The startup Insurify, which had accepted $6.6 million over two rounds before its latest investment, has raised a further $23 million in a Series A led by MTECH Capital and VIOLA FinTech. Prior investors MassMutual Ventures and Nationwide took part in the new investment.
Enter Insurify - the insurance startup that bridges that gap. Working to build “automation behind insurance,” Insurify wants to help people find the coverage that they need, online, at a fair price; it’s a good business for the startup, which gets paid when consumers buy new insurance through its tooling.
It’s more than a middleperson, however. The startup wants to bring the buying of insurance more firmly into the digital world. Today, Insurify completes 65% of its new policies online, and provides pre-loaded information to carriers when it passes a consumer over to their side of things.
In practical terms, the new capital will help Insurify with “horizontal expansion,” like “launching new verticals” that will include home, rental and other types of insurance, CEO and founder, Snejina Zacharia