Insurtech Vouch launches with $24.5m Series A funding, backed by Munich Re
Insurtech Vouch, which describes itself as a new type of insurance company exclusively serving the early stage tech start-ups, has raised $24.5 million in Series A funding. The company's proprietary policies are backed by Munich Re.
The round was led by Ribbit Capital and SVB Financial Group, the parent company of Silicon Valley Bank, with participation from Y Combinator, Index Ventures, and 500 Startups.
Vouch Insurance is authorised by regulators to sell to start-ups in Utah and Illinois. The company will use the proceeds to launch in other US states including California, expand its product offerings, and build out its team.
Vouch has rolled out its proprietary insurance products and risk assessment tools designed specifically for high growth companies. It has also created a digital platform that it claims will enable coverage activation within minutes.
Sam Hodges, CEO and co-founder of Vouch, said: "As seen time and again over the past few years, startups face a range of risks similar to large established companies, yet the current insurance market doesn't understand our unique needs. This leads to policies that don't cover what they need to, cost too much, and take too long to get. Vouch is the kind of insurance company I wished existed when I founded my last company."
Greg Becker, CEO of Silicon Valley Bank, said: "Vouch has a great team and solution to address a problem that faces many of our startup clients: an insurance market that doesn't understand them or serve them well. We are excited to make this investment and partner and support the Vouch team as it delivers insurance products to startups in the U.S."
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