Boost Insurance has netted $14m in its Series A round as it looks to release a selection of data-driven products.
The round was co-led by Coatue and Greycroft, with additional commitments coming from Tusk Venture Partners, Conversion Capital, and MetLife chairman Glenn Hubbard. Previous Boost Insurance backers Norwest Venture Partners and IA Capital Group also contributed.
Its new line of capital will be used to release new business lines and expand its API services.
Boost is an infrastructure as a service provider for the insurance industry, providing companies with the tools to launch digital solutions. Its services include a data-driven insurance product development, appointment by an A-rated insurance carrier and dedicated risk capacity backed by global reinsurers.
Its technology helps create automated claims administration, compliance, and sophisticated data analytics for distribution partners.
The InsurTech has a number of new services it will release this year. The first is its startup-focused management liability which is an affordable commercial insurance option for startups which lack financial or operating history.
The second is parental leave employer protection, a financial coverage policy for employers so they can offer staff time off for their families.
Pet insurance is the company’s third new offering. This will let consumers take out cover for their pets as a subscription or full-term policy.
Finally, Boost is looking to release an identity theft protection product which will cover consumers against stolen identity and fraudulent transactions.
Greycroft partner Ellie Wheeler said, “Insurance is a natural adjacency that so many companies have the potential to expand into – but building into the vertical can take years.
“Boost is carving out a new insurtech opportunity by providing the insurance infrastructure needed for brands to bundle insurance offerings and ultimately add more value to their customer bases.”
With this capital injection, the company has raised a total of $17m in funding. The InsurTech previously raised $3m in a funding round back in 2017 from investors including Norwest Venture Partners, IA Capital Group, Greycroft Partners, State National Companies and Nephila.
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