Embedded insurance provider for the on-demand economy INSHUR has raised $19 million in its latest funding round, bringing the company’s funding to $78.5 million.
Insurance for the on-demand economy is a challenge for drivers. INSHUR offers a suite of products tailored specifically for the on-demand lifestyle – helping workers to stay on the road and keep earning.
Since 2018, INSHUR has worked with Uber to provide insurance products tailored for on-demand livery drivers. Now, INSHUR is working towards a full US rollout of its digital rideshare product in collaboration with Uber.
INSHUR drove nearly 4x growth in 2023, and following the acquisition of American Business Insurance Services (ABI) in April, the company has expanded its services across the US and enhanced its offering for both drivers and platform partners globally.
Its car-sharing insurance product has grown 100 percent in the past year and is projected to drive 3x growth this year.
Viola Growth led the round, with the participation of MS&AD Ventures and existing investors.
Natalie Refuah, General Partner at Viola Growth, will also join INSHUR’s board of directors as its nominated Chairperson.
Dan Bratshpis, CEO and co-founder of INSHUR, comments:
“In just a few years, the way we access services like taxis and the way we purchase our groceries and pizzas has changed forever. In fact, our report found that nearly half of on-demand drivers had doubled their hours in 12 months.
As the on-demand economy gains momentum around the world, it’s our mission to support the world’s biggest platform and insurance partners in ensuring that insurance coverage is fair and accessible for on-demand economy drivers.”
Natalie Refuah, General Partner at Viola Growth, adds:
“Despite challenges faced by certain areas of Insurtech in recent years, companies that focused on specialised insurance and demonstrated excellence in technology, operations, and financial performance have managed to scale rapidly and outperform incumbent insurers.
INSHUR, with its unique and innovative approach to on-demand economy drivers' insurance - an embedded solution featuring cutting-edge technology and deep insurance expertise — has gained a leading market position and impressive revenue growth.”
The investment will enable the business to continue scaling its operations globally, particularly in the US, establish and develop further relationships with key platform partners, and to continue to build its global team of insurance and technology experts.
Lead image: INSHUR CEO and co-founder Dan Bratshpit. Photo: uncredited.
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