Layr, which helps small businesses customise commercial insurance bundles, has bagged $5m for its seed round.
Sandbox Insurtech Ventures led the investment, with contributions also coming from previous Layr backer Lloyd’s of London. Contributions to the seed round also came from Flyover Capital and Maschmeyer Group Ventures, marking their first investment into the InsurTech.
In tandem with the deal, Sandbox Insurtech Ventures managing director Chris Zock and Flyover Capital general partner Keith Molzer will join the Layr board of directors.
With the new equity behind it, the InsurTech hopes to enhance its artificial intelligence (AI) and machine learning capabilities, enabling customers to access improved recommendations for policies and coverage limits that meet their specific circumstances.
Founded in 2016, the company uses AI and machine learning technology to match companies with insurance policies that meet their needs. Business owners can complete an insurance application out digitally and receive a tailored quote instantly.
The company claims to have placed over $2bn of aggregate coverage limits across thousands of policies through its partners.
Flyover Capital general partner Keith Molzer said, “Layr addresses some fundamental pain points in the industry: the accelerating interest in engaging customers in an efficient, fully digital format and the rapidly evolving customer needs in the small business segment of the market.
“With a platform that can deliver efficient and adaptable coverage for SMBs, we think Layr is particularly well-positioned during this era of economic uncertainty as small businesses look to get back on their feet in the new environment.”
Earlier in the year, Layr was selected to join Lloyd’s Lab fourth accelerator programme.
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