On-demand insurance startup Trov raised $45 million in Series D financing, with plans to use it for an accelerated global expansion.
The money will also fuel an expansion of what items Trov covers and boost development of new ways for consumers to use Trov’s technology platform, which helps the user insure valuable items and then turn the coverage on and off with the swipe of a finger on a smartphone. Including the new round, Trov has raised over $85 million in venture financing.
Munich Re/HSB Ventures led the round. Trov disclosed a new partnership with Munich Re in September designed to help phase in its entry into the U.S. market through 2017 as a managing general agent. Beyond its new investment, Munich Re will also expand its strategic alliance to include underwriting in Europe, Asia and South Africa.
Trov noted that all of its Series C investors also participated in the round: Oak HC/FT, Suncorp Group, Guidewire and Anthemis. As well, Japan’s Sompo Holdings (SOMPO) also contributed to the financing; the insurer will help bring Trov to Japan.
Trov initially hit the market in Australia in May 2016 through its partnership with Australian insurer Suncorp. Trov launched in the UK at the end of 2016 through a partnership with AXA.
Initial coverable items via Trov’s platform/app include smartphones, laptops and sports equipment. Coverage can be slated for hours, days, months or more, direct from a smartphone. Consumers can also move a bar on the Trov app on a sliding scale to choose deductibles.
Scott Walchek, Trov’s founder and CEO, said that a wider audience is ripe for the Trov technology.
“Trov’s early success in Australia and UK is demonstrating that modern consumers want a new way to protect their things,” he said in prepared remarks.
Walchek added that Trov’s expanded partnership with Munich Re and its new one with SOMPO will help enable a global expansion to meet those demands.
“The combined capabilities of key global insurance leaders will streamline our regulatory path and increase our go-to-market effectiveness in each new territory we pursue,” Walchek said.