Insurance startup Vouch tacks on growth funding to serve startups
November 20, 2019
- Share:
Just two months ago, the ink was barely dry on a more than $24 million Series A that Sam Hodges raised for his startup Vouch Insurance. Now he is back with an even larger funding, led by Y Combinator's Continuity Fund, as the company seeks to join a crop of startups that cater to the needs of other startups.
Like credit card provider Brex and equity-management platform developer Carta, Vouch maintains that startups are distinct business customers because of their high-risk, high-growth profiles. Hodges, an experienced entrepreneur himself, also co-founded online lending marketplace Funding Circle.
On Wednesday, in connection with closing its Series B on $45 million, Vouch said its platform will now serve the country's largest startup market—California. With its latest funding, the San Francisco-based company has raised around $70 million in total financing and holds a valuation of $210 million. Other investors in Vouch include Ribbit Capital, SVB Financial Group, Index Ventures and 500 Startups.
To tap into the startup ecosystem, Vouch is in good company thanks to its ties to YC and Silicon Valley Bank, which both wield vast influence through their own networks of startup founders.
Since launching in September, Vouch has sold insurance to customers in Utah, Illinois and a few other states, but it plans to go nationwide by the end of 2020. Vouch's policies—spanning products like general liability, cyber coverage and business property—are backed by reinsurance titan Munich Re.
Like credit card provider Brex and equity-management platform developer Carta, Vouch maintains that startups are distinct business customers because of their high-risk, high-growth profiles. Hodges, an experienced entrepreneur himself, also co-founded online lending marketplace Funding Circle.
On Wednesday, in connection with closing its Series B on $45 million, Vouch said its platform will now serve the country's largest startup market—California. With its latest funding, the San Francisco-based company has raised around $70 million in total financing and holds a valuation of $210 million. Other investors in Vouch include Ribbit Capital, SVB Financial Group, Index Ventures and 500 Startups.
To tap into the startup ecosystem, Vouch is in good company thanks to its ties to YC and Silicon Valley Bank, which both wield vast influence through their own networks of startup founders.
Since launching in September, Vouch has sold insurance to customers in Utah, Illinois and a few other states, but it plans to go nationwide by the end of 2020. Vouch's policies—spanning products like general liability, cyber coverage and business property—are backed by reinsurance titan Munich Re.
- Share:
-
-
-
-
Tags:
Join the more than 1.5 million industry professionals who get our daily newsletter!