INSHUR, a 100% digital provider of commercial auto insurance, has raised a further $1.5 million to its Series A funding round from Viola FinTech, part of the Israel-based technology investment group Viola.
Backed by global reinsurer Munich Re, INSHUR is a mobile-first provider of commercial auto insurance for private hire drivers, and utilises information about average trips, location and driver ratings in near real-time.
INSHUR’s total investment now stands at $9.6 million, with a $2 million credit facility.
“Viola FinTech, with its global LP base of leading banks and insurance companies, aligns well with our vision of disrupting the insurance space,” said Dan Bratshpis, Chief Executive Officer and Co-founder of Inshur.
“Inshur has grown fast and we are looking to expand beyond the UK and New York in the near future. Having not just the right commercial backing but strategic support makes this process faster, the Viola team has proven capabilities to do that.”
INSHUR sold $24 million of premium within the first 12 months of operation in 2018 and recently partnered with Uber UK.
Uber drivers can log in to the insurtech app using their Uber IDs, which are used to create and offer flexible insurance coverage within three minutes.
“We’re excited about joining Inshur – not only were we impressed with the progress the company made and the execution skills of the team, but this is also our first investment in a non-Israeli company and also our third investment in insurtech which we’re very bullish about,” said Tomer Michaeli, General Partner at Viola Fintech.
“We believe the insurance space is still suffering from high inefficiency and low penetration of automation and therefore boasts huge opportunity for innovative products and business models.”