Verifly is now Thimble
Verifly, the NYC-based startup offering short-term liability coverage for small businesses and independent workers, announced that it has expanded and rebranded to become Thimble , supported by $22 million in Series A funding. The funding was led by IAC, with participation from existing investors including Slow Ventures, AXA Venture Partners, and Open Ocean, bringing the startup’s total funding to date to $28.9 million.
According to the announcement, Thimble has already sold over $100B in aggregate exposure and is on pace to sell 100,000 policies by year end. 75% of Thimble’s customers are new to business insurance altogether and 50% of Thimble policies sold cover a single day or less.
“We’ve reinvented insurance to make it simple, enabling small businesses to succeed on their own terms and take advantage of the flexibility and technology driving the modern economy.” – Thimble co-founder and CEO Jay Bregman.
“Thimble is just the kind of company IAC likes to back – a smart team with a disruptive technology that aims to shake up a traditional category. Jay and team are poised to redefine insurance coverage for the modern workforce – we’re excited to see what they can do.” – Michelle Arbov, Head of M&A, IAC.
“By breaking down barriers and leveraging technology, Thimble is doing more than bringing traditional policies online – it is leading the charge to better match insurance needs to the modern worker and delivering it in a way that will make insurance more like other industries. The insurance industry generates over $100 billion of small business premium in the US alone, and that’s without the 40 percent of sole proprietors who do not currently purchase business insurance.” – Scott Whitehead, Managing Director of Markel.