Inshur, a mobile-based insurance platform, has closed an additional $1.5m for its Series A round.
Cross-stage venture fund Viola FinTech supplied the new batch of funding.
Earlier in the year, the InsurTech raised $9m from investors including Munich Re Ventures, and MTech Capital. The funding was made up of a mixture of equity and debt.
Proceeds from the series will be used to support the growth of the platform, as well as plans to expand its services beyond the UK and US. Inshur sold $24m of premium across 2018.
Inshur provides commercial and ride-share drivers, owners, and fleets with quick access to insurance. By utilising data and analytics, the platform is able to offer drives with the best protection and at a competitive price, it claims.
Viola Fintech general partner Tomer Michaeli said, “We’re excited about joining Inshur – not only were we impressed with the progress the company made and the execution skills of the team, but this is also our first investment in a non-Israeli company and also our third investment in InsurTech which we’re very bullish about.
“We believe the insurance space is still suffering from high inefficiency and low penetration of automation and therefore boasts huge opportunity for innovative products and business models.”
The app launched in the UK at the end of last year and shortly after this, the company partnered with Uber UK to improve driver safety. Drivers can log into the app with their driver ID and access flexible insurance cover.
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