Vouch Insurance raises $45 million
Vouch Insurance , the insurance startup offering business insurance for startups which raised $24.5 million in September, has raised $45 million in a new round led by Y Combinator Continuity. With the new investment, Vouch has raised $70 million in financing to date from Ribbit Capital, SVB Financial Group, Y Combinator, Index Ventures, and 500 Startups.
After launching in Utah and Illinois in September, Vouch scaled to six additional markets and plans to offer coverage nationwide by the end of 2020. Less than eight weeks after launching in Utah, Vouch crossed 5% market share, with an overall Net Promoter Score of 80. The startup is also announcing its launch in California, bringing “digitally-delivered insurance coverage to the world’s largest technology and startup market.”
Vouch’s policies are backed by Munich Re and the startup is a preferred insurance provider for Silicon Valley Bank’s client base, which includes approximately 50% of venture-backed technology and life science startups in the country.
“Y Combinator and Vouch share a common goal – giving founders the support they need to build successful, innovative companies. Vouch is built specifically for startups, so founders have the peace of mind that their business is covered. This platform is fundamental to the startup community, as it enables founders to focus on growing their companies – which is why we were bullish on leading the Series B.” – Anu Hariharan, Partner at Y Combinator Continuity.
“Vouch helps founders manage the risks associated with starting up a new company, so they can focus on creating and growing businesses that change the world. We believe that’s a purpose worth pursuing. As an entrepreneur, I’ve spent most of my career building companies at the intersection of technology and financial services. I know first-hand that along the journey of building and growing a business, teams will face numerous high-stakes challenges. Vouch is here to support entrepreneurs and mitigate those challenges from the beginning, leaving more room for growth.” – Sam Hodges, CEO and co-founder of Vouch.