NEW YORK & BRIGHTON, England--(BUSINESS WIRE)--Following a record year of growth for the #insurtech business, INSHUR has today confirmed it has closed a Series A investment round, securing $7M in equity funding and a further $2M credit facility. 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”
INSHUR is the only mobile-first provider of commercial auto insurance for drivers.
The mobile app allows professional drivers to quote, purchase and service their insurance policies at their convenience. The FREE app is available for Android and iOS devices. Founded in October 2016, the teams are based in NYC and Brighton (UK). INSHUR provides customers with the ability to get a quote and buy cover in minutes and not days. INSHUR means no more calling around brokers, waiting for a quote, finding parking and coming back with missing paperwork. The product is live in New York and the UK.
About MTech Capital
MTech Capital is a venture capital firm focused on InsurTech. With offices in Santa Monica and London, we seek technology-enabled investment opportunities which we believe can transform one or more elements of the insurance industry value-chain. Our limited partners are primarily insurance companies who help us deliver additional value to InsurTech entrepreneurs.