Insurtech Sure raises US$100mn in Series C round
The Santa Monica-based insurtech, Sure, has raised US$100mn in its latest Series C funding round.
The round was led by the New-York-based private investment firm Declaration Partners, a New York-based private investment firm. Additional capital came from the Hollywood-based VC, WndrCo Holdings and existing investors W.R. Berkley Corp., and Menlo Ventures, a Menlo Park-based venture capital firm.
The cash injection will enable the company to explore new markets, including South America, Africa and Asia. The investment will also fuel the recruitment of engineers and others as it continues its push into a competitive market, executives have said.
API insurtech software
Sure, which was founded in 2014, develops APIs that can be embedded into multiple sectors from rental insurance to motor insurers. This latest funding round has raised the valuation of the insurtech to an estimated $550mn.
In 2016, Sure hit the headlines for launching the world's first on-demand insurance app powered by artificial intelligence, driving rapid adoption of mobile, on-demand insurance products.
Over the past 12 months, the insurtech has reportedly collaborated with Tesla, providing buyers of its cars the option of purchasing insurance on Sure’s software platform. The API is embedded into Tesla’s online car-buying experience. However, Slavin has so far refrained from confirming the Tesla partnership.
As well as finding success in the car insurance market, Sure has partnered with the Woodland Hills-based insurance firm Farmers Insurance Group and Carvana Co., a Tempe, Ariz.-based car seller, to help integrate insurance into the consumer car-buying experience.
In September, the company also collaborated with Betterment, a smart money management company, to provide mobile phone insurance to users of the app, covering device loss, theft, or damage.
Sure expansion plans
Speaking recently about the insurtech’s future plans, Sure’s CEO, Wayne Slavin, said the company is now planning to ‘go global’ and initial market explorations will include Europe and a number of emerging markets.
Slavin, who co-founded Sure with South African developer, Jarod Kolman, the chairman of Limestone Properties, described the current API market as “a very, very hot space at the moment, embedding financial services and insurance.”