Boost raises $20 million
NY-based Boost Insurance , the B2B digital insurance platform, announced that it has completed a $20 million Series B financing round led by RRE Ventures, and included Fin VC, Gaingels, Hack VC, Greycroft, Coatue, and Conversion Capital as participants. Boost’s funding since inception totals $37 million.
Established in 2017, Boost Insurance allows its partners to offer white-labeled digital insurance solutions to their customers. Boost powers dozens of digital distribution clients, including Hippo, Aon’s CoverWallet (see its management liability package launched in 2020), Cowbell Cyber, and Wagmo.
“The embedded fintech revolution has finally caught up to insurance. We spent the last five years building the most comprehensive infrastructure platform in the insurance industry and that hard work is paying off. We’ve invested as much in the compliance and capital side of our platform as we have in our technology, which differentiates Boost and attracts the world’s best insurtechs and enterprises to us when they look for a partner.” – Alex Maffeo, CEO and founder of Boost.
“API-driven infrastructure platforms have fundamentally changed the way companies are built and scaled in almost every fintech vertical. We’ve seen firsthand that Boost is far and away the leader in the embedded insurance space, so we’re incredibly excited to join the team as they continue powering innovation in an industry that’s ripe for disruption.” – Jason Black, General Partner of RRE Ventures.
“The structure of one-size-fits all insurance companies using heavy-handed analog distribution was leading to disengaged consumers and high costs of capital. This created a huge white space opportunity for fast, customizable, and cost-efficient solutions in insurance, so that every company could offer their customers protection built for the modern world. Boost went to market to solve this industry-wide problem and has already achieved remarkable success.” – Logan Allin, Founder and Managing General Partner of Fin VC.
Boost plans to double its team over the next 12-18 months to support growth across its insurtech and embedded partner channels while continuing to expand its API platform features. The company also expects to roll out a number of additional insurance products in 2021 in collaboration with its partners in the insurtech and broader technology industries.