INSHUR raises $19 million
Commercial auto insurance startup INSHUR has raised $19 million in a funding round led by Viola Growth, with the participation from MS&AD Ventures and existing investors. This brings the total funding raised by the startup to $78.5 million.
Founded in 2017, INSHUR operates in the US, UK, and the Netherlands. The investment will enable the business to continue scaling its operations globally, particularly in the US, establish and develop further relationships with key platform partners, and to continue to build its global team of insurance and technology experts.
According to a recent filing, INSHUR UK Ltd is not profitable and it posted a ~£7 million net loss before tax in 2023.
“Despite challenges faced by certain areas of Insurtech in recent years, companies that focused on specialized insurance and demonstrated excellence in technology, operations, and financial performance have managed to scale rapidly and outperform incumbent insurers. INSHUR, with its unique and innovative approach to on-demand economy drivers’ insurance – an embedded solution featuring cutting-edge technology and deep insurance expertise – has gained a leading market position and impressive revenue growth. We are excited to join the journey!” – Natalie Refuah, General Partner at Viola Growth.
“The future is on-demand. In just a few years, the way we access services like taxis and the way we purchase our groceries and pizzas has changed forever. In fact, our report found that nearly half of on-demand drivers had doubled their hours in 12 months. As the on-demand economy gains momentum around the world, it’s our mission to support the world’s biggest platform and insurance partners in ensuring that insurance coverage is fair and accessible for on-demand economy drivers.” – Dan Bratshpis, CEO and Co-Founder at INSHUR.
“INSHUR’s deep expertise in both insurance and technology has enabled them to successfully modernize global insurance solutions for the fast-growing on-demand economy. Coupled with their platform partnerships, INSHUR is a valuable addition to our portfolio and we are looking forward to supporting their growth.” – Elias Davis, Partner at MS&AD Ventures.
