- Companies
- Ledger Investing
Ledger Investing Funding, Investors & Competitors
Ledger Investing has raised $191M across 5 funding rounds, most recently a $100M undisclosed-stage round in September 2024.
Last Ledger Investing funding round
$100M
Undisclosed stage · Sep 2024
Cumulative funding Ledger Investing raised
$191M
across 5 funding rounds
Key investors in Ledger Investing
Accel
SignalFire
MassMutual Ventures
Allegis Capital
Y Combinator
500 Global
Bossa Invest
CSC Upshot
About Ledger Investing
Ledger Investing is a digital marketplace that connects investors seeking Insurance-Linked Securities with insurance carriers. The platform delivers data infrastructure and analytics to simplify capital access and transaction execution in the ILS sector, covering catastrophe bonds and collateralized reinsurance deals. It streamlines deal sourcing, due diligence, and settlement for institutional participants. Headquartered in the United States, Ledger Investing focuses on enhancing liquidity and transparency in a market valued for its low correlation to traditional assets.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission, Investment management
Ledger Investing Funding History
Ledger Investing has raised a total of $191M across 5 funding rounds, plus 1 secondary share sale.
Ledger Investing's first fundraising round was a $100K seed round in March 2017. The most recent completed round was a $100M undisclosed-stage round in September 2024.
Ledger Investing funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Sep 2024 | Undisclosed stage | - | $100M | Ledger Investing is an insurance technology startup that operates a marketplace connecting insurance risk with capital, providing data analytics, repeatable transaction structures, and services to insurers, managing general agents (MGAs), and institutional investors. The company introduced insurance securitization into the U.S. casualty market since completing Y Combinator in 2017, enabling multi-year underwriting capacity and alternative capital access. It has placed over $400 million in premium into capital markets as of 2022 and was on track to exceed $1 billion by year-end, though premium placed is not revenue. Subsidiaries include Ledger ILS Managers (SEC-registered investment advisor) and Ledger Capital Markets (FINRA/SIPC member broker/dealer). Ledger Investing raised a total of approximately $95.92M across 4-5 rounds, with the latest being a Series B of $75M on June 22, 2022, led by WestCap and participated by Teachers’ Venture Growth, Intact Ventures, SignalFire, MassMutual Ventures, Allegis Capital, and Accel. Prior rounds include a Series A of $10.5M and seed rounds. The Series B funds were intended to fuel growth by expanding the insurance capital marketplace, data infrastructure, asset management services, and hiring 200 additional people to transform insurance financing with transparency, standardization, and automation. |
| Aug 2023 | Secondary | - | $250M | Ledger Investing is an insurance technology company pioneering casualty insurance-linked securities (ILS), connecting insurance risks with institutional capital through its marketplace, data infrastructure, and asset management services. The company securitizes risks like general liability, workers' compensation, commercial auto, and private passenger auto. It completed a Series B funding round raising $75 million in June 2022, led by WestCap with participation from Teachers’ Venture Growth, Intact Ventures, SignalFire, MassMutual Ventures, Allegis Capital, and Accel. Previous rounds included a Series A and seed financings, bringing total raised to approximately $95.92 million across four rounds. By late 2022, Ledger Investing had placed over $400 million in premium into capital markets and was on track to exceed $1 billion by year-end. It launched its ILS fund Nanorock and enabled direct investments in brokered securitizations. In 2024, the company surpassed $2 billion in casualty ILS placed with investors, announced partnerships like with Fermat Capital Management in August 2024, and launched a $100 million casualty sidecar in September 2024. |
| Jun 2022 | Series B | Westcap (lead); SignalFire; Page One Ventures; MassMutual Ventures; Teachers’ Venture Growth; Intact Financial Corp.; Allegis Capital; Accel | $75M | Ledger Investing is an insurtech company that operates a marketplace connecting insurance risk with capital, introducing insurance securitization into the U.S. casualty market through sophisticated data analytics and repeatable transaction structures. It provides efficiencies for insurers and uncorrelated returns for institutional investors via its platform, including the ILS fund Nanorock and direct investments in brokered securitizations. The company also offers Ledger Connect, a unified data pipeline for real-time insights and analytics. On June 22, 2022, Ledger Investing raised $75 million in a Series B funding round led by WestCap, with participation from Teachers’ Venture Growth, Intact Ventures, and existing investors SignalFire, MassMutual Ventures, Allegis Capital, and Accel. The capital is intended to fuel growth by expanding the insurance capital marketplace, data infrastructure offerings, asset management services, and hiring over 200 employees to transform the insurance industry's financing structure with transparency, standardization, and automation. At the time of the round, Ledger had placed over $400 million in premium into capital markets since completing Y Combinator in 2017 and was on track to exceed $1 billion by year-end. Managing General Agents and carriers used the platform for multi-year underwriting capacity and alternative capital, while institutional investors accessed diversifying returns. The funding supports acceleration of revenue growth in ILS brokerage and asset management, launch of data infrastructure products, and team expansion. Ledger positions itself to serve all insurance risks and capital types, including reinsurers, institutional investors, wealth managers, and accredited retail investors, aiming to reduce frictional costs via direct capital market access as a registered broker-dealer. |
| Sep 2020 | Series A | Allegis Capital (lead); SignalFire; MassMutual Ventures; Crosscut Ventures; Accel | $11M | Ledger Investing raised a $10 million Series A funding round led by Allegis Capital (also referred to as AllegisNL Capital) with participation from Accel, MassMutual Ventures, SignalFire, and Crosscut Ventures. The round was announced around August-September 2020, aligning closely with the approximate date of 01/09/2020. The funds aimed to scale the platform, broaden insurance securitization, and support strategic agreements with risk originators for placing casualty risks into the ILS market. Ledger Investing operates as an insurtech platform creating a two-sided marketplace that connects insurance risk with capital, focusing on insurance-linked securities (ILS). It provides data analytics, real-time computing, and standardized security structures to deliver transparency in rating insurance risks for institutional investors, while enabling MGAs, brokers, and insurers to access capital more efficiently. The platform targets lowering the cost of capital for insurance risks, benefiting insurers, startups, and consumers in the trillion-dollar global market. The company's first transaction was a direct securitization of non-standard passenger auto insurance in early 2019 between an MGA and AlphaCat. This Series A followed seed rounds in 2017 and preceded a $75 million Series B in June 2022 led by WestCap. |
| May 2017 | Seed | SignalFire; MassMutual Ventures; Rising Tide; Garrett Koehn; Accel; 500 Global; AmWINS | $5M | - |
| Mar 2017 | Seed | Y Combinator (lead); CSC Upshot; Bossa Invest | $100K | - |
Who has invested in Ledger Investing?
16 investors have backed Ledger Investing across its funding rounds, including Accel, SignalFire, MassMutual Ventures, Allegis Capital, Y Combinator and 500 Global.
Lead investors include Westcap, Allegis Capital and Y Combinator.
Ledger Investing Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | May 2017 | ||
| 3 | Participant | May 2017 | ||
| 3 | Participant | May 2017 | ||
| 2 | Lead | Sep 2020 | ||
| 1 | Participant | Mar 2017 | ||
| 1 | Lead | Mar 2017 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Participant | Sep 2020 | ||
| -- | 1 | Participant | May 2017 | |
| 1 | Participant | Jun 2022 | ||
| 1 | Participant | May 2017 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Lead | Jun 2022 | ||
This data is available for Pro users. Sign up to see all 16 Ledger Investing investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialLedger Investing Competitors
Ledger Investing competitors include listed companies like Copart and RB Global, and private ones like Faire, OfBusiness, Zetwerk and Inxeption.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $4.6B | $1.9B | $27B | 4.9x | ||
| Publicly listed | $4.6B | $1.4B | $16B | 4.1x | ||
| Private | $500M | - | $5.2B | 10.4x | ||
| Private | $2.1B | - | $4B | 1.9x | ||
| Private | $102M | $20M | $3.1B | - | ||
| Private | $300M | - | $3B | 10.0x |
Ledger Investing Public Comps
Ledger Investing is still privately-owned, but its public comps include Recruit Holdings, Uber, Booking Holdings, Airbnb, Prosus, DoorDash, Carvana, Meituan, Rocket Companies and Expedia.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $24B | $4B | 6.4x | 6.0x | 37.9x | 25.2x | |||
| $52B | $6.2B | 3.0x | 2.8x | 24.9x | 14.6x | |||
| $27B | $8.3B | 4.9x | 4.6x | 15.9x | 12.4x | |||
| $12B | $2.4B | 7.2x | 6.5x | 36.3x | 18.2x | |||
| $9.7B | $1.1B | 9.1x | 8.0x | 83.8x | 123.7x | |||
| $14B | $1.5B | 6.0x | 4.9x | 55.8x | 23.7x | |||
| $20B | ($110M) | 3.7x | 2.9x | (691.4x) | 27.7x | |||
| $54B | ($2.2B) | 0.9x | 0.8x | (21.4x) | 162.4x | |||
This data is available for Pro users. Sign up to see all Ledger Investing competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Ledger Investing
| When was Ledger Investing founded? | Ledger Investing was founded in 2016. |
| Where is Ledger Investing headquartered? | Ledger Investing is headquartered in New York City, NY, United States. |
| Is Ledger Investing publicly listed? | No, Ledger Investing is a private, VC-backed company. |
| How much funding has Ledger Investing raised? | Ledger Investing has raised $191M across 5 funding rounds. |
| What was Ledger Investing's last funding round? | Ledger Investing's last funding round was a $100M undisclosed-stage round in September 2024. |
| Who are Ledger Investing's investors? | Ledger Investing's investors include SignalFire, MassMutual Ventures, Accel, Allegis Capital, CSC Upshot, Y Combinator, Page One Ventures, Crosscut Ventures, Rising Tide, Teachers’ Venture Growth and 6 others. |
| Which companies are comparable to Ledger Investing? | Companies comparable to Ledger Investing include Copart, RB Global, Faire, OfBusiness, Zetwerk and Inxeption. |
See companies similar to Ledger Investing
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




