Following a record year of growth for the #insurtech business, INSHUR has closed a Series A investment round, securing $7M in equity funding and a further $2M credit facility.
Image: INSHUR secures $7M funding. Photo: Courtesy of MatanVizel/Pixabay.
The investment, led by Munich Re Ventures with participation from MTech Capital, will support expansion into new territories and accelerate reach into new insurance verticals.
INSHUR is a 100% digital provider of commercial auto insurance, currently focused in the rideshare vertical. The product has been live in New York for 11 months and recently launched in the UK.
Using its mobile technology platform, proprietary data, and analytics, INSHUR helps professional drivers buy insurance coverage quickly and at a competitive price. In a market where the traditional broker model has remained unchanged, INSHUR delivers a mobile-first platform, allowing drivers to manage their entire insurance lifecycle from their mobile phone.
Speaking about INSHUR’s growth story, CEO Dan Bratshpis, said: “We are excited to be working with strategic investment partners who understand the complexity of the Insurtech landscape and the opportunity that lays before us. I am proud of the bootstrapped growth we have achieved in our two territories to date, it’s a testament to our amazing team. Our first institutional round of funding will allow us to expand further into new territories and insurance verticals within the US and EU.”
Andrew Rear, CEO of Digital Partners, said: “INSHUR’s growth in less than a year shows how they are transforming the experience commercial drivers have with insurance. We are proud to have been with them since the beginning of their journey.”
Brian McLoughlin, a Co-Founder and Partner of MTech Capital who is joining INSHUR’s board of directors, said “Dan and David have executed brilliantly. Rideshare drivers love the INSHUR mobile experience. INSHUR is the first investment in our new fund, giving it special significance for us. We look forward to working with the INSHUR team as they execute their growth strategy.”
Source: Company Press Release