Sure, a Los Angeles and NYC-based insurtech startup that offers on-demand personal insurance via an app, closed an $8m Series A funding.
The round was led by IA Capital with participation from Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant and AmTrust.
The funding will enable the company to continue product development, drive user acquisition, boost marketing initiatives and bolster the team with new hires.
Led by Wayne Slavin, founder and chief executive officer, Sure partners with insurance companies such as Nationwide, CHUBB, Marsh and Guy Carpenter to offer policies including flight, baggage, renters, pet, wedding and smartphone protection.
It is available in all 50 states and on iPhone, Android devices and the web.
Its new Smartphone Protection product can be purchased anytime during a mobile phone’s lifetime, as long as the phone is in good condition. To test the health of a phone before approving a policy, Sure designed patent-pending technology to run diagnostics virtually. The test takes a user under one minute. The smartphone product is in partnership with Warrantech, a subsidiary of AmTrust Financial Services.
Since launching in January of 2016, the company has sold over 20,000 policies.