InShare, which claims to provide workers with cheaper insurance policies, has collected $7.5m in its seed funding round.
The investment was supplied by ManchesterStory, The Hive and Avanta Ventures.
With the equity infusion, the company plans to expand into new markets and enhance its technology development. Funds will also go towards the launch of new products and bringing its services to more companies.
InShare’s goal is to support the sharing economy through improved insurance, which it claims is a major expenditure for sharing economy companies.
The company offers insurance solutions to control costs, enable growth and provide protection to workers.
InShare co-founder and CEO Mark Warnquist said, “Insurance is a major expense item for the sharing economy and can be a barrier to company growth and product launches. For the independent workers on whom the sharing economy depends, there is a strong need for greater access to insurance and other work benefits that employed workers may take for granted.”
The InsurTech company recently added Brandy Mayfield and Pooya Sarabandi to its leadership team.
InShare also signed a deal with Mobilitas Insurance recently, which helps to distribute insurance coverage to commercial fleet owners aimed at last-mile delivery services.
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