Voom raises $15 million

VOOM Insurance, the provider of on-demand insurance for the mobility sector, has raised $15 million. The funding round was co-led by JAL Ventures and UP.Partners, with the participation of F2 Capital, Arbor Ventures, Verizon Ventures, and ICON Continuity Fund, bringing Voom’s total funding to $22 million.

Voom recently introduced “the world’s first” per-mile insurance product for motorcycles. Before that, the company launched on-demand drone insurance via SkyWatch.AI. The company is expanding to offer usage-based insurance solutions for light aircraft, leisure vehicles and gig drivers.

“The first wave of insurtech startups improved the way insurance companies engaged with their customers. Voom, as an ‘insurtech 2.0’ pioneer, is fundamentally changing the risk model itself. Our expertise is in areas of mobility where the risk is high but the usage is irregular or seasonal. We apply advanced analytics to provide dynamically-priced usage-based insurance products that our customers love.” – Tomer Kashi, co-founder and CEO of Voom.

“The mobility industry is evolving extremely quickly, but traditional insurance providers do not. In order to serve the most innovative mobility segments, Voom has established its own end-to-end insurance software stack which has now been proven with great success. We are excited to join Voom on their journey as they expand their business to additional mobility verticals.” – Ben Marcus, co-founder and managing partner at UP.Partners.

“We have met numerous insurtech companies in the last 12 months, but the Voom team stood out. They have a winning combination of flawless execution and a clear vision for how to disrupt the mobility insurance market. Insurance is a $6 trillion global industry with insurtech making up less than 1% of that. Voom is churning out innovative insurance products and that will markedly expand the insurtech share of the insurance industry.” – Yair Elbaz, general partner at JAL Ventures.