Boost Insurance raises $14 million Series A
NY-based insurtech development platform Boost Insurance announced a $14 million Series A round co-led by Coatue and Greycroft, with participation from Tusk Venture Partners, Conversion Capital, and MetLife Chairman Glenn Hubbard. Existing investors Norwest Venture Partners and IA Capital Group also participated. The investment brings Boost’s total funding to $17 million and will be used to launch new business lines and expand its API services.
Established in 2017, Boost Insurance allows its partners to offer white-labeled digital insurance solutions to their customers. It recently launched a security deposit replacement program with LeaseLock and its SMB commercial cyber insurance program with Cowbell Cyber.
The company – a team of 24 – also announced the rollout of several new data-driven products that will be offered through a host of innovative distribution partners in 2020, including:
- Startup-Focused Management Liability: a commercial insurance option for venture-backed startups, which traditionally lack the financial or operating history to qualify for coverage.
- Parental Leave Employer Protection: a financial coverage option for employers, so they can offer new parents impactful time off to spend with their families.
- Pet Insurance: a modular health and wellness protection for pets.
- Identity Theft Protection: a consumer protection product against the threat of stolen identity and fraudulent transactions.
“The P&C insurance industry is a $600 billion a year growing market. Boost is uniquely positioned to provide the infrastructure for modern insurance products to be offered by digital innovators across any industry. We are grateful to partner with this incredible group of investors. Their backing validates the progress we have made towards powering an insurance ecosystem for the modern world.” – Alex Maffeo, CEO and founder of Boost.
PS. According to Coverager Data, the average Series A round for insurance enablers operating in the P&C space was $8.6 million in 2019.