NEW YORK and LONDON, July 1, 2021 /PRNewswire/ -- INSHUR, a leading global Insurtech firm carving out a name for itself in commercial insurance, today announced completion of additional Series B funding, led by JVP alongside existing investors Viola Fintech, and MTech Capital. The new funding takes the total raised to $35 million.
Founded in New York in 2017, INSHUR recognized that too many businesses born into the digital world were being ineffectively served by an analog industry, consistently providing poor customer service. INSHUR set out to change that by harnessing rich data to transform commercial insurance, initially for New York's UBER drivers.
The new funding will fuel INSHUR's ambitious global growth plans, enabling it to invest in technology, recruit the best people, and bring new Insurtech products to market.
INSHUR is rolling out new commercial insurance products for delivery and courier drivers. The firm currently has a team of over 100 based in New York, Brighton (UK) and Amsterdam.
Commenting on the funding, Dan Bratshpis, INSHUR CEO and Co-Founder, said: "We are excited to have JVP on board as a partner. We share the same vision that a new breed of insurance company is required to support businesses in a fast-changing economy. JVP has the experience and resources we need to accelerate our growth plans, expand our proposition, and delight more customers."
"Commercial insurance hasn't evolved much in the recent past. Distribution is mostly analog, pricing models are woefully outdated, and the processes are time-sucking and inconvenient. We're here to shake things up. There is a real opportunity to leverage new technology and data to re-invent insurance and make it truly fit the way modern businesses operate."
"INSHUR is leading an insurance revolution in the new economy, based on mobility, drivers and business owners who want to take fate into their own hands," says Erel Margalit, JVP Chairman and Founder. "Whether you are an Uber driver, a locksmith or a courier, you need new and dynamic insurance that will allow you to take control of your destiny and your business. INSHUR is enabling this new economy of small businesses to thrive, with operations in both the US and Europe. We are excited about the opportunity to work with Dan, David and the team to accelerate INSHUR's development into a global category leader in commercial insurance."
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