Florida-based InsurTech platform Ensurem has closed a $12.25m capital commitment from an affiliate of A-CAP.
Launched in 2016, Ensurem is a life insurance provider which gives consumers access to simplified purchase of policies and health products. A selection of plans are available including life insurance, pet insurance and dental and vision, among many others.
Through the funding round Ensurem plans to expand its digital storefront, where consumers are able to buy policies, develop its digital customer acquisition technology and expertise and boost its platform to incorporate more products for direct-to-consumer sales. This equity will also be used to support growth of its administrative services which include straight-through processing, providing insurance companies full back-office.
Ensurem CEO and founder David Rich said, “Our strategic partnership with A-CAP grants us access to third-party administration (TPA) services, reinsurance capabilities, and a wealth of knowledge in the insurance carrier space, all of which will help us meet our mission of providing consumers with a consolidated resource to learn about and secure life insurance and supplemental health-related protection online.â€
This round of capital comes after the firm raised $1.7m angel round, which was led by San Francisco-based investment firm AngelRush.
Last week saw several InsurTech companies receive funding rounds, with digital insurance provider ZhonAn pulling in $1.5bn in its IPO, and Boot Insurance nabbing a $3m funding round.
Copyright © 2017 FinTech Global
