Bamboo Ide8 Insurance Services, which offers flexible and transparent insurance options, has raised $16m in its Series A round.
Eos Venture Partners, an InsurTech-focused venture capital firm, served as the lead investor. Other commitments came from unnamed existing investors.
This capital will help the company expand in California and launch a Bermuda domiciled captive insurance entity.
Founded in 2018, Bamboo serves the Californian property market with homeowners, dwelling fire and other ancillary products.
Its technology reduces inefficiencies in the market and uses an applied science approach. It currently has over 75,000 policyholders and $105m of managed premiums.
Bamboo founder and CEO John Chu said, “The completion of our Series A round marks an exciting inflection point for Bamboo.
“After successfully refining our underwriting model and distribution capabilities over the past 3 years in the California market, Bamboo will now embark on a product and geographic expansion plan while remaining true to our profitable underwriting philosophy.”
Since its launch, the company has raised a total of $75m in funding.
Speaking on the fresh investment, Eos general partner Zach Powell said, “We are thrilled to partner with the experienced team at Bamboo and support their product and geographic expansion plans. Bamboo has demonstrated strong growth coupled with profitable underwriting that will ultimately differentiate InsurTech winners.”
Last year, Bamboo acquired certain assets from First American Property and Casualty Insurance Agency, in a deal worth $22m.
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