Insurtech FitSafe attracts $250k strategic investment
Insuretech platform FitSafe has received a $250,000 investment from insurance broker SterlingRisk which acquired a passive, one percent minority equity interest in the firm, valuing the startup at $25 million.
Based in New York, FitSafe is a risk management and commercial insurance underwriting software platform that services the sports and fitness sector. The minority investment from Sterling will help capitalize further back-end development of FitSafe's software platform.
FitSafe was created in response to an “alarmingly steep” rise in sports and fitness casualty insurance claims and related litigation, according to a company statement. FitSafe's software allows property and casualty policyholders and prospective policyholders to assess and improve their risk profiles while allowing underwriters to write policies reflective of the software's granular, industry-specific risk analysis, the company claims.
“With this investment, we are well-positioned to further enhance our software's capabilities for our upcoming launch later this year," said FitSafe founder Jeff Halevy.
"The fitness industry is still in its infancy and I was compelled to create FitSafe as a way to not only make the industry safer but a way to measurably help the actual operations of its business owners. Sadly, risk management is never on the mind of a gym owner until it's too late," Halevy added.
FitSafe is set to launch early in the fourth quarter of 2018.
