INSHUR, a 100% digital provider of commercial auto insurance, has raised a $7 million Series A funding round which was led by Munich Re Ventures, the insurtech investments arm of the reinsurer.
INSHUR secured $7 million of equity funding from the Series A round, as well as a further $2 million credit facility, with Munich Re Ventures leading the investment and MTech Capital participating.
INSHUR, which has been offering its commercial auto insurance in New York for 11 months and has recently launched in the UK, said the new capital will be used to support its expansion into new territories and also to target new insurance verticals.
Currently focused on providing insurance to the ridesharing market, taxis and other commercial for hire cars, INSHUR hopes to expand this to the broader commercial auto opportunity as well.
The company has underwritten approximately $24 million in gross premiums in just 10 months since launching in the U.S.
Leveraging a mobile technology first approach, along with proprietary data and analytics, INSHUR assists professional drivers to purchase insurance protection quickly and at a competitive price.
The company says the commercial auto insurance market remains dominated by the traditional broker model, but says its platform enables drivers to manage their entire insurance lifecycle from their mobile phone, without the need for this intermediation.
INSHUR CEO Dan Bratshpis commented, “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 Munich Re Digital Partners, added, “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.”
Brian McLoughlin, Co-Founder and Partner of MTech Capital and set to join INSHUR’s board of directors, also said, “Dan and David have executed brilliantly. Rideshare drivers love the INSHUR mobile experience. INSHUR is the first investment in our new fund, giving it special significance for us. We look forward to working with the INSHUR team as they execute their growth strategy.”