FundraiseAug 17, 2026, 23:14 UTC

Upstage raises $381M Series D, among top South Korean deep tech rounds

What's the deal? South Korea's Upstage has raised a $381 million Series D round, backed by the Korea Development Bank, the Industrial Bank of Korea, Mirae Asset Venture Investment, Sazze Partners, and Shinhan Venture Investment. The company was a standout in Asia's insurtech sector during the second quarter of 2026.

Why now? Insurance technology startups across Asia raised $600 million over just eight deals in the quarter, according to CB Insights. Two mega-rounds — deals worth $100 million or more — supplied $500 million of that total.

The context: Upstage's raise ranks among the largest of its kind. The Series D sits in the 95th percentile for deep tech rounds of its stage in South Korea over the trailing 48 months, based on a sample of 131 deals.

What's the endgame? Mega-rounds made up 69% of all insurtech funding globally in the quarter, the highest share since the third quarter of 2024. Asia matched the mega-round totals seen in the US and Europe individually, with $500 million across two deals.

The signal: US startups now account for 61% of global insurtech deals, a record high. Yet CB Insights noted the quarter's two largest deals globally went to companies based outside the US — a sign that opportunity in the sector extends beyond American dealmaking.