The investment, which brings Boost's total funding to $17m, will be used to launch new business lines
Image: Boost Insurance secures more funding in new round. (Credit: Pixabay/Capri23auto)
New York-based insurance start-up Boost Insurance has secured $14m in a new funding round that was co-led by Coatue and Greycroft to expand its infrastructure-as-a-service (IaaS) platform.
The round also attracted participation of Tusk Venture Partners, Conversion Capital, and MetLife Chairman Glenn Hubbard. Existing investors Norwest Venture Partners and IA Capital Group had also participated in the round.
With the new round, Boost Insurance’s total funding has reached $17m, which will be used to launch new business lines and to expand its application programme interface (API) services.
Boost Insurance helps not only technology brands but also insurtech startups to offer white-labeled digital insurance solutions to their customers.
The company enables its partners to go live in a fraction of the time it takes with traditional insurance companies to launch a new programme, which is typically between 12 and 48 months.
Greycroft partner Ellie Wheeler said: “Insurance is a natural adjacency that so many companies have the potential to expand into – but building into the vertical can take years. Boost is carving out a new insurtech opportunity by providing the insurance infrastructure needed for brands to bundle insurance offerings and ultimately add more value to their customer bases.
“Boost has applied its expertise in both insurance and technology to build that foundation for the entire marketplace, and we believe it will transform the way insurance is bought and sold in this tech-enabled world.”
Boost offers a fully compliant Iaas platform
Boost offers a fully compliant Iaas platform which is equipped with end-to-end insurance infrastructure, which could be both challenging and cost-prohibitive for companies to develop in-house.
With simple API integration, Boost also enables automated claims administration, compliance and sophisticated data analytics for its distribution partners.
Boost Insurance CEO and founder Alex Maffeo said: “The P&C insurance industry is a $600 billion a year growing market. Boost is uniquely positioned to provide the infrastructure for modern insurance products to be offered by digital innovators across any industry.
“We are grateful to partner with this incredible group of investors. Their backing validates the progress we have made towards powering an insurance ecosystem for the modern world.”