Vertical Insure raises $4 million

Vertical Insure has closed a $4 million seed round co-led by Rally Ventures and Dundee VC.

Founded this year, the company (a team of 5 according to LinkedIn) looks to help industry specific vertical SaaS companies increase profits through embedded insurance.

According to the company, with Vertical Insure, SaaS companies can offer customized insurance options at the click of a button — resulting in added value and new revenue without any extra overhead or IT bandwidth. Products offered include event cancellation insurance and shipping protection.

“Embedded insurance is a huge opportunity. In numerous industries the addition of embedded insurance has been shown to double the revenue of a vertical SaaS company. These platforms know the needs of their customers, and Vertical Insure leverages their existing data to recommend, underwrite and price customized coverage to ultimately create a more valuable product.” – Greg Beaufait, Partner at Dundee Venture Capital.

“Vertical SaaS platforms are ideally positioned to offer right-sized coverage. Leveraging their relationships, they can collapse applications down to a single checkbox at checkout and earn revenue for enabling ease of purchase. Platform businesses should get the full benefit of dramatically simplifying insurance for their customers.” – Brock Noland, Co-Founder and CEO of Vertical Insure and Founder and former CEO of Cloudera, Streamsets and phData.

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