INSHUR closes $7M in Series A funding and a $2M credit facility

NEW YORK & BRIGHTON, England–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/inshurapp?src=hash” target=”_blank”gt;#inshurapplt;/agt;–Following a record year of growth for the #insurtech business, INSHUR
has today confirmed it has closed a Series A investment round, securing
$7M in equity funding and a further $2M credit facility. The investment,
led by Munich Re Ventures with participation from MTech Capital, will
support expansion into new territories and accelerate reach into new
insurance verticals.

INSHUR is a 100% digital provider of commercial auto insurance,
currently focused in the rideshare vertical. The product has been live
in New York for 11 months and recently launched in the UK.

Using its mobile technology platform, proprietary data, and analytics,
INSHUR helps professional drivers buy insurance coverage quickly and at
a competitive price. In a market where the traditional broker model has
remained unchanged, INSHUR delivers a mobile-first platform, allowing
drivers to manage their entire insurance lifecycle from their mobile
phone.

Speaking about INSHUR’s growth story, CEO Dan Bratshpis, said: “We are
excited to be working with strategic investment partners who understand
the complexity of the Insurtech landscape and the opportunity that lays
before us. I am proud of the bootstrapped growth we have achieved in our
two territories to date, it’s a testament to our amazing team. Our first
institutional round of funding will allow us to expand further into new
territories and insurance verticals within the US and EU.”

Andrew Rear, CEO of Digital Partners, said: “INSHUR’s growth in less
than a year shows how they are transforming the experience commercial
drivers have with insurance. We are proud to have been with them since
the beginning of their journey”.

Brian McLoughlin, a Co-Founder and Partner of MTech Capital who is
joining INSHUR’s board of directors, said “Dan and David have executed
brilliantly. Rideshare drivers love the INSHUR mobile experience. INSHUR
is the first investment in our new fund, giving it special significance
for us. We look forward to working with the INSHUR team as they execute
their growth strategy”

-ENDS-

About INSHUR

INSHUR is the only mobile-first provider of commercial auto insurance
for drivers.

The mobile app allows professional drivers to quote, purchase and
service their insurance policies at their convenience. The FREE app is
available for Android and iOS devices. Founded in October 2016, the
teams are based in NYC and Brighton (UK). INSHUR provides customers with
the ability to get a quote and buy cover in minutes and not days. INSHUR
means no more calling around brokers, waiting for a quote, finding
parking and coming back with missing paperwork. The product is live in
New York and the UK.

About MTech Capital

MTech Capital is a venture capital firm focused on InsurTech. With
offices in Santa Monica and London, we seek technology-enabled
investment opportunities which we believe can transform one or more
elements of the insurance industry value-chain. Our limited partners are
primarily insurance companies who help us deliver additional value to
InsurTech entrepreneurs.

Contacts

Note for the editorial staff, for further questions please contact
INSHUR,
VP Marketing, Paul Doran
Tel: 07768 373 100
[email protected]

MTech Capital
London:
Kevin McLoughlin
([email protected])

Santa Monica, CA:
Brian McLoughlin
([email protected])

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