About XL Innovate
XL Innovate is a venture capital firm founded in 2015. It is primarily based out of Menlo Park, United States. As of Aug 2019, XL Innovate has invested in 13 companies. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Auto Tech to Enterprise Applications and FinTech. Most recently it participated in the $***** Series B round of Zendrive Overall, XL Innovate portfolio has seen 1 IPO and 6 acquisitions including key companies like Lemonade, Windward and Zendrive. A lot of funds co-invest with XL Innovate, with names like Liberty Mutual Strategic Ventures sharing a substantial percentage of its portfolio.Key Metrics
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 3 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Soonicorns
XL Innovate's List of Top Investments
XL Innovate has a portfolio of 13 companies. Their most notable investments are in Notion and Slice.Their portfolio spans across United States, Israel and Switzerland. They have invested in Auto Tech, Enterprise Applications, FinTech and 10 other sectors, across stages such as Series A, Seed and 3 more. Here is the list of top investments by XL Innovate:1. Lemonade
Provider of various insurance policies including car, pet, home, and life. The company offers different types of insurance coverage through its platform. It provides options for renters, homeowners, and pet owners, as well as term life insurance. The platform also offers resources such as a blog, frequently asked questions, and an insurance dictionary.
Key facts about Lemonade
- Founded Year: 2015
- Location: New York City (United States)
- Annual Revenue: $500M - $1B as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $644M
- Employee Count: 1,402 as on May 31, 2026
- Investors: HTIF, Vibhu Venture Partners and 52 Others
- Latest Funding Round: Post IPO, Jul 02, 2023, $*****
- Highlight: Public
2. Windward
Provider of AI-powered maritime risk analytics solutions. It offers a software solution that uses big data and AI to provide actionable risk insights for risk management and maritime domain awareness needs. Its features include maritime due diligence, KYC of vessels, sanction screening, safety model optimization, security threat monitoring and investigation, and risk detection. It caters to the marine insurance, shipping, commodity trading, and defence sectors.
Key facts about Windward
- Founded Year: 2010
- Location: Tel Aviv (Israel)
- Stage: Acquired
- Total Funding till date: $32.3M
- Employee Count: 274 as on Jul 31, 2026
- Investors: La Maison Partners, XL Innovate and 5 Others
- Latest Funding Round: Series C, Jul 01, 2018, $*****
- Highlight: Acquired
3. Zendrive
Zendrive provides an AI-enabled platform offering driver behavior monitoring and analysis solutions. The platform users mobile sensors to capture driving behavior like collision detection, phone use, aggressive driving, distracted driving, etc, and uses an AI-algorithm to determine the pattern of the driver behavior in order to provide actionable insights for performance optimization. It offers solutions for fleet owners, insurance companies, etc.
Key facts about Zendrive
- Founded Year: 2013
- Location: San Francisco (United States)
- Stage: Acquired
- Total Funding till date: $60M
- Employee Count: 22 as on Jul 31, 2026
- Investors: AME Cloud Ventures, First Round Capital and 19 Others
- Latest Funding Round: Series B, Aug 20, 2019, $*****
- Highlight: Acquired
4. Embroker
Embroker provides an online insurance comparison platform for small and mid-sized businesses. It offers policies for general liability, commercial property, surety bond, professional liability, cyber liability, commercial crime, key person insurance, etc. Also offers insurance management, employee administration, claim processing, and advisory services. Also has launched digital directors and officers insurance policy for venture capital-backed tech startups.
Key facts about Embroker
- Founded Year: 2015
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $142M
- Employee Count: 106 as on Jul 31, 2026
- Investors: Canaan, Tola Capital and 18 Others
- Latest Funding Round: Series C, Jun 09, 2021, $*****
- Highlight: Editors' Pick
5. Slice
Provider of on-demand, digital insurance products for small businesses. It uses advanced AI/ML technology to provide innovative insurance solutions. It provides insurers and reinsurers, and distributes their on-demand insurance products through the largest distribution platforms.
Key facts about Slice
- Founded Year: 2015
- Location: New York City (United States)
- Stage: Series A
- Total Funding till date: $35.5M
- Employee Count: 16 as on Jul 31, 2026
- Investors: Sky VC, Sompo and 10 Others
- Latest Funding Round: Series A, Sep 26, 2018, $*****
- Highlight: Editors' Pick
XL Innovate's Year-on-Year Investment Trends
XL Innovate has invested in 14 companies over the last 27 years, with an average of 1 new investment annually in the last 10 years. Its most recent first time investment was in Zendrive and most recent follow-on round was in Embroker.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 |
2019 | 1 | 1 | 2 |
2018 | 1 | 2 | 3 |
2017 | 3 | 3 | 6 |
XL Innovate's Investments by Stage
XL Innovate has made 5 investments in Series A stage with an average round size of $8.35M, 4 investments in Seed stage with an average round size of $3.7M, 2 investments in Series C stage with an average round size of $15.8M, 1 investment in Series B stage with an average round size of $37M and 1 investment in Unattributed stage with an average round size of $2.75M.Stage of entry | No. of Investments |
|---|---|
Series A | 5 |
Seed | 4 |
Series C | 2 |
Series B | 1 |
Unattributed | 1 |
Note: We have considered here, only first round of investments
XL Innovate's Investments by Sector
XL Innovate has a diverse portfolio, with companies operating in the Enterprise Applications, FinTech, InsurTech, High Tech and Artificial Intelligence - Industry Applications. Notably, it has invested in 13 Tech companies, 11 Enterprise (B2B) companies, 8 Software companies and at least 3 companies focusing on AI-Native.Sector | No. of Investments |
|---|---|
Enterprise Applications | 8 |
FinTech | 8 |
InsurTech | 7 |
High Tech | 4 |
Artificial Intelligence - Industry Applications | 3 |
Others | 19 |
Note: We have considered here, only first round of investments
XL Innovate's Investments by Geography
XL Innovate has made most investments in United States (10), followed by Israel where it has made 3 investments.Country | No. of Investments |
|---|---|
United States | 10 |
Israel | 3 |
Switzerland | 1 |
Note: We have considered here, only first round of investments
XL Innovate's recent investments
XL Innovate has not made any investment in 2026 so far.Here are the most recent investments by XL Innovate:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 20, 2019 | United States | Series B | 4182 | [+4] | |
Apr 09, 2019 | United States | Series B | 3466 | [+4] | |
Sep 26, 2018 | United States | Series A | 7217 | [+6] | |
Jul 01, 2018 | Israel | Series C | 9841 | [+2] | |
Jun 21, 2018 | United States | Series B | 9865 | [+10] |
IPOs and Publicly Listed companies in XL Innovate's Portfolio
1 of XL Innovate's portfolio company became public - Lemonade. It got listed on the New York Stock Exchange (NYSE), in Jul 2020 at marketcap of $3BHere are XL Innovate's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 02, 2020 | Aug 2016 | Series A | 2162 |
Acquired companies in XL Innovate's Portfolio
6 companies from XL Innovate's portfolio have been acquired. The most recent acquisition was Windward in Mar 2025 by FTV Capital for $*****.Here are XL Innovate's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 18, 2025 | Jul 01, 2018 | Series C | 1360 | |
Jan 13, 2025 | Nov 09, 2016 | Series A | 8341 | |
Jun 13, 2024 | Aug 20, 2019 | Series B | 8884 | |
Aug 09, 2018 | Sep 05, 2017 | Unattributed | 2465 | |
Jan 01, 2018 | Apr 07, 2016 | Series A | 9693 |
Co-investors of XL Innovate
Over the past 27 years, 96 investors have co-invested in XL Innovate's portfolio companies. This includes funds and angels.
- Invested before XL Innovate: Aleph, Expansion Venture Capital and 30 others have invested in rounds before XL Innovate. There are 2 companies where Aleph has invested before XL Innovate and 2 companies where Expansion Venture Capital has invested before XL Innovate.
- Top Co-investors of XL Innovate: 23 investors entered a company along with XL Innovate. These include investors like Liberty Mutual Strategic Ventures (2 companies).
- Invested after XL Innovate: A total of 41 investors have invested in XL Innovate's portfolio after their investments. Top Investors include Hudson Structured (2 companies), Allianz X (1 company) and Google Ventures (1 company).
Recent News related to XL Innovate
•
•
Zendrive Raises $37M in Series B FundingFinSMEs•Aug 20, 2019•Zendrive, XL Innovate, Hearst, ACME and 9 others
•
ATTOM Data Solutions add Martha Notaras to board of directorsHousingWire•Aug 14, 2019•ATTOM Data Solutions, XL Innovate
•
Embroker Raises $28 Million To Help Businesses Find The Right Insurance PoliciesLaptopsmagazine•Apr 09, 2019•Embroker, Tola Capital, Canaan, Bee Partners and 3 others
•
Slice Labs Raises $20M in Extended Series A to Globalize its On-Demand Insurance Cloud PlatformBusiness Wire•Sep 26, 2018•Slice, Co-operators, XL Innovate, Horizons Ventures and 4 others
•
•
Israeli Analytics Company Windward Secures $16.5 Mln In Series C FinancingInvestsize•Jul 02, 2018•Windward, InsurTech NY, XL Innovate, Horizons Ventures and 3 others
•
Cape Analytics Raises $17M Series B to Bring Its AI-Driven Property Intelligence Solution to More U.S. InsurersBusiness Wire•Jun 21, 2018•CAPE Analytics, XL Innovate, The Hartford, Nephila and 3 others
•
SoftBank in Talks to Back India Insurance StartupBloomberg•Jan 25, 2018•Policybazaar, Lemonade, Google Ventures, General Catalyst and 10 others
•
SoftBank Leads $120 Million Funding Round for Insurance Startup LemonadeThe Wall Street Journal•Dec 19, 2017•Lemonade, Google Ventures, General Catalyst, Sequoia Capital and 20 others
