XL Innovate leads funding push for Israeli start-up

XL Catlin-backed insurtech fund XL Innovate has led the way in raising raised $16.5 million in Series C funding for Israeli maritime risk analytics start-up Windward.

According to the company the latest financing brings the total raised to date to $38.9 million. Winward’s other investors included Horizons Ventures and Aleph, alongside a number of individuals that include Salesforce chairman & CEO Marc Benioff.

Windward said it will use the funding to strengthen its position within the marine insurance market, expediting the development and rollout of its suite of marine insurance products, hiring top talent, and expanding its London office.

As part of the fundraising, Tom Hutton, XL Innovate managing partner and former CEO of RMS, will become a board director at Windward.

Windward co-founder and chief executive officer, Ami Daniel, commented: “If there’s one investor you want to work with in insurtech, it’s XL Innovate. We know they only back the most promising, scalable technologies in the space. We’re delighted they chose us and look forward to putting their funds and expertise to good use, to offer our unique analytics and prediction tools to marine insurers around the world.”

“We’ve had the pleasure of working with Ami and Windward for two years, believing a large opportunity existed for them in marine insurance,” said Hutton. “Today, Windward has established itself as the industry leader in marine risk analytics, earning the trust of governments and law enforcement agencies globally - and now expanding into insurance. We look forward to supporting Windward further, with our new equity investment complementing our existing commitment of time and resources.”