NOW Insurance scores $1.25m in its seed extension round

December 11, 2020

NOW Insurance, an AI-powered platform that matches small business owners with affordable insurance, has scored $1.25m in its seed extension round.

This capital injection was led by The MFO Group, and brings the total seed round to $2.5m. 8^th Light was among the investors to the round.

With the close of the round, the company is hoping to invest into its machine learning algorithms, expand its software engineering team and continue to build its products and service offerings for small businesses and professionals.

NOW Insurance co-founder and CEO Philip Cabaud, Cabaud said, “During a time when small businesses have been faced with extreme financial challenges, commercial insurance can be an undue burden.

“We’re not just creating a portal to provide users with the coverage they request. NOW Insurance is an intelligent platform designed to simplify the application process through real-time quotes, and match SMBs and professionals with competitive, customized coverage plans that fit their exact needs.”

The InsurTech provides small business owners, healthcare practitioners and other professional classes with an improved purchasing experience for general liability, professional liability and cybersecurity insurance coverage. Plans are for the company to expand into other coverage areas.

Its AI platform can customise a user’s coverage to meet their exact needs and requirements.

The MFO Group director Mark Prestipino said, “The commercial insurance industry is primed for the next wave of digital transformation.

“NOW Insurance’s innovative platform, combined with decades of first-hand experience in the commercial insurance space, is well positioned to be among those solutions that are transforming this underserved industry. We look forward to working with the NOW Insurance leadership team.”