B2B digital insurance platform Boost Insurance has received $20m capital in a Series B round that saw the participation of several new and current investors.
New backers Fin VC, Gaingels, Hack VC as well as a global publicly traded reinsurance company joined the round.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Current investors Greycroft, Coatue, and Conversion Capital also participated.
Fin VC founder and managing general partner Logan Allin said: “The structure of one-size-fits all insurance companies using heavy-handed analog distribution was leading to disengaged consumers and high costs of capital.
“This created a huge white space opportunity for fast, customisable, and cost-efficient solutions in insurance, so that every company could offer their customers protection built for the modern world. Boost went to market to solve this industry-wide problem and has already achieved remarkable success.”
Boost’s integrated insurance-as-a-service platform enables businesses to build, embed, and manage insurance programmes for their customers.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIt counts Hippo, Aon’s CoverWallet, Cowbell Cyber, and Wagmo as clients.
The fresh funding brings Boost’s total capital raised to date to $37m. The company plans to use the money to drive the growth of its platform, develop its product line-up and to support partner marketing.
Plans are on to double its employee headcount over the coming 12-18 months to drive growth across its insurtech and embedded partner channels.
The company also intends to expand its API platform features, as well as launch more insurance offerings this year with its partners in the insurtech and broader technology sectors.
Boost CEO and founder Alex Maffeo said: “We’ve invested as much in the compliance and capital side of our platform as we have in our technology, which differentiates Boost and attracts the world’s best insurtechs and enterprises to us when they look for a partner.”
In March this year, small business-focused insurtech Pie Insurance raised $118m in a Series C round to fuel growth.
