InsurTech startup Buddy has secured a significant boost in funding, raising $7m from 49 investors, to bring its total funding to $8m.
The recent funding round, closed in mid-January, saw notable investors such as Sequoia Capital, Plug and Play, and Atypical Ventures contributing to Buddy’s growth trajectory, according to InsurTech Insights.
The initial sale of the round commenced in March 2023, indicating sustained investor interest over time.
Buddy, founded by CEO Charles Merritt, insurance veteran Jay Paul, and Martin Agency alum David Vogeleer, offers its software to brokerages and insurance carriers through a subscription-based model. The platform charges a monthly fee for each insurance product available, providing a seamless experience for managing and presenting products to clients.
The startup provides accident insurance tailored for outdoor enthusiasts engaged in intensive activities like rock climbing or mountain biking.
This innovative approach caters to the evolving needs of modern consumers, offering coverage solutions for niche segments of the market.
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