INSHUR, an insurance company, raises a total of 29.5 million euros; would like to expand his team based in New York, Brighton, Amsterdam
Insurance platform INSHUR announced on Thursday that it had raised another Series B funding round. The round, which brought the funds raised so far to 35 million US dollars (approx. 29.55 million euros), was led by JVP. In addition, the existing investors Viola Fintech and MTech Capital also took part in this round.
Use of capital
The capital raised will help the company advance its ambitious global growth plans and enable it to invest in technology, hire more talent and bring new Insurtech products to market.
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On financing terms, INSHUR CEO and Co-Founder Dan Brathpis said, “JVP has the experience and resources we need to accelerate our growth plans, expand our offerings, and delight more customers.”
Digital commercial car insurance
INSHUR was founded in 2016 in New York by Dan Bratshpis and David Daiches. The company realized that too many companies born into the digital world were served ineffectively by an analog industry and provided poor customer service all the time. INSHUR wanted to change that.
It claims to have developed a next-generation, data-driven insurance platform designed to support and protect the actors of the new economy in mobility, delivery and transportation.
According to co-founder Dan Bratshpis, “Commercial insurance has seen little development in the recent past. Distribution is mostly analog, the pricing models are pathetically outdated, and the processes are time-consuming and cumbersome. We’re here to shake things up. There is a real opportunity to use new technology and data to reinvent insurance and really adapt it to the way modern businesses work. “
The INSHUR technology platform enables drivers to conveniently receive an offer, take out an insurance policy and maintain it in just a few minutes via their smartphone. The company is a select Uber insurance partner in Europe. It used data to transform commercial insurance, initially for New York UBER drivers. And now tens of thousands of drivers in New York, the UK and the Netherlands have tried INSHUR.
INSHUR mentioned in a statement that it is introducing new commercial insurance products for delivery and courier drivers. The company currently has a team of over 100 employees in New York, Brighton (UK) and Amsterdam. It has a capacity partnership supported by Munich Re in the USA and Great Britain and by WAKAM in the Netherlands.
Erel Margalit, Chairman and Founder of JVP, said, “INSHUR is leading an insurance revolution in the new economy based on mobility, drivers and business owners who want to take fate into their own hands. Whether you are an Uber driver, a locksmith or a courier, you need new and dynamic insurance that allows you to take your fate and business into your own hands. INSHUR is enabling this new small business economy to thrive with operations in the US and Europe. “
INSHUR recent growth
In 2017, the company signed a capacity agreement with Munich Re – a German multinational insurance company, to enable the launch of INSHUR 2.0, a fully digital offering, and the purchase of a mobile insurance product. Originally aimed at the 120,000 riders in New York’s ridesharing.
In November 2018, INSHUR entered into a distribution partnership with Uber, became a preferred insurance partner and launched in the UK, followed by the Netherlands in 2020.
Last year, in 2020, the Insurtech company further developed its underlying technology infrastructure. The new data-supported insurance platform is intended to support and protect the players in the new economy in the areas of mobility, delivery and transport.
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