Boost Insurance has raised $14m in Series A funding to help expand its infrastructure-as-a-service (IaaS) platform.
The funding round was co-led by Coature and Greycroft. Tusk Venture Partners, Conversion Capital, and MetLife chairman Glenn Hubbard also contributed. Norwest Venture Partners and IA Capital Group were existing investors and participated.
This takes Boost’s total funding to $17m and will be used to launch new business lines and expand its API services.
Boost aids firms to offer white-labelled digital insurance solutions to customers.
It also announced a number of new data-driven products set to be launched in 2020. These include:
- Start-up-focused management liability
- Parental leave employer protection;
- Pet insurance, and
- Identity theft protection.
Boost’s fully compliant IaaS platform comes with end-to-end insurance infrastructure. Within this is data-driven insurance product development, appointment by an ‘A’-rated insurance carrier, and risk capacity back by reinsurers.
Integration works through an API and it can also enable automated claims administration, compliance and data analytics for partners.
Alex Maffeo, CEO and founder of Boost, said: “The P&C insurance industry is a $600bn a year growing market. Boost is uniquely positioned to provide the infrastructure for modern insurance products to be offered by digital innovators across any industry. We are grateful to partner with this incredible group of investors. Their backing validates the progress we have made towards powering an insurance ecosystem for the modern world.”
“Insurance is a natural adjacency that so many companies have the potential to expand into – but building into the vertical can take years. Boost is carving out a new insurtech opportunity by providing the insurance infrastructure needed for brands to bundle insurance offerings and ultimately add more value to their customer bases,” added Ellie Wheeler, partner at Greycroft.
“Coatue invested in Boost because of the momentum they’ve created across the insurance ecosystem via its simple, API-driven insurance solution,” said Bennett Siegel, partner at Coatue. “Boost drastically reduces the complexity and overhead faced in building a meaningful insurance business – whether its partners are insurtech startups or enterprise-level technology brands. This fundamentally changes the way consumers interact with insurance by enabling them to purchase it from the brands they know and trust. We’re excited to collaborate with Boost as it continues to provide the infrastructure for the next generation of insurance.”