FitSafe, an InsurTech platform for the sports and fitness sector, has scored a $250,000 investment from SterlingRisk for a passive minority share.
The transaction sees insurance broker and manager SterlingRisk pick up a one per cent stake in FitSafe.
New York-based FitSafe is a risk management and commercial insurance underwriting app to support the fitness and sport industry. The platform enables property and casualty policyholders and prospective holders to assess and improve their risk profile. Underwriters can use the solution to generate policies reflective of its industry-specific analysis.
Founded in 2016, the company provides a risk profile score based on statutory requirements and offers a corrective action report to remove risk blind spots and improve exposure.
This investment will help FitSafe to further develop its back-end software. FitSafe is set to launch in the fourth quarter of 2018.
Sterling CEO David Sterling said, “I am excited about FitSafe’s innovation in both the insurance and sports and fitness industries. FitSafe’s technology allows everyone to win — underwriters, brokers and insureds — by improving policyholders’ risk profiles and business operation, boosting underwriters’ portfolio performance and, of course, by creating competitive, lower premiums.”
The InsurTech sector has seen a recent flurry of activity, with this marking the fifth deal of the week to close. Among the deals to close include India-based insurance platforms Acko and Toffee Insurance which raised $12m and $1.5m, respectively.
Drone insurance platform Flock also closed an investment round, bagging £2.25m to support the international expansion efforts of its platform.
Copyright © 2018 FinTech Global
