Jerusalem Venture Partners (JVP) has led a $35 million financing round in Inshur, a global insurtech firm “carving out a name for itself in commercial insurance,” the Israeli-founded venture capital firm announced on Thursday.
The funding round also included investors like Viola Fintech, MTech Capital, and other existing backers.
Founded in 2017 in New York, Inshur has set out to change how businesses were being “ineffectively served by an analog industry, consistently providing poor customer service” by harnessing rich data to transform rideshare insurance, initially for New York’s Uber drivers.
Inshur expanded to the United Kingdom and the Netherlands and is now rolling out new products for delivery and courier drivers. The firm currently has a team of over 100 based in New York, Brighton (UK) and Amsterdam.
Rather than use a broker and fill out numerous forms, customers simply scan their professional license using the Inshur app which automatically retrieves and processes the relevant pricing data to get their insurance coverage in minutes rather than wait days to start driving and earning.
The new funding will fuel Inshur’s ambitious global growth plans, enabling it to invest in technology, recruit the best people, and bring new Insurtech product lines to an expanded market, which includes other firms that operate commercial vehicles, the company indicated in a statement.
“We are excited to have JVP on board as a partner. We share the same vision that a new breed of insurance company is required to support businesses in a fast-changing economy,” said Dan Bratshpis, Inshur CEO and co-founder. “Commercial insurance hasn’t evolved much in the recent past. Distribution is mostly analog, pricing models are woefully outdated, and the processes are time-sucking and inconvenient. We’re here to shake things up. There is a real opportunity to leverage new technology and data to re-invent insurance and make it truly fit the way modern businesses operate.”
“Inshur is leading an insurance revolution in the new economy, based on mobility, drivers and business owners who want to take fate into their own hands,” says Erel Margalit, JVP chairman and founder. “Whether you are an Uber driver, a locksmith or a courier who takes care of delivering Amazon’s packages to the customer’s home, you need new and dynamic insurance that will allow you to take control of your destiny and your business. INSHUR is enabling this new economy of small businesses to thrive, with operations in both the US and Europe.”