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June 30, 2022

Insurtech startup Spot secures $33m in new funding round

US-based insurtech startup Spot has raised $33m in a new funding round to step up its strategic partnership approach for insurance policies.

The fresh round of investment comprises $25m in equity and $8m in debt.

Led by Ensemble VC, the round saw the participation of Sozo Ventures and other existing investors.

Headquartered in Austin, Texas, Spot enters into partnerships with businesses and organisations in the active lifestyle space and provides cover for their customers’ medical bills.

With the new capital, Spot plans to continue developing a digital experience for its partners and their customers.

Spot co-founder and co-CEO Matt Randall said: “Less than half of Americans have enough savings to cover $1,000 in sudden medical expenses.

“We’re building the alternative to a broken US health insurance system by making it easier for people to access affordable coverage.

“By distributing through partners, customers will not only be able to buy insurance in the moments they need it most; they’ll also know exactly what they’re covered for—so they can live life to the fullest without the fear of going into debt from medical bills.”

Spot said that the customers can receive treatment at any licenced physician, hospital, or urgent care clinic.

The coverage is available with or without traditional health insurance.

Ensemble VC managing partner Collin West said: “Spot is the solution to an outdated US health coverage system that’s just not working for most people anymore.

“Spot makes it easier for more people to get affordable coverage, so they can chase what they love knowing they’re protected if things go wrong.”

In July last year, Spot raised $17.5m in a round led by GreatPoint Ventures.

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