Sure, a Santa Monica-based insurance technology startup, closed a $100 million Series C funding round to unlock the potential of insurance on the internet.
The round, which was co-led by Declaration Partners and Kinnevik, brings the total funding raised by the startup to $123.1 million. Firms like Expanding Capital, WndrCo, and FTAC Ventures. Existing investors Menlo Ventures and W. R. Berkley Corporation also participated. Brian Stern, Partner at Declaration Partners, said about the round:
“We are pleased to partner with Sure CEO Wayne Slavin, a visionary leader, and his team. Sure enables companies to embed insurance into their customer journey and powers the digital offerings of insurers, in both cases creating seamless, convenient, and personalized insurance experiences. This transformational technology reveals a massive global market opportunity, and this new funding will help Sure capitalize on it.”
Founded in 2015 by Jarod Kolman and Wayne Slavin, Sure offers an end-to-end embedded insurance infrastructure powered by some of the leading brands and insurance carriers in the world including Intuit, Betterment, Carvana, Farmers Insurance, and Chubb. During the past 12 months, the startup’s revenue and the size of its team more than doubled as a result of the increasing demand. Wayne Slavin, Sure’s co-founder and CEO, referred to the startup’s future by stating:
“This round will fuel our expansion, enabling us to help the insurance industry reach its full potential in an online era. Insurance, much like financial services, desperately needs modernized technology to meet the ‘right here, right now’ mentality of the modern customer. As carriers continue to prioritize digital transformation and brands expand financial services to include insurance, Sure is the proven platform to power insurance programs for the world’s largest companies.”
The insurance industry has not been stranger to the progressive transformation from legacy systems to modernized technology, which has led most insurance carriers to prioritize their digital transformation. Sure is looking to facilitate this transition by providing a solid framework that allows insurance carriers to gain a competitive advantage.