Vouch Insurance this week announced a $45 million Series B investment round led by Y Combinator Continuity.
Vouch also announced its launch in California, which the firm said represents 50 percent of the business insurance market and is the center of the fast-growth technology and start-up industry, which spends $44 billion per year on commercial insurance. The company plans to provide coverage to startups nationwide by the end of 2020.
Vouch promotes itself as a new kind of insurance platform for startups, “offering fully-digital, tailored coverage that takes minutes to activate.”
With the new investment, Vouch has raised $70 million in financing to date from Ribbit Capital, SVB Financial Group, Y Combinator, Index Ventures and 500 Startups.
After launching in Utah and Illinois in September, Vouch scaled to six additional markets and plans to offer coverage nationwide by the end of 2020.
Vouch’s platform provides coverage ranging from business property and general liability and employment practice liability to cyber coverage. All Vouch coverages are accessed from a single application that reportedly takes less than 10 minutes to complete.
Vouch’s policies are backed by Munich Re. Vouch has offices in San Francisco and Chicago.
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