B2B digital insurance platform Boost has completed a $20 million Series B financing round in an effort to fuel growth of its platform, new product development and partner marketing.
The round was led by RRE Ventures and included new investors and a global publicly traded reinsurance company, bringing total funding since the company’s inception to $37 million.
Boost helps power dozens of digital distribution clients across all industries and stages, including insurtechs Hippo, Aon’s CoverWallet, Cowbell Cyber, and Wagmo, and leaders in diverse fintech, proptech, and other B2B and consumer segments.
“The embedded fintech revolution has finally caught up to insurance,” said Alex Maffeo, CEO and founder of Boost.
“We spent the last five years building the most comprehensive infrastructure platform in the insurance industry and that hard work is paying off.
“We’ve invested as much in the compliance and capital side of our platform as we have in our technology, which differentiates Boost and attracts the world’s best insurtechs and enterprises to us when they look for a partner.”
Since launch, Boost has insured over $5 billion of value across a wide range of proprietary commercial and personal lines insurance products.
Over the next year and a half the company plans to double its team to support growth and expand its API platform features.
The company also expects to roll out a number of additional insurance products in 2021 in collaboration with its partners in the insurtech and broader technology industries.
“API-driven infrastructure platforms have fundamentally changed the way companies are built and scaled in almost every fintech vertical,” said Jason Black, General Partner of RRE Ventures.
Logan Allin, Founder and Managing General Partner of Fin VC, added, “We’ve seen firsthand that Boost is far and away the leader in the embedded insurance space, so we’re incredibly excited to join the team as they continue powering innovation in an industry that’s ripe for disruption.”
“The structure of one-size-fits all insurance companies using heavy-handed analog distribution was leading to disengaged consumers and high costs of capital. This created a huge white space opportunity for fast, customizable, and cost-efficient solutions in insurance.”
so that every company could offer their customers protection built for the modern world. Boost went to market to solve this industry-wide problem and has already achieved remarkable success.”