Bunker grabs $6m to insure gig economy workers

San Francisco-based business insurance platform Bunker has picked up $6m in a Series A round.

Omidyar Network led the investment with existing backers including Comcast Ventures and Route 66 Ventures also participating.

The company offers a contract-related insurance marketplace for small business and ‘gig economy’ independent contractors.

It aims to embed insurance into business relationships and identify small business insurance buyers before they begin to search to target them at the point of sale.

Omidyar Network venture partner Rob Veres will join the company’s board as a result of the deal.

He explained the investment and said: “With the continued rise of the gig economy and the sheer speed of business relationships, we need more flexible insurance products delivered in the simplest and quickest way.

“Bunker is changing the point-of-sale for small business insurance, and we’re pleased to be backing them.”

The company is a licensed insurance broker in all 50 US states and also operates an office in Madison, Wisconsin. The funds will be used to fuel further expansion.

Bunker launched in beta last October after raising $2m in a Seed round that saw participation form Hiscox and American Family Ventures as well as Comcast Ventures and Route 66 Ventures.

Bunker CEO Chad Nitschke said: “One of the biggest insurance challenges that businesses face is figuring out how to comply with and track requirements for all the contracts they enter into – leases, service agreements, IC engagements, loan covenants, etc.

“Neither the insurance nor legal industries are easy to tackle, and when you combine them it’s near impossible.  That’s why Bunker is here, embedding insurance into the process, making compliance simple for everyone involved.”

Copyright © 2017 FINTECH GLOBAL

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