US-based insurtech Spot, which offers on-demand injury insurance, has raised $17.5m in funding, which includes $15m in equity and $2.5m in debt.

GreatPoint Ventures led the funding round, which also saw participation from Montage Ventures, Mutual of Omaha, MS&AD, and Silverton Partners.

Spot will use the proceeds to expand the team, form new partnerships, and boost marketing efforts.

The insurer leverages strategic partnerships with firms and organisations to provide bespoke injury insurance coverage. Its partners’ customers and communities can purchase coverage when they sign up for activities or memberships.

Spot noted that athletes, such as snowboarder Travis Rice, cyclist Ayesha McGowan, mountaineer Adrian Ballinger, skateboarder Monica Torres, and skier Julian Carr are covered by its policies.

Spot co-founder and CEO Matt Randall said: “Monthly premiums on health insurance are much higher than what the average American can afford, so Spot is rethinking insurance and offering a new alternative for today’s consumers while finding ways to help Americans live their lives without going broke.”

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Spot said that its month-to-month accidental injury coverage starts at $25/month, which can be used with or without traditional health insurance.

Mike McCormick, principal at GreatPoint Ventures, will join Spot’s board of directors.

McCormick said: “Spot is a fundamental fix to the broken US health insurance system, which currently leaves so many people physically and financially ruined. I believe Spot can fill health coverage gaps for millions of Americans who need better healthcare, and I’m honored to support the company’s mission.”