Mobile-based auto insurance platform INSHUR has secured $9m in its Series A which was made up of equity and credit.
The company raised $7m in equity funding, which was led by Munich Re Ventures and received participation from MTech Capital. The remaining $2m was part of a credit facility.
Through this funding, the InsurTech will look to increase its reach to new territories and move into new insurance verticals.
The mobile-based insurer provides commercial and ride-share drivers, owners, and fleets with quick access to insurance. By utilising data and analytics, the platform is able to offer drives with the best protection and at a competitive price, it claims.
Its platform was initially deployed in New York and was recently launched in the UK.
INSHUR CEO Dan Bratshpis said, “We are excited to be working with strategic investment partners who understand the complexity of the Insurtech landscape and the opportunity that lays before us. I am proud of the bootstrapped growth we have achieved in our two territories to date, it’s a testament to our amazing team. Our first institutional round of funding will allow us to expand further into new territories and insurance verticals within the US and EU.”
Last year, Munich Re participated in the $83m Series B funding round of SME insurance platform Next Insurance. The company provides small business insurance policies which are tailored to the specific needs of companies.
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