Commercial auto insurtech Inshur has gained $7m in a Series A funding round thanks to Munich Re insurtech investment.

Apart from the $7m in equity funding, the insurtech firm also secured $2m credit facility in the same funding round which was also joined by MTech Capital.

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Inshur said that the proceeds will be used to expand business in new regions and accelerate reach into new insurance verticals.

Inshur allows drivers buy insurance coverage quickly at competitive prices through its mobile technology platform, proprietary data, and analytics.

Using its mobile-first platform, the company enables drivers to manage their entire insurance lifecycle from their mobile phone.

Inshur CEO Dan Bratshpis said: “We are excited to be working with strategic investment partners who understand the complexity of the Insurtech landscape and the opportunity that lays before us.

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“I am proud of the bootstrapped growth we have achieved in our two territories to date, it’s a testament to our amazing team. Our first institutional round of funding will allow us to expand further into new territories and insurance verticals within the US and EU.”

MTech Capital co-founder and partner of Brian McLoughlin said: “Dan and David have executed brilliantly. Rideshare drivers love the INSHUR mobile experience.

“Inshur is the first investment in our new fund, giving it special significance for us. We look forward to working with the Inshur team as they execute their growth strategy.”

McLoughlin will also join Inshur’s board of directors.

Established in October 2016, Inshur has been providing its commercial auto insurance in New York for almost one year. It recently forayed into the UK.