Vouch Insurance raises $90 million
San Francisco-based business insurance platform for startups Vouch Insurance has raised $90 million across two rounds: a $60 million Series C co-led by SVB Capital and Ribbit Capital that values the company at $550 million, and a previously unannounced $30 million Series B1 led by Redpoint Ventures. Other investors include Allegis Group, Sound Ventures and SiriusPoint. To date, the company raised $214 million.
Founded in 2018, Vouch offers a range of products including Business Property, General Liability, Directors & Officers, Employment Practice Liability, and Cyber Coverage. Vouch also announced that it is now the preferred business insurance provider to Brex, Carta, and WeWork customers, and that the company is a licensed insurance carrier.
“The decision to become an insurance carrier was directly informed by the needs of our startup clients. Vouch now backs our own insurance policies, alongside world-class reinsurance partners. This strengthens our ability to deliver insurance policies that cover the unique risks of startups for founders, employees, investors, and the partners that rely on them.”
Vouch also announced an expanded line of proprietary products and services for startups including:
- Work From Anywhere coverage— Vouch has adapted business property insurance for the modern, hybrid work environment with Work From Anywhere insurance. This first-of-its-kind coverage can insure up to $500,000 in limit per occurrence, to include specified property owned by a startup regardless of the location of that property.
- Broader cyber coverages for tech companies: With the rise of ransomware and cyberattacks on businesses, Vouch now offers a bricking endorsement, enhanced coverage for business outages caused by cyber attacks, and more comprehensive cyber crime coverage, which can cover losses due to fraud.
- Comprehensive coverages for early to mid-stage startups— Vouch expands its underwriting capabilities to serve early-stage to growth market startups.
- Embedded insurance – Vouch is developing embedded insurance to partner with startup leaders to make buying insurance more accessible for customers.
“Our recent rounds of funding ensure that Vouch can better serve startups. Today we are partnering with industry leading startups and innovators Brex, Carta, and WeWork to enable founders to scale their companies without worrying that their business coverage may fall short. How can we help founders worry less about their biggest risks and focus on driving the changes they want to see? It’s our responsibility to meet startup founders where they are, and give startups flexibility as they navigate changing laws, regulations, and the virtual and physical locations of their businesses.” – Sam Hodges, Co-Founder and CEO of Vouch.