US insurtech Boost raises $14m Series A for product expansion
US-based insurtech Boost Insurance has raised $14 million Series A funding to expand its infrastructure-as-a-service (IaaS) platform.
The round was co-led by Coatue and Greycroft, with participation from Tusk Venture Partners, Conversion Capital, and MetLife chairman Glenn Hubbard. Existing investors Norwest Venture Partners and IA Capital Group also participated.
The investment brings Boost's total funding to $17 million and will be used to launch new business lines and expand its API services.
Boost describes itself as a technology-enabled insurance platform built to enable insurtech startups to offer white-labeled digital insurance solutions to their customers.
The company has recently launched security deposit replacement programme with LeaseLock and its SMB commercial cyber insurance programme with Cowbell Cyber.
Boost plans to rollout several new data-driven products in 2020, including startup-focused management liability, parental leave employer protection, pet insurance, and identity theft protection.
"The P&C insurance industry is a $600 billion a year growing market. Boost is uniquely positioned to provide the infrastructure for modern insurance products to be offered by digital innovators across any industry," said Alex Maffeo, CEO and founder of Boost. "We are grateful to partner with this incredible group of investors. Their backing validates the progress we have made towards powering an insurance ecosystem for the modern world."
Ellie Wheeler, partner at Greycroft, said: "Insurance is a natural adjacency that so many companies have the potential to expand into - but building into the vertical can take years. Boost is carving out a new insurtech opportunity by providing the insurance infrastructure needed for brands to bundle insurance offerings and ultimately add more value to their customer bases. Boost has applied its expertise in both insurance and technology to build that foundation for the entire marketplace, and we believe it will transform the way insurance is bought and sold in this tech-enabled world."
Bennett Siegel, partner at Coatue, commented: "Coatue invested in Boost because of the momentum they've created across the insurance ecosystem via its simple, API-driven insurance solution. Boost drastically reduces the complexity and overhead faced in building a meaningful insurance business - whether its partners are insurtech startups or enterprise-level technology brands. This fundamentally changes the way consumers interact with insurance by enabling them to purchase it from the brands they know and trust. We're excited to collaborate with Boost as it continues to provide the infrastructure for the next generation of insurance."
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