Boost Insurance has secured $14 million in a Series A round of funding, which will be used to expand its infrastructure-as-a-service (IaaS) insurtech development 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 round brings Boost’s total funding to $17 million, following a $3 million investment led by Norwest Venture Partners in September 2017.
Boost aims to streamline the go-to-market process for insurtech firms. Its IaaS platform includes data-driven insurance product development and dedicated risk capacity backed by global reinsurers.
Available through a API integration, Boost also enables automated claims administration, compliance, and data analytics capabilities for its distribution partners.
Following the launch of its recent security deposit replacement program with LeaseLock and its SMB commercial cyber insurance program with Cowbell Cyber, Boost has also announced the rollout of several new data-driven products that will be offered via distribution partners in 2020.
These include 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,” said Alex Maffeo, CEO and founder of Boost. “Boost is uniquely positioned to provide the infrastructure for modern insurance products to be offered by digital innovators across any industry.”
“We are grateful to partner with this incredible group of investors,” Maffeo added. “Their backing validates the progress we have made towards powering an insurance ecosystem for the modern world.”
Ellie Wheeler, Partner at Greycroft, also commented on the funding announcement: “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.”
Wheeler continued: “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.”
And finally, Bennett Siegel, Partner at Coatue, stated: “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.”