Waffle, a New York based insurtech start-up, has raised $5 million in a seed funding round led by Verve Ventures, with participation from BetterLabs Ventures and Techstars.
The company will be led by Quentin Coolen, CEO & Co-Founder and plans to use the funds to continue to expand operations and its business reach.
Waffle is a consumer platform which connects users with nationwide insurance providers in minutes throughout America.
The launch is kicking off with Pet, Travel, Life, Cyber, and Renter’s insurance. Auto and Home insurance will be available to users by the end of next month.
Coolen commented: “Insurance is one of the most important and necessary things in a person’s life, yet it’s also one of the most frustrating.
“Americans are constantly struggling when it comes to insurance: less than ideal coverage, the cost of needing to go out of network, lack of risk mitigation, etc. It doesn’t need to be this difficult or convoluted of a process, and that’s why we set out to make Waffle.
“We want to provide people with a sense of security and safety when it comes to the things that matter most in their lives.”
Wassim Matar at Verve Ventures added: “We like to invest in companies that are changing the way the world works with science and technology.
“Waffle is doing just that by revolutionising how the average person insures the most important parts of their life. Insurance affects everybody and everything, which is why we want to invest in companies like Waffle that are improving upon the very antiquated and out of touch system we currently operate under.”