US-based business insurance provider Vouch has closed a $25m Series C-1 investment round, led by venture capital company Ribbit Capital.
Vouch specialises in providing insurance for high-growth companies. It also provides risk management solutions to clients through expertise in proprietary pricing and underwriting, and fast, digital-first procurement.
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Since its establishment in 2018, Vouch has raised more than $185m from various Silicon Valley institutions and investors including Allegis, Anthemis, MS&AD Ventures, Redpoint Ventures, Ribbit Capital and Y Combinator.
The company will use the fresh infusion to expand its insurance products offerings and distribution channels.
Vouch also aims to continue making investments in its technology platform.
The latest insider-led oversubscribed round is said to build on the company’s strong business performance over the past year.
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By GlobalDataVouch reported a 66% surge in its year-over-year revenue and favourable loss ratio outcomes.
The company’s growth is further evidenced by an annual premium retention rate exceeding 120%.
In 2023, Vouch expanded its reinsurance panel from four to seven partners and launched Vouch Horizon to help scale-stage start-ups with complex risks and insurance requirements.
The company recently introduced AI Insurance, a new coverage option designed to address emerging AI risks.
Vouch co-founder and CEO Sam Hodges said: “I am proud that we are one of the few companies in our market that has achieved our goals despite industry headwinds, balancing pursuit of our big vision with strong business performance. And most importantly, we have been there when our clients need us most, successfully resolving hundreds of claims – many of which are complex and potentially company-limiting – totalling many millions of dollars.
“This additional equity funding enables us to expand our insurance product set and distribution channels and also to continue investing in our technology platform.”
Since 2022, Vouch has expanded its team, with more than 70 new employees.
The company hired Jared Klee as new sales head; Suzanne Robinson as claims head; Clark Kays as demand generation head; Meg Glenn as actuarial head; and Mike Gorlin as underwriting head.
