Munich Re leads $45m funding for insurtech start-up Trov
California-based insurtech start-up Trov has closed $45 million in Series D funding led by Munich Re through its venture capital arm HSB Ventures.
Trov offers on-demand insurance, enabling users to buy insurance for specific products, for specific amounts of time through their smartphones. Users can turn insurance on and off with a swipe and also file claims through the app.
The recent financing round brings Trov's total funding to just over $85 million. The new capital will be used for Trov's global expansion and new product development atop its on-demand insurance platform, the company said in a statement.
In addition to its investment, Munich Re is expanding its strategic alliance with Trov to include underwriting throughout Europe, Asia and South Africa.
Sompo has also participated in Trov's latest financing round through its wholly owned subsidiary Sompo Japan Nipponkoa and is partnering with Trov to offer its on-demand insurance exclusively throughout Japan.
Andy Rear, CEO of Digital Partners at Munich Re, said: "Trov's on-demand protection represents a genuine innovation in insurance for an unserved or under-insured market. Our extensive footprint will surely help power Trov's rapid expansion to the most active markets around the globe. We're excited to be taking a deeper role with the industry's first global insurtech platform."
Jacqueline LeSage Krause, managing director of Munich Re / HSB Ventures, added: "We are constantly working to find innovation-driven companies to help shape the future of our industry, and we're excited to be working closely with the team at Trov as they expand their presence in the global insurtech market."
Scott Walchek, CEO and Founder of Trov, commented: "Trov's early success in Australia and UK is demonstrating that modern consumers want a new way to protect their things. With the additional capital and extensive partnerships, soon millions of people around the world will be empowered to protect the things that enhance their lives whenever and however they want."
"By expanding our partnership with Munich Re and adding Sompo, we're building a stable of exceptional partners who will enable us to launch around the world with greater speed, efficiency, and local know-how. The combined capabilities of key global insurance leaders will streamline our regulatory path and increase our go-to-market effectiveness in each new territory we pursue."
Trov's Series C financing of $25.5 million, which closed in March 2016 was led by Oak HC/FT, with participation from Suncorp Group, Guidewire, and Anthemis Group.
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