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December 20, 2019updated 23 Dec 2019 10:06am

Insurtech Hourly raises $7.15m in seed funding round

American insurtech firm Hourly has raised $7.15m in a seed funding round led by Aya Peterburg and Haim Sadger of S Capital.

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The funding round also witnessed the participation from J-Angels, Inovia Capital, and 22 angel investors, such as Global Foundries senior vice president Amir Faintuch, and Pinterest COO Francoise Brougher.

As per the terms of the agreement, Faintuch will join as executive chairman of the Hourly board.

Hourly, which offers workers’ comp insurance, payroll and time tracking for small business owners, intends to invest the proceeds on further expansion of the business into new markets.

Hourly, which started its operations earlier this year, partners with insurers and use real-time payroll data to save employers thousands of dollars on workers’ comp insurance.

Besides ensuring accurate reporting, the Hourly platform helps avoid over- or underpayment of workers’ comp insurance premiums.

Hourly co-founder and CEO Tom Sagi said: “I have seen business owners spending an entire day each week reconciling payroll, figuring out workers’ comp premiums and struggling with processing payroll. I thought, there has to be a better way.

“I wanted to liberate folks from that weekly ordeal, and with the incredible support of our investors, we’re well on our way to making employee management better for small business owners.”

S Capital founding partner Aya Peterburg stated: “Small businesses with hourly employees have complex and unique needs, which legacy, rigid and inflexible software platforms are underserving.

“Hourly is well-positioned to add another dimension of flexibility and expediency to managing that segment, and ultimately creates a much more efficient workplace.”

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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