Insurtech Bunker launches after raising $6m
Bunker, a San Francisco-based digital business insurance platform, has officially launched operations after having raised $6 million in a Series A funding. This follows less than a year after announcing a $2 million seed round and launching in beta version.
Bunker’s contract-related insurance marketplace identifies small business insurance buyers before they search or click on a social media ad, delivering the exact policies at the moment they’re needed, the start-up claims.
“With the continued rise of the gig economy and the sheer speed of business relationships, we need more flexible insurance products delivered in the simplest and quickest way,” said Rob Veres, venture partner at investment firm Omidyar Network. “Bunker is changing the point-of-sale for small business insurance, and we’re pleased to be backing them.”
Omidyar Network, a venture capital firm that invests in mission-oriented companies, lead Bunker’s latest funding round. Other new and previous investors - including Comcast Ventures and Route 66 Ventures - also participated in the round. Rob Veres from Omidyar Network has joined Bunker’s board of directors.
Bunker’s free digital platform makes life easier for enterprises, suppliers and independent contractors, the company says in a statement on its website. “One of the biggest insurance challenges that businesses face is figuring out how to comply with and track requirements for all the contracts they enter into - leases, service agreements, IC engagements, loan covenants, etc.,” said Chad Nitschke, CEO of Bunker. “Neither the insurance nor legal industries are easy to tackle, and when you combine them it’s near impossible. That’s why Bunker is here, embedding insurance into the process, making compliance simple for everyone involved.”
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