Commercial auto insurtech Inshur has raised $7 million in a Series A funding round led by Munich Re Ventures, with participation from venture capital firm MTech Capital.
The start-up has also secured a $2 million credit facility.
Inshur said the latest funding will support its expansion into new territories and accelerate reach into new insurance verticals in the US and Europe.
Inshur is a digital-only provider of commercial auto insurance, currently focused in the rideshare vertical. Its proprietary mobile technology platform is live in New York and recently launched in the UK. It allows drivers to manage their entire insurance lifecycle from their mobile phone.
Inshur CEO Dan Bratshpis said: “We are excited to be working with strategic investment partners who understand the complexity of the Insurtech landscape and the opportunity that lays before us. I am proud of the bootstrapped growth we have achieved in our two territories to date, it’s a testament to our amazing team. Our first institutional round of funding will allow us to expand further into new territories and insurance verticals within the US and EU.”
Andrew Rear, CEO of Digital Partners, said: “Inshur’s growth in less than a year shows how they are transforming the experience commercial drivers have with insurance. We are proud to have been with them since the beginning of their journey.”
Munich Re, Inshur, Insurtech, Investment, Dan Bratshpis, North America, Europe