Insurtech startup Walnut Insurance raises C$4m in seed funding

The round was led by ATB Financial and NAventures, with participation from Harvest Venture Partners, Highline Beta and N49P.

  • Founded in 2020, Walnut has built technology infrastructure to power embedded insurance for retailers, financial services and consumer platforms
  • The proceeds of the round will allow the startup to further expand its strategic partnerships across North America

Walnut Insurance, a Toronto-based technology startup that provides infrastructure for embedded insurance, has secured C$4 million in seed financing.

The round was led by ATB Financial and NAventures, with participation from Harvest Venture Partners, Highline Beta and N49P.

Founded in 2020, Walnut has built technology infrastructure to power embedded insurance for retailers, financial services and consumer platforms. As brands look to build relationships with customers and expand their revenue streams, Walnut provides the core infrastructure and access to a range of insurance products that can be embedded into or alongside consumer experiences, much like embedded payment and lending.

The proceeds of the seed round will allow Walnut to further expand its strategic partnerships across North America.

“The insurance industry is ready for disruption and Walnut has built a powerful platform that will close the coverage gaps and create meaningful value for millions of people,” said James Povitz, principal at NAventures, in a statement. “The partnerships and distribution channels Walnut has been able to acquire at this stage of their business is impressive and speaks to the need that Walnut’s fintech infrastructure is solving for partners and clients.”

NAventures is the corporate venture capital arm of the National Bank of Canada, while ATB Financial is an Alberta-based financial institution.