Oyster, an insurance technology company that provides personal insurance through point-of-sale and post-purchase experiences, has raised $3.6m in funding.
The round was led by New Stack Ventures.
It also saw participation from Global Founders Capital, Conversion Capital, Cambrian Ventures, SNR VC, Kearny Jackson, Valia Ventures, Interlace Ventures, and V1 VC, alongside a group of angels including Garrett Koehn, president of CRC Insurance, Gokul Rajaram, executive at DoorDash, Eugene Marinelli, founder of Blend, and Joe Schmidt, partner at a16z.
Founded in 2021 by Blend, Stripe, and Strategy& alumni, the Oyster team set out to redesign personal insurance from the ground up, creating an accessible experience that modernises insurance for everyday consumers.
Oyster’s technology leverages proprietary data to handle insurance end-to-end, in one unified platform.
For consumers, Oyster offers affordable rates tailored for each product line. The company provides full coverage from theft, loss, and accidental damage with deductibles as low as $0. In contrast, standard homeowners and renters insurance typically have high deductibles, low single-item limits, and exclusions for category-specific risks. The company works to deliver a win-win scenario for merchants and consumers, understanding what each side of the transaction needs to be satisfied with providing or receiving insurance.
Oyster said the funding will be used to help it build out its omnichannel insurance platform for consumers and merchants.
Vic Yeh, CEO and co-founder of Oyster, said, “The property and casualty (P&C) insurance industry has historically been highly fragmented with low customer satisfaction and beyond this, getting insurance is still a tedious, manual process that’s overdue for change. Consumers expect simple, transparent, and digitally-led experiences when interacting with everyday facets of their lives. We’ve built an all-star innovative team ready to drive innovation in the P&C industry.”
Earlier this month, Igloo, a Singpore-based InsurTech, raised an additional $27m in a Series B extension round, bringing the total raised in the round to $46m.
Copyright © 2022 FinTech Global