On-demand insurance platform VOOM launches from stealth after $2m Series A

On-demand insurance platform VOOM has exited from stealth and closed a $5m Series A funding round.

Arbor Ventures, an early-stage venture capital firm, led the capital injection. Participation also came from returning investors F2 Capital, Verizon Ventures, and Kaedan Capital, as well as first time VOOM backer Plug and Play Ventures.

VOOM is an on-demand insurance solution for a variety of mobility verticals such as drones, small planes, motorbikes and e-scooters. Its maiden product is SkyWatch.AI, a usage-based insurance line for commercial drones.

Over time, plans are to release similar products for e-scooters, powersports, motorboats, small planes, and other modes of transport.

The InsurTech works through a risk analysis engine which sends drone users real-time hazard warnings, feedback, and actionable insights on how they fly. Its new platform will also collect mobility data points to analyse potential safety threats, including weather information and hazardous environments. This data is then used to score a user’s safety and performance to customise prices.

Its mobile app and web-portal is supported by an AI-based risk analytics tool which makes it easier for consumers to get the best coverage from them. VOOM can be used via iOS, Android or via the web.

The InsurTech is looking to collaborate with top insurance carriers to offer users on-demand, usage-based insurance policies for various transport modes.

VOOM CEO and co-founder Tomer Kashi said, “With the rise of on-demand mobility services such as e-scooters, we discovered that in most cases, riders are not covered in case of an accident. And much more importantly, they are not aware of this fact. VOOM will ensure that users of unique mobility platforms can grab insurance on-the-go from their mobile devices whether they ride, fly, or sail.”

The company has raised a total of $7m in equity.

Copyright © 2019 FinTech Global

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