Since its inception in 2018, Bamboo has secured $75m in funding. Credit: Shutterbug75 from Pixabay.

Bamboo Ide8 Insurance Services, a US-based insurer, has raked in $16m in the first close of its Series A investment round.

The round was led by Eos Venture Partners, a company specialised in insurtech investing, and also saw the participation of current investors.         

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Bamboo founder and CEO John Chu said: “The completion of our Series A round marks an exciting inflection point for Bamboo.

“After successfully refining our underwriting model and distribution capabilities over the past three years in the California market, Bamboo will now embark on a product and geographic expansion plan while remaining true to our profitable underwriting philosophy.”

Eos general partner Zach Powell said: “We are thrilled to partner with the experienced team at Bamboo and support their product and geographic expansion plans.

“Bamboo has demonstrated strong growth coupled with profitable underwriting that will ultimately differentiate insurtech winners.”

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Since its inception in 2018, Bamboo has garnered $75m in funding.

The company used the capital to drive organic growth in California, develop a retail agency and also establish a captive insurance unit in Bermuda.

Bamboo offers homeowners, dwelling fire and other ancillary products to cater to the Californian property market.

The company uses applied science approach and technology to lower inefficiencies. Currently, Bamboo has more than 75,000 policyholders and managed premiums worth $105m.