Verifly closes funding round to support rebrand to Thimble

Verifly, which offers short-term liability coverage for small businesses and independent workers, has rebranded to Thimble.

Alongside the rebrand, the company has closed a $22m Series A to support its expansion plans.

IAC led the investment round, with participation also coming from previous Verifly investors Slow Ventures, AXA Venture Partners, and Open Ocean.

The rebrand to Thimble will allow the company to expand from a leader in drone insurance to a full partner for all modern workers and small business. There is protection on Thimble for more than 100 job types and is in operation across 48 US states.

Thimble offers flexible insurance policies for small businesses in the gig economy. Its protections span a variety of jobs across events and entertainment, freelancers and consultants, cleaners, builders, landscapers, beauty, fitness, pet sitting, and drone operators.

The InsurTech is on track to sell 100,00 policies by the end of the year, according to the company. Additionally, 75% of its customers are new to business insurance, showing how the platform is meeting the underserved marketplace.

Markel managing director Scott Whitehead said, “By breaking down barriers and leveraging technology, Thimble is doing more than bringing traditional policies online — it is leading the charge to better match insurance needs to the modern worker and delivering it in a way that will make insurance more like other industries.

“The insurance industry generates over $100 billion of small business premium in the US alone, and that’s without the 40 percent of sole proprietors who do not currently purchase business insurance.”

Setoo was named in the second annual InsurTech 100 list.

Copyright © 2019 FinTech Global

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