VOOM, an MGA that provides insurance for e-scooters, e-bikes and related devices, has raised $15 million to expand its usage-based insurance model. Cover Whale Insurance Solutions, an Insurtech MGA focused on the commercial auto, recently closed a $15.5 million seed round.
VOOM, an MGA that provides insurance for e-scooters, e-bikes and related devices, has raised $15 million to expand its usage-based insurance model.
JAL Ventures and UP.Partners co-led the round, with F2 Capital, Arbor Ventures, Verizon Ventures, and ICON Continuity Fund also participating.
To date, California-based VOOM has raised $22 million, including the new round.
Beyond e-scooters and e-bikes, VOOM also insures drones, and it recently launched what it touts as the first Per-Mile insurance products for motorcycles. It plans to expand usage-based insurance to light aircraft, leisure vehicles and gig drivers.
VOOM identifies areas of mobility that it said are underserved by most insurers and develops coverage in those areas that rely on new sources of data and actual customer usage. The company claims this allows it to offer fairer rates than traditional insurance companies whose risk models are built on data like homeownership, credit score and ZIP code.
Cover Whale Insurance Solutions, an Insurtech MGA focused on the commercial auto, recently closed a $15.5 million seed round.
Ambac Financial Group co-led the round with TigerRisk Partners’ Applied Financial Technologies subsidiary.
New York-based Cover Whale relies on technology, data, and machine learning analytics for its platform, which it said reduces the need for the traditional underwriting process, allowing it to offer instantaneous quotes from multiple carrier partners.
The company’s proprietary platform also enables Cover Whale to use large amounts of real time data in great volume. This, along with the ability to intervene and instantaneously correct negative driver behavior, will reduce loss ratios and therefore lower the overall cost of insurance, Cover Whale claims.
In the past year, Cover Whale has grown from just five employees to over 80 employees and contractors, adding key leadership positions as well as strengthening vital backend departments.
Sources: VOOM, Cover Whale