The insurance world backed by venture capital is more than the global Lemonades and MetroMiles. There are more opportunities in the industry for startups to stir things. One of these companies, based in Cambridge, Insurify, is coming out today with a new venture tour, which significantly expands its capital base.
The startup raised $23 million in Serie A led by MTECH Capital and VIOLA FinTech, which previously received only $6.6 million over two rounds. Previous investors at MassMutual Ventures and Nationwide have taken part in new investments.
Zacharia, Insurify’s CEO and founder, previously employed by Gartner, came up with the idea for Insurify. After unsatisfactory experience with the insurance industry, she discovered that consumers have very poor idea about insurance they need and that insurance providers really struggled to access digital consumers due to poor UIs and their APIs were not updated.
Insurify raised the new capital as it is ready to accelerate market entry.
Practically, with the new capital Insurify is planning to launch new verticals including housing, rental, and other types of insurance. Series A will also be utilized to stimulate the startup’s marketing division, which, according to Zachariah it acts as a “hedge fund”. Marketing endeavors of Insurify are “automated with artificial intelligence”, which evaluates the “value of each click” using a set of algorithms that it regularly tunes.
The CEO said that investing more money along with fuel in Insurify’s marketing engine could tremendously assist them at that point.
The startup had options to choose an investor, and Zacharia said her firm “had several different terms” from which to choose. Zacharia emphasized the choice of a venture partner as a key one, also emphasizing the experience and knowledge of each company (insurance with MTECH and fintech with VIOLA).
The meeting of the new capital may be fascinating to see, the existing marketing engine and an expanding range of products. Presumably, as a result of this merger of factors, a hell of a twist grow.