Slice Labs, an on-demand insurance cloud platform provider, has raised an additional $20m in a Series A funding round led by The Co-operators, a Canadian insurance co-operative.
The Co-operators was joined by XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Veronorte, the investment arm of Grupo Sura, and JetBlue Technology Ventures in the funding round.
The Co-operators president and CEO Rob Wesseling said: “Through our partnership with Slice, we’re not only investing in a technology that enables us to stay on the leading edge of those solutions, we’re investing in our long-term ability to continue meeting the changing needs of our members and clients.”
The latest tranche of funding takes the total capital raised in Series A to $31.6m. The company aims to use the new capital to expand its services across the globe.
Established in 2016, Slice offers the Insurance Cloud Services (ICS) that allows insurers to test and implement new on-demand insurance products within weeks. The platform leverages machine learning and advanced data analytics.
Slice CEO Tim Attia said: “The ICS platform is rapidly growing as insurers increasingly realise the need to engage a cloud-based platform and the competitive edge a fully digital on-demand insurance offering provides.
“This exceptional bench of new and returning investors will be a tremendous asset as we continue scaling our business and experimenting with the unmatched potential of digital insurance.”