Auto insurtech Nexar secures $30m for expansion; appoints CFO
Israeli insurtech startup Nexar has raised $30 million in Series B funding to support its next phase of expansion while appointing new members to the executive team.
Tel Aviv-based Nexar provides insurance companies and automakers with artificial intelligence (AI) powered safe driving tools. The company plans to use the latest funding to further its mission of eliminating car crashes and expand its vehicle-to-vehicle (V2V) network.
The Series B fundraising round was led by Ibex Investors with participation from Alibaba Innovation Ventures, US-based Nationwide Insurance, Aleph, Mosaic Ventures, Slow Ventures, True Ventures, and Tusk Ventures.
"We will be further providing critical data to insurance carriers and fleet providers, such as collision reconstruction and first notice of loss reports, which help expedite driver assistance, claims and prevent fraud," said Nexar co-founder and CEO Eran Shir in a company blog. "The Nexar app can now also be paired with off-the-shelf dashcams to provide advanced driver-assistance systems (ADAS) and collision prevention alerts to drivers."
In addition, the company has announced two new appointments to its executive team. Yoad Shraybom, the former CFO of The Walt Disney company in Israel, Turkey, and Greece, will be joining Nexar as chief financial officer. And, Marc Gaffan, the former co-founder and general manager of Incapsula, will be joining as chief business officer.
Shraybom will lead financial planning and accountability activities as the company grows its business operations. Gaffan will spearhead sales, marketing, business development and field operation efforts, as the company moves towards global expansion.
Shir said: "Our primary goal has always been to use AI-based systems to make driving smarter and safer, and we're enthusiastic about the progress we've made so far towards our goal of eliminating collisions on the roads. This new infusion of funding and the addition of Yoad and Marc to our team will allow us to continue to grow our network and create accessible, data-driven solutions to help make vehicle collisions a thing of the past."
Nexar's app was launched in 2016. Its biggest markets are in New York City, San Francisco, Tel Aviv, and Las Vegas.
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