Startup insurance platform Vouch has secured $90 million of new funding and revealed their role as the preferred business insurance provider to Brex, Carta, and WeWork customers.
The firm has also established its own authorised insurance carrier and expanded its line of products.
After two rounds of financing Vouch has secured a total of $160 million. The rounds were anchored by Redpoint Ventures, Silicon Valley Bank Capital, Ribbit Capital, Allegis Group, Sound Ventures, and SiriusPoint.
Vouch believes to have adapted business property insurance for the modern, hybrid work environment with Work From Anywhere insurance; essentially launching a range of reinsurance services.
The coverage can insure up to $500,000 in limit per occurrence, to include specified property owned by a startup regardless of the location of that property.
Broader cyber coverages for tech companies has also been introduced alongside comprehensive coverages for early to mid-stage startups and embedded insurance designed to help startup leaders make buying insurance more accessible for customers.
“Our recent rounds of funding ensure that Vouch can better serve startups. Today we are partnering with industry leading startups and innovators Brex, Carta, and WeWork to enable founders to scale their companies without worrying that their business coverage may fall short,” said Sam Hodges, Co-Founder and CEO of Vouch.
“How can we help founders worry less about their biggest risks and focus on driving the changes they want to see? It’s our responsibility to meet startup founders where they are, and give startups flexibility as they navigate changing laws, regulations, and the virtual and physical locations of their businesses.”
“Startups play a critical role in the U.S. economy and traditional insurers have struggled to underwrite these risks and offer solutions to meet the ever-changing needs in this space. We are delighted to support Vouch in providing comprehensive business insurance solutions to the startup sector” said Prashanth Gangu, Chief Operating Officer and President, Insurance and Services, SiriusPoint.
“We welcome Vouch to our growing portfolio of technology and customer focused partnerships driving disruptive change in the Insurance industry”.
Vouch also notes the addition of three new board members, including Cynthia Powell, former Chief Risk Officer of State Auto Insurance, Robert Byler, former CEO of Schinnerer Group (now Victor), and Mark Herman, former President and COO of CNA Specialty.