurers, institutional investors, wealth managers, and accredited retail investors. Ledger Investing’s unified data pipeline, Ledger Connect, will power the marketplace with real-time, actionable insights and rich analytics for risk originators as well as investors, establishing the new market standard.

“We are well on our way to creating a trillion dollar asset class and changing the fundamentals of how insurance risk has connected to capital since the dawn of the (re)insurance industry,” said Samir Shah, CEO of Ledger Investing. “We have built sophisticated risk and capital infrastructure to address the industry’s structural inability to provide insightful and reliable information to capital providers. Our technology benefits all stakeholders by bringing greater efficiency and transparency to every transaction.”

The company addresses the biggest challenges that have historically hampered innovation in the insurance and capital markets:

  • Institutional investors have long been attracted to casualty insurance, but have been handicapped by the opacity of risk, unreliable nature of data, and convoluted transaction structures.
  • Insurance capital is inefficient. Every other financial sector has successfully used securitization to access large pools of capital and eliminate unnecessary frictional costs, making consumer credit, mortgages, real estate, and other streams of cash flows into investable asset classes. Insurance is next.
  • Insurance data is analog, disparate, fragmented, and bespoke. The industry is starved for free-flowing, standardized, real-time data and integrations. “Ledger Investing is bringing critical transparency and automation to risk transfer,” said Jeff Mullen, Partner at WestCap, who will be joining the Ledger Investing Board of Directors. “With its industry-first open data platform, powerful analytics and objective pricing models, Ledger is uniquely positioned to drive transformational change by creating new capital opportunities for MGAs and insurers, as well as an entirely new asset class for many investors.” This pivotal Series B round will fuel the company’s exponential growth and support its mission to transform the financing structure of the entire insurance industry. The company is actively seeking innovative software engineers, data scientists, and sales professionals to join the team.
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About Ledger Investing
Ledger Investing, Inc. is an insurance tech startup financed by leading VCs and strategic insurance industry investors. Ledger ILS Managers, LLC, is a wholly-owned subsidiary of Ledger Investing, Inc. and an investment advisor registered with the SEC. Ledger Capital Markets, LLC is a wholly-owned subsidiary of Ledger Investing, Inc. and a securities broker/dealer registered with the SEC and a member of FINRA and SIPC. Follow us at

About WestCap
WestCap is a strategic investor and operator in growth equity that partners with visionary leaders to build generational companies. WestCap's team is comprised of seasoned entrepreneurs and company builders who work side-by-side with founders to help companies scale. With $8 billion of assets under management and committed capital, WestCap has made notable investments like Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, SIMON, GoodLeap and NYDIG. The firm has offices in New York, San Francisco and London. For more information, visit

About Teachers’ Venture Growth
Teachers’ Venture Growth (TVG) focuses on late-stage venture and growth equity investments in cutting-edge technology companies worldwide through our direct presence in San Francisco, Toronto, London and Hong Kong. TVG is part of the Ontario Teachers' Pension Plan Board. For more information, visit and follow us on LinkedIn.