Boost Raises $3M Because The Industry Doesn’t Need Another Innovation Hub
NYC-based Boost announced it has raised $3 million in a seed round led by Norwest Venture Partners with participation from IA Capital Group, Greycroft Partners, State National and Nephila.
The digital MGA led by former principal at IA Capital Group, Alex Maffeo, is focused on streamlining the go-to-market process for insurtech startups and innovative insurance products.
“There are many resources for educating entrepreneurs and assisting with the development of business models, however there is no insurance industry nexus that provides all of the tools and services for launching a startup in the insurance space. Traditional insurance carriers provide the valuable expertise to help entrepreneurs avoid common industry pitfalls, but often cannot meet the fast-paced demands of a startup and lack the technology to integrate efficiently. Boost offers the best of both worlds: technology and startup sector expertise, as well as the highest-quality re/insurance partners” – founder and CEO Alex Maffeo.
This is Boost.
Boost provides both access to a balance sheet and modern tech. First, via its partnership with State National, it is now focused on startups in the P&C space that are looking to introduce new products and/or distribution models. Second, its Boost InsurTech Platform is a flexible, API-driven platform that provides modern insurance data exchange for startups.
Note, State National, which is currently fronting Boost, has previously partnered with renters and deposit insurance provider, Jetty. Perhaps telling on how the insurer plans to work with new entrants in the future.
Bottom Line: look for it, in early 2018.
PS. Recall 2017 insurance-related investments here.