Vouch Insurance launches to serve startups

San Francisco-based  Vouch Insurance is live in Utah and Illinois offering general liability, property, cyber, E&O, and D&O coverage “in just 10 minutes.” And since it is tailored to startups, “Vouch’s coverage is also much more affordable than typical business insurance,” with premium starting at $300 per year for basic theft and litigation coverage.

The company also announced that it has raised $24.5 million in Series A funding. The round was led by Ribbit Capital and SVB Financial Group, the parent company of Silicon Valley Bank, with participation from Y Combinator, Index Ventures, and 500 Startups.

“Vouch Insurance is a new kind of insurance company for startups. Built by founders for founders, Vouch’s fully digitally-delivered coverage takes minutes to activate, and everything from onboarding to claims is designed for startups. Because Vouch is an insurance company, and not a broker, it actively works with its clients to manage, mitigate, and avoid risks.”

Established in 2018 as an affiliate of SVB Financial Group, the company is a preferred provider of insurance for Silicon Valley Bank’s client base, which includes roughly 50% of venture-backed technology and life science startups in the U.S. Last, policies are backed by Munich Re.

Get a feel for the flow below.