Jerry, a digital car insurance comparison-and-buy startup, raised $75 million in new financing designed to fuel a broader expansion. Vesttoo, an Alternative Reinsurance and Investment platform, pulled in $6 million as part of a Series A funding round. Breeze, an Omaha-based InsurTech startup, nailed down a $10 million Series A round to help advance its mission to protect American families in their most financially vulnerable moments.
Jerry, a digital car insurance comparison-and-buy startup, raised $75 million in new financing designed to fuel a broader expansion.
Goodwater Capital led the Series C round for Jerry, a California-based InsurTech that launched in 2019 with a platform centered around artificial intelligence and machine learning. The company has now raised $132 million, including a $28 million Series B round seven months ago.
The company today serves more than 1 million customers as a licensed insurance broker in all 50 states. This new funding round fuels the launch of the super app’s marketplaces in vehicle financing, repair, warranties, parking, maintenance, and additional money-saving services.
Through its insurance compare-and-buy service, Jerry claims to reduce the cost of personal car ownership, saving customers an average of $800 per year by quickly finding savings on auto insurance policies that are comparable to their existing policy. As the company develops new marketplaces for car expenses and services, the opportunity to further reduce the total cost of vehicle ownership for individuals and families increases.
Two new investors also joined the new round: Highland Capital Partners and Park West Asset Management.
Vesttoo, an Israeli-based global Alternative Reinsurance and Investment platform, raised $6 million in a Series A funding round,
Hanaco Ventures led the round, as part of its broader investment strategy in Vesttoo. The money will fuel further development of the startup’s Insurance Linked Program offering – a security-based investment portfolio, as well as the world’s first fully digital marketplace for insurance-based alternative risk transfer and investments.
The ILP program offers institutional investors risk remote investments in collateralized reinsurance deals. As well Vesttoo’s marketplace will allow insurers, reinsurers and pension funds to model, structure, price and place their offering online, while giving institutional investors direct access to the untapped market of alternative reinsurance and exceptional return on risk.
Both the ILP and the marketplace are novel instruments in the insurance space, according to Vesttoo, aimed at increasing liquidity and much needed capacity in the reinsurance market and facilitating the alternative reinsurance ecosystem, an integral part of Vesttoo’s business strategy to bridge the funding gap in the reinsurance market.
Vesttoo bills itself as the world’s first marketplace for non-catastrophe insurance-based risk transfer and investments
Breeze, an Omaha-based InsurTech startup, has raised a $10 million Series A round to help advance its mission to protect American families in their most financially vulnerable moments.
Link Ventures led the round, which includes participation from Northwestern Mutual Future Ventures, Silicon Valley Bank, M25,iat Ventures, and Invest Nebraska.
Launched in 2020 by Colin Nabity and Cody Leach, Breeze has built insurance technology that it claims will make it easier to apply and underwrite supplemental insurance products like income protection and critical illness insurance.
The company offers consumers a completely digital way to quote, apply, and bind policies that offer protection in the event of cancer, heart attacks, strokes, and other medical conditions that can lead to a loss of income and cause financial trauma.
With the funding, Breeze will accelerate the growth of its core products — disability and critical illness insurance — while also adding new products, carriers, and agents to its digital platform. The InsurTech company also plans to build out its software development, customer service, distribution, and marketing teams.
With Breeze’s platform, individuals can check their rates with a quick, personalized quote for disability insurance or critical illness insurance and complete the application process online in just 10 minutes
Sources: Jerry, Vesttoo, Breeze