Munich Re-backed insurtech Inshur attracts additional $1.5m Series A

Commercial auto insurtech Inshur, which raised  $7 million investment led by Munich Re Ventures earlier this year, has secured additional funding from Israel-based technology venture fund Viola FinTech.

Viola has injected $1.5 million extra funding to Inshur's Series A round, bringing the investment to $9.6 million to date, with a $2 million credit facility.

Inshur recently partnered with smartphone taxi app Uber to offer flexible insurance coverage to drivers in the UK, and is looking to expand beyond the UK and New York in the near future.

“Viola FinTech, with its global LP base of leading banks and insurance companies, aligns well with our vision of disrupting the insurance space," said Dan Bratshpis, CEO and co-founder of Inshur. "Inshur has grown fast and we are looking to expand beyond the UK and New York in the near future. Having not just the right commercial backing but strategic support makes this process faster, the Viola team has proven capabilities to do that.”

Tomer Michaeli, general partner at Viola Fintech, said: “We’re excited about joining Inshur – not only were we impressed with the progress the company made and the execution skills of the team, but this is also our first investment in a non-Israeli company and also our third investment in insurtech which we’re very bullish about. We believe the insurance space is still suffering from high inefficiency and low penetration of automation and therefore boasts huge opportunity for innovative products and business models.”

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