Australia-based Open Insurance has raised $31m in a Series B funding round, which was co-led by Movac and Latitude.
Existing investor AirTree Ventures also participated in the round, which took the total funds raised so far to $53m.
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Open Insurance plans to use the proceeds to expand its team, develop new products for the SME sector and foray into new markets.
As part of the expansion plan, Open Insurance plans to launch operations in New Zealand and the UK in next 12 months.
Open Insurance offers home, motors and health insurance and its products are underwritten by Hollard.
It is best known for its Huddle insurance brand which is said to have over 70,000 customers.
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By GlobalDataThe insurer also offers white-labelled solutions that can be used by its partners to embed insurance into app or website APIs.
Open co-founder Jason Wilby said: “Imagine a world in which you only pay for car insurance based on how much you drive, your home contents policy automatically updates when you buy new tech, and your travel insurance automatically activates when you land in another country.”
Movac partner Jason Graham said: “Open is the leading embedded insurance player across Australia and New Zealand. Their technology is built to bring trust back to the insurance industry and through their exponential growth, we can see that consumers prefer this new, ethical, digital way of doing insurance.”
