Massachusetts-based Clearsurance has closed a $4m Series A funding round to continue service development.
The funding round was led by its co-founder Michael Crowe, and also saw a commitment from Davis Capital Partners, among others.
Launched 2016, the platform aims to increase transparency to the insurance market and help consumers make better decisions through its crowdsourced review platform. Through the platform a user is able to access crowdsourced data to help people compare policy providers, but also give the insurers access to customer response.
This round of capital will be used to help with strategic hires and building its marketing efforts.
Clearsurance CEO and co-founder Michael Crowe said, “Consumers now have an unbiased place to turn for information about their insurance options. Our mission is to help people make smarter insurance decisions based on real reviews and ratings from actual policyholders, and our crowdsourced platform allows them to learn from the experiences of others.â€
The InsurTech sector has seen a big week in deals completed with Pie Insurance, Slice Labs and PremFina just a handful of companies to also close funding this week.
Q2 of 2017 ended a four quarter decline in investments, with it shooting back up to around $489m, which is more than an eight-times increase to the previous quarter.
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