On-demand insurance provider Trov has $45 million in new capital to expand its operations, thanks to a Series D funding round led by Munich Re / HSB Ventures. The round brings Trov’s total funding to just over $85 million.
Trov said it will use the new capital to bring its on-demand insurance capability to more people around the world, expand the categories of items it covers, and develop new applications that use Trov’s technology platform.
All of Trov’s Series C investors (Oak HC/FT, Suncorp Group, Guidewire and Anthemis) also participated in the latest round along with one of Japan’s major insurers, Sompo Holdings, which will bring Trov to Japan.
Trov’s smartphone app provides on-demand insurance for individual assets, like computers or cameras or sports equipment, for any duration.
Trov currently sells in the United Kingdom, with AXA Insurance, and in Australia, where it is backed by SunCorp. It has plans to start in the U.S. by the end of the year as a managing general agency (MGA), with Munich Re capital and underwriting.
In addition to its investment, Munich Re said it is expanding its strategic alliance to include underwriting throughout Europe, Asia and South Africa.
Additionally, SOMPO is investing in the financing round through SOMPO’s wholly owned subsidiary Sompo Japan Nipponkoa and partnering with Trov to offer its on-demand insurance exclusively throughout Japan.
“By expanding our partnership with Munich Re and adding SOMPO, we’re building a stable of exceptional partners who will enable us to launch around the world with greater speed, efficiency, and local know-how,” said Scott Walchek, CEO and founder of Trov. “The combined capabilities of key global insurance leaders will streamline our regulatory path and increase our go-to-market effectiveness in each new territory we pursue.”
Andy Rear, CEO of Digital Partners at Munich Re, said Trov’s on-demand protection represents a “genuine innovation in insurance for an unserved or under-insured market.”
Koichi Narasaki, group chief digital officer for SOMPO, said SOMPO Group is “transforming itself into the whole service industry of security, safety and wellbeing for a global society” and together with Trov is seeking a “user-first approach in one of the world’s leading mobile-consumer markets.”
Trov is headquartered in the San Francisco Bay Area.
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