Online insurance platform Huddle has reportedly netted $3.1m in its funding round, which was led by AirTree Ventures.
Other contributions to the round came from previous Huddle backer Hollard Insurance, according to a report from Which 50.
With the capital injection, the company plans to expand and grow its platform, as well as enter new markets, the article said. Countries on its target list are New Zealand, the UK and other European nations.
Huddle, which is based in Australia, is an online platform to purchase home, travel and vehicle insurance. Its technology helps to find the consumer the best protection for them, with Huddle having supplied 35,000 consumers with insurance. The InsurTech claims to payout $1m in claims each month.
AirTree partner James Cameron told Which 50, “We’ve seen brands like Lemonade emerge in the direct-to-consumer market, but the opportunity to build the platform that powers the end-to-end insurance experience for insurers, brands, and brokers is even bigger.
“Open has been applying a similar strategy to automate to reduce costs, but they are doing it for the white label and broker markets, which are much larger.”
Copyright © 2020 FinTech Global