Vertical Insure, an embedded insurance platform for platforms, has raised $2m in additional funding, bringing its total seed round to $6m.
Greenlight Re Innovations led the additional financing, with participation from Groove Capital, Daren Cotter and other strategic angel investors.
Vertical Insurance previously raised $4m in a seed round co-led by Rally Ventures and Dundee VC, In December 2022.
Vertical Insure provides vertical SaaS platforms with embedded, white label insurance products that can be deployed to their current customer base.
The company offers customised insurance options that are 100% built around each business and its customers, resulting in added value and new revenue without any extra overhead
Vertical Insure operates in an emerging wave of business known as SaaS+. In addition to their core software product, SaaS+ platforms employ embedded products as a secondary revenue model. Vertical Insure is the “plus” that SaaS platforms can integrate and monetize to become SaaS+ platforms.
According to Vertical Insure, the US insurance market was valued at over $1.3trn in 2021. This means there is an “enormous demand” for the safety net that good insurance provides.
Vertical Insure said it will use the funding to accelerate product development, hiring and GTM. The company has also recently finalised its partnership with with battleface, an award-winning provider of travel, registration and event insurance.
Brock Noland, co-founder and CEO of Vertical Insure, said, “We are really excited about Vertical Insure’s momentum and glad to have new strategic investors join the team,” said “Greenlight Re has a strong track record of successfully supporting technology innovators in the (re)insurance space. We’re looking forward to together bringing game-changing insurance products to market.”
Simon Burton, CEO at Greenlight Re, added, “We believe that Vertical Insure will generate unique underwriting opportunities for Greenlight Re by tailoring embedded insurance products for industry-specific SaaS platforms and their clients.”
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