Insurtech startup Inshur has raised a further $1.5m to its Series A round from Viola FinTech, a cross-stage venture fund that invests in global FinTech companies. This brings the total investment to $9.6m to date, with a $2 million credit facility.
Inshur is a 100% digital provider of commercial auto insurance. The business is powered by data and has digitised the entire process for a smoother customer experience meaning insurance protection can be purchased within minutes through its mobile app.
As a 100% digital business, insurance documents are automatically uploaded to Uber, reducing the barriers for drivers to get on the road and keeping uninsured drivers off the road. As a data-led business, Inshur also uses data to price insurance risk faster and more accurately, using a number of data sources, meaning insurance that rewards safe drivers.
Dan Bratshpis, CEO and co-founder of Inshur, said: “Viola FinTech, with its global LP base of leading banks and insurance companies, aligns well with our vision of disrupting the insurance space. Inshur has grown fast and we are looking to expand beyond the UK and New York in the near future.”
Tomer Michaeli, General Partner at Viola Fintech, added: “We’re excited about joining Inshur. We believe the insurance space is still suffering from high inefficiency and low penetration of automation and therefore boasts huge opportunity for innovative products and business models.”