Mobile-based auto insurance platform INSHUR has secured $9m in its Series A which was made up of equity and credit.<\/p>\n
The company raised $7m in equity funding, which was led by Munich Re Ventures and received participation from MTech Capital. The remaining $2m was part of a credit facility.<\/p>\n
Through this funding, the InsurTech will look to increase its reach to new territories and move into new insurance verticals.<\/p>\n
The mobile-based insurer provides commercial and ride-share drivers, owners, and fleets with quick access to insurance. By utilising data and analytics, the platform is able to offer drives with the best protection and at a competitive price, it claims.<\/p>\n
Its platform was initially deployed in New York and was recently launched in the UK.<\/p>\n
INSHUR CEO Dan Bratshpis said, \u201cWe are excited to be working with strategic investment partners who understand the complexity of the Insurtech landscape and the opportunity that lays before us. I am proud of the bootstrapped growth we have achieved in our two territories to date, it\u2019s a testament to our amazing team. Our first institutional round of funding will allow us to expand further into new territories and insurance verticals within the US and EU.\u201d<\/p>\n
Last year, Munich Re participated in the $83m Series B funding round of SME insurance platform Next Insurance. The company provides small business insurance policies which are tailored to the specific needs of companies.<\/p>\n
Copyright \u00a9 2019 FinTech Global<\/p>\n","protected":false},"excerpt":{"rendered":"
Mobile-based auto insurance platform INSHUR has secured $9m in its Series A which was made up of equity and credit. The company raised $7m in equity funding, which was led by Munich Re Ventures and received participation from MTech Capital. The remaining $2m was part of a credit facility. Through this funding, the InsurTech will… <\/p>\n