It’s a big week for insurtech company SURE. The NYC-based startup just simultaneously closed an $8 million Series A funding round and announced the launch of a new smartphone protection product.
The funding was led by IA Capital, with participation from Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant and AmTrust, and will help support many of the company’s long-term goals. SURE plans on using the funding to acquire users, boost marketing initiatives, add more talent to their team and continue to develop their product.
“SURE is fundamentally improving the insurance industry and making it digital through mobile tech, AI and advanced data analytics, via our complete carrier platform in partnership with insurance companies,” Wayne Slavin, SURE founder and chief executive officer, said in a statement.
The launch of SURE’s smartphone protection product marks the company’s sixth insurance category offering — it also offers flight, baggage, renters, pet and wedding insurance.
SURE’s smartphone protection is available for purchase at any point during a phone’s lifetime as long as the phone is in good condition — which is something SURE’s patent-pending technology can help users determine. The test takes under one minute to complete and requires a series of quick quality checks.
Since launching in January of 2016, SURE has sold over 20,000 policies, and it has helped modernized the $5 trillion insurance industry by partnering with major insurance companies. Consumers can expect even more changes to SURE as the industry continues to evolve.
“Consumer purchasing behavior in the insurance industry is changing rapidly and SURE offers a turn-key mobile distribution solution for its customers,” Alex Maffeo, Principal, IA Capital, said in the statement. “We are extremely excited about the company's future - Wayne and his team are doing big things."