Venture capital firm Mouro Capital along with a private equity fund led the financing round.
Other firms including Gramercy Ventures, Black River Ventures , Hanaco Ventures and an American bulge-bracket investment bank also joined the round.
Vesttoo plans to use the funding to improve its marketplace platform, expand its offering to reach out to more insurers and investors, and also strengthen its worldwide footprint.
Vesttoo CEO Yaniv Bertele said: “Our clients and equity partners understand the Vesttoo vision and the opportunity we provide.
“In a time rife with uncertainty, Vesttoo is showing resilience, financial strength and profitability, thanks to our compelling value proposition.
“Our AI-based marketplace is set to propel the insurance industry forward by better connecting risk to capital sourced from global investors.”
The Vesttoo Marketplace, a data-driven platform, enables investment of new sources of capital in insurance market and provides investors access to a wide range of reinsurance products.
It also provides data-driven analytics to let investors track their performance.
Further, the marketplace creates risk portfolios and provides quotes for reinsurance coverage.
In November last year, Vesttoo raised $15m in a Series B funding round led by Mouro Capital.
The platform intended to use the capital to drive the expansion of its Insurance-Linked Program offering and a fully digital marketplace for insurance-based risk transfer and investments.