On-demand insurance provider Slice Labs has received a $11.6m funding round from firms including Munich Re / HSB Ventures, to help with the product’s launch in the US.
The funding round was led by XL Innovate and saw participation from firms including Horizons Ventures, Munich Re / HSB Ventures, SOMPO, Plug and Play, and Tusk Ventures.
The valuation of the investment was not disclosed; however, a new US Securities and Exchange Commission filing submitted by the company states it has raised up to $4.8m. The document also states that the funding round had four registered contributors.
Slice Labs is an on-demand, pay-per-use insurance for the on-demand economy, which is cost-effective and can be used to acquire policies through one tap. The platform lets users to choose the when they get cover and ensures the client gets the right coverage.
Slice CEO Tim Attia said, “This investment and key partnership gives us additional resources to expand quickly and strategically into the market and to deliver on our vision globally.â€
Last year the company received an initial $3.9m seed round led by Horizons Ventures and XL Innovate, which brings total capital raised by Slice Labs to around $8.7m. Munich Re had already been partnered with Slice Labs last year, with the partnership aimed at building global expansion.
Munich Re / HSB Ventures have already participated in several investments into InsurTech companies this year including the £5m Series A round of Neos, the $29m Series A of Next Insurance and the $45m Series D round for Trov.
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