Trov secures $45m to insure items on-demand

On-demand insurance startup Trov has secured $45m in a Series D round led by Munich Re / HSB Ventures.

The company says all of its Series C round investors participated in the round which include Oak HC/FT, Anthemis Group and Pivot Investment Partners. Japanese insurance firm Sompo also joined the round and will help to bring Tov to Japan.

California-based Trov allows users to generate personalised quotes for specific items on a pay-as-you-go basis.

The funding will be used to continue Trov’s international growth, expand the items it covers and accelerate developments of apps leveraging its tech platform.

Munich Re / HSB Ventures is also extending its partnership with the company to underwrite loans across Europe, Asia and South Africa.

Company CEO and founder Scott Walchek said: “Trov’s early success in Australia and UK is demonstrating that modern consumers want a new way to protect their things.

With the additional capital and extensive partnerships, soon millions of people around the world will be empowered to protect the things that enhance their lives whenever and however they want.

“By expanding our partnership with Munich Re and adding Sompo, we’re building a stable of exceptional partners who will enable us to launch around the world with greater speed, efficiency, and local know-how.

“The combined capabilities of key global insurance leaders will streamline our regulatory path and increase our go-to-market effectiveness in each new territory we pursue.”

Munich Re / HSB Ventures managing director Jacqueline LeSage Krause commented: “We are constantly working to find innovation-driven companies to help shape the future of our industry, and we’re excited to be working closely with the team at Trov as they expand their presence in the global insurtech market.”

The funding brings Trov’s total raised to more than $91m to date.

Copyright © 2017 FINTECH GLOBAL

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