Spot collects $33m for alternative to “broken US health insurance”

Spot, a startup offering on-demand injury insurance in the US, has raised $33m in funding comprising $25m in equity and $8m in debt.

The round was led by Ensemble VC, with participation from Sozo Ventures and existing investors.

Behind Spot’s ethos, is the desire to turn around the reputation of insurers being difficult to deal with when bad things happen. Its customers can receive treatment at any licensed physician, hospital or urgent care clinic. The policy works regardless of health insurance status.

Spot is striving to build a digital experience for partners and their customers. Customers can buy coverage through Spot’s partners when they sign up for activities or memberships.

The company also boasts several big names in the active lifestyle space, including Ikon Pass, USA Cycling, Powder Mountain, USA BMX, National Ski Patrol, athleteReg, and more.

Matt Randall, co-founder and co-CEO of Spot, said, “Less than half of Americans have enough savings to cover $1,000 in sudden medical expenses. We’re building the alternative to a broken US health insurance system by making it easier for people to access affordable coverage.

“By distributing through partners, customers will not only be able to buy insurance in the moments they need it most; they’ll also know exactly what they’re covered for—so they can live life to the fullest without the fear of going into debt from medical bills.”

Loop, an Indian healthcare and insurance startup recently raised $25m in a Series B round. The company is also on a mission to revolutionise the healthcare and health insurance industry – but in India.

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