American insurtech start-up Sure has raised an additional $12.5m in a Series B funding round, which was led by commercial lines property & casualty insurer W.R. Berkley.
With completion of the latest round, the New York-based insurance technology firm has so far raised a total of $23.1m.
Earlier in June 2017, the company secured nearly $8m through Series A funding round led by IA Capital, with participation from FF Venture Capital, Menlo Ventures and Nationwide Ventures, among others.
In partnership with insurance carriers, Sure delivers insurance products such as rideshare and mobility insurance and more traditional P&C, A&H, renters, travel, rental car, individual items, smartphones, and commercial BOP and liability.
Sure co-founder and CEO Wayne Slavin said: “The funding by W. R. Berkley Corporation is a testament to our skill and overall ability to create value for insurers and customers unlike anyone else.”
The insurtech firm intends to invest the new funding to augment the SURE app (consumer product), the SURE Platform (for global consumer brands and carriers), along with SURE Connect (for affinity programs, e-commerce and fintech partners).
The fund will also be used to speed up the growth and support on-going technological development of SURE’s technology, APIs and Insurance-as-a-Service solution.
R. Berkley director of investments Michael Nannizzi said: “Sure’s best in class technology platform is modernising the way insurers offer insurance and the way consumers access it.
“We’re excited to both lead this funding round and to partner with Sure to develop innovative digital solutions to better serve our customers.”
Sure manages offices in Santa Monica, New York City, Tel Aviv, and Johannesburg. The company has been licensed to operate in all 50 US states.