New York / London – July 1, 2021 – INSHUR, a leading global Insurtech firm carving out a name for itself in commercial insurance, today announced completion of additional Series B funding, led by JVP with participation from Viola Fintech, MTech Capital and other existing investors. The new funding takes the total raised to $35 million (£25m).
Founded in New York in 2017, INSHUR recognized that too many businesses born into the digital world were being ineffectively served by an analog industry, consistently providing poor customer service. INSHUR set out to change that by harnessing rich data to transform rideshare* insurance, initially for New York’s UBER drivers.
The new funding will fuel INSHUR’s ambitious global growth plans, enabling it to invest in technology, recruit the best people, and bring new Insurtech product lines to an expanded market, which includes other firms that operate commercial vehicles.
Rather than use a broker and fill out numerous forms, customers simply scan their professional license using the INSHUR app which automatically retrieves and processes the relevant pricing data to get their insurance coverage in minutes rather than wait days to start driving and earning.
INSHUR expanded to the United Kingdom and the Netherlands and is now rolling out new products for delivery and courier drivers. The firm currently has a team of over 100 based in New York, Brighton (UK) and Amsterdam.
Despite a global market size thought to be in excess of $1 trillion, commercial insurance has often been ignored, with many firms focussing on direct-to-consumer personal lines markets. However, as the world becomes increasingly more digital, business owners rightly expect an efficient and convenient experience.
Commenting on the new funding round, Dan Bratshpis, INSHUR CEO and Co-Founder, said: “We are excited to have JVP on board as a partner. We share the same vision that a new breed of insurance company is required to support businesses in a fast-changing economy. JVP has the experience and resources we need to accelerate our growth plans, expand our proposition, and delight more customers”
“Commercial insurance hasn’t evolved much in the recent past. Distribution is mostly analog, pricing models are woefully outdated, and the processes are time-sucking and inconvenient. We’re here to shake things up. There is a real opportunity to leverage new technology and data to re-invent insurance and make it truly fit the way modern businesses operate.”
“INSHUR is leading an insurance revolution in the new economy, based on mobility, drivers and business owners who want to take fate into their own hands,” says Erel Margalit, JVP Chairman and Founder. “Whether you are an Uber driver, a locksmith or a courier who takes care of delivering Amazon’s packages to the customer’s home, you need new and dynamic insurance that will allow you to take control of your destiny and your business. INSHUR is enabling this new economy of small businesses to thrive, with operations in both the US and Europe. We are excited about the opportunity to work with Dan, David and the team to accelerate INSHUR’s development into a global category leader in commercial insurance.”
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*Rideshare businesses are part of what’s often referred to as the ‘gig economy’. Gig economy businesses operate delivery services and shared transportation and include companies such as Uber, Lyft, Amazon, Grubhub, Doordash and Deliveroo. Over the past year these types of businesses have experienced a dramatic increase in demand for their services.
INSHUR provides insurance for businesses operating commercial vehicles. The company was founded in 2017 to revolutionize the gig economy insurance sector. It has built pioneering digital capabilities powered by rich data and designed to protect the new players in mobility, delivery and transportation.
Its API first, data-driven platform sets a new benchmark for the development and distribution of commercial insurance products. Tens of thousands of drivers in New York, the UK and the Netherlands have already chosen INSHUR as their insurance provider.
INSHUR is a member of Uber’s insurance panel in Europe https://inshur.com/. The 100+ team operates from offices in New York, Brighton (UK), and Amsterdam.
JVP was founded in 1993 by Dr. Erel Margalit, is an internationally renowned VC fund. Among the pioneering firms of the Israeli VC industry, JVP has been instrumental in building some of the world’s largest companies to emerge, facilitating numerous IPOs on NASDAQ, including CyberArk Software (NASDAQ: CYBR, $4.7 billion mkt. cap.), QLIK Technologies (NASDAQ: QLIK, then $4 billion mkt. cap.) and Cogent Communications (NASDAQ: CCOI, $3 billion mkt. cap.) as well as many large industry sales. Over the past decade, JVP has spearheaded the creation of international Centers of Excellence, including the AI and Media center in Jerusalem, the Cyber Center in Beer Sheva, the Foodtech and Agritech center in the Galilee, the International Cyber and FinTech center in NYC, in partnership with NYC/EDC and the leading universities of the city. Recently JVP has decided to open a newly emerging center in the UAE that will be a new chapter for Israeli technologies to engage with the region. For more information on JVP, visit jvpvc.com, or follow us on Twitter: @JerusalemVenturePartners