Vouch Insurance, which serves early stage start-up companies, has secured $24.5m in a Series A funding round led by SVB Financial Group and Ribbit Capital.
The funding round was also joined by Y Combinator, Index Ventures, and 500 Startups.
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Vouch Insurance said it will use the proceeds to expand product range, build team and to expands services to more states in the US.
Concurrently, the company launched new insurance products and risk assessment tools specially keep in mind needs of high growth companies.
The entirely digital product will exclusively serve tech start-ups. The new offering, the company claims, will activate coverage in minutes instead of days or weeks.
Furthermore, the company has secured authorisation to sell its products to start-ups in Utah and Illinois. The company also expects to enter the California market by fall this year, additional 10 states by the end of 2019 and worldwide by next year.
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By GlobalDataVouch CEO and co-founder Sam Hodges said: “As seen time and again over the past few years, startups face a range of risks similar to large established companies, yet the current insurance market doesn’t understand our unique needs.
“This leads to policies that don’t cover what they need to, cost too much, and take too long to get. Vouch is the kind of insurance company I wished existed when I founded my last company.”
