Feb. 14, 2019
Inshur, an app-based insurance platform for the ride-hailing and taxi industry, has raised $7 million in Series A equity funding led by Munich Re Ventures.
The funding, which includes participation from MTech Capital, will be used for expansion into U.S. and Europe markets as well as insurance verticals, according to a spokesman. Inshur will also get a $2 million credit facility from Munich Re.
The company, based in New York, with additional offices in Brighton, England, has offered insurance in the city for 11 months and recently launched service in the U.K.
"We are excited to be working with strategic investment partners who understand the complexity of the insurtech landscape and the opportunity that lays before us," CEO Dan Bratshpis said in a press release.
The company is considering additional European markets where ride-sharing is growing, but commercial insurance has remained centered around brokers, a spokesman said. Additional U.S. cities are also being considered, but he did not name any specific markets.
Inshur, founded in October 2016, previously raised $1 million in seed funding, according to the spokesman.
The company won approval for a fleet insurance product, which may roll out in the U.K. and additional U.S. cities later this year. It is also considering business verticals, including delivery, last-mile distribution and other transport sectors, he said.
Brian McLaughlin, co-founder and a partner at MTech Capital, will join the Inshur board of directors. The Inshur investment is the first of MTech Capital's new fund.
Topics: Mobile Apps, Mobile Payments, Region: Americas, Region: EMEA
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