JVP leads $ 35 million fundraising round at global insurance company Inshur
Jerusalem Venture Partners (JVP) led a $ 35 million fundraiser at Inshur, a global insurance company “making a name for itself in commercial insurance,” the Israel-based venture capital firm said Thursday.
The funding round also benefited from the participation of investors such as Viola Fintech, MTech Capital and other existing investors.
Founded in 2017 in New York City, Inshur set out to change the way businesses were “inefficiently served by an analog industry, consistently delivering poor customer service” by harnessing rich data to transform ride-sharing insurance, initially for New York Uber drivers.
Inchour expanded to the UK and the Netherlands and is currently rolling out new products for delivery people and couriers. The firm currently has a team of over 100 people based in New York, Brighton (UK) and Amsterdam.
Rather than using a broker and filling out lots of forms, clients simply scan their business license using the Inshur app which automatically retrieves and processes relevant rate data to get their insurance coverage in minutes instead. than waiting for days to start driving and making money.
The new funding will fuel Insurtech’s ambitious global growth plans, enabling it to invest in technology, recruit the best people and bring new Insurtech product lines to a larger market, which includes other companies that operate commercial vehicles.
“We are delighted to have JVP on board as a partner. We share the same vision that a new generation of insurance companies is needed to support businesses in a rapidly changing economy, ”said Dan Bratshpis, CEO and co-founder of Inshur. “Commercial insurance hasn’t changed much lately. Distribution is predominantly analog, pricing models are woefully outdated, and processes are time consuming and inconvenient. We’re here to make things happen. There is a real opportunity to harness new technologies and data to reinvent insurance and truly adapt it to the way modern businesses operate. “
“Inshur is leading an insurance revolution in the new economy, based on mobility, drivers and business owners who want to take their destiny into their own hands,” said Erel Margalit, president and founder of JVP. “Whether you’re an Uber driver, a locksmith or a courier delivering Amazon packages to the customer’s home, you need new and dynamic insurance that will empower you to take charge of your destiny and your business. INSHUR enables this new small business economy to thrive, with operations in the United States and Europe. We are excited for the opportunity to work with Dan, David and the team to accelerate INSHUR’s development into a global leader in the commercial insurance category.