Boston-based InsurTech startup Quilt collected $3.25m in a NextView Ventures-led Seed round.
The company, which launched last October in NextView’s incubator, will use the new capital to kick off its online offering of self-service insurance products.
The first product, which will be renter’s insurance, is scheduled to launch the end of July and will initially be made available to customers in Florida.
Digital life insurance policies will follow in the autumn and more products are due to hit the market in 2017.
Quilt says it targets all consumers who “live online” and is aiming to attract millennials in particular.
The company’s co-founder and CEO Blair Baldwin stated, “About 80 percent of millennials don’t have enough insurance for the things they care about – their stuff, loved ones, pets, and experiences. Young people need coverage as much as anyone, but the industry is stuck in a previous century.”
Eniac Ventures, Founder Collective, Titan Partners, Basset Investment Group and several angel investors also backed the company in this initial financing round.
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