InShare Raises $7.5M to Grow Insurance Products, Services for the Sharing Economy

InShare has pulled in $7.5 million in seed financing designed to help it expand. The Arizona-based InsurTech hopes to provide insurance products and services to Sharing Economy platforms across Rideshare, Last Mile Delivery, Carshare, Homeshare, eMobility and related markets.

ManchesterStory, The Hive and Avanta Ventures participated in the round, which will also fuel a technology buildout, the launch of new products and additional gig worker protections and insurancs

“We are the first InsurTech company to solve both sides of the insurance challenge, enabling companies to control costs and scale new products profitably while also providing affordable protections for independent workers on whom these industries depend,” claimed InShare co-founder and CEO Mark Warnquist in prepared remarks. He’s a veteran of rideshare company Uber, and his team includes former execs and workers from Uber, Lyft and Airbnb, according to the company’s web site.

Additionally, InShare hired two new executives:

• Brandy Mayfield, who helped establish and run Allstate’s Shared Economy practice, will be chief underwriting officer.
• Pooya Sarabandi, an InsurTech veteran, who built and scaled up several startups, also joined InShare as chief technology officer.

Source: InShare