Total amount raised
$550 Millions
Latest funding date
10/01/2021
Location
Title
Sure has successfully raised significant funding to support its comprehensive digital insurance platform, which includes solutions for policy management, claims, and agent tools. The company partners with carriers, brands, and marketplaces to deliver sophisticated digital insurance programs.
Keep reading to explore the intricacies of Sure's fundraising journey and the investors backing this innovative platform.
What Is Sure?
Sure, founded in 2015, is headquartered in Santa Monica, California. The company was established by Wayne Slavin and Dustin Yoder, who aimed to revolutionize the insurance industry through technology.
Sure offers a comprehensive digital insurance platform that includes solutions for quoting, rating, binding, claims, policies, distribution, filings, and forms. Their services cater to carriers, MGAs, brands, and more, helping them launch and manage digital insurance programs efficiently.
With a team of over 100 employees, Sure combines insurance expertise and cutting-edge technology to unlock the potential of digital insurance for its diverse clientele.
How Much Funding Has Sure Raised?
- Series C Funding Round
- Amount Raised: $100 million
- Date: October 5, 2021
- Lead Investors: Declaration Partners and Kinnevik
- Valuation at Round: $550 million
- Motivation Behind the Round: To accelerate global expansion, speed up new product launches, and streamline embedded insurance customer experiences.
- Series B Funding Round
- Amount Raised: $12.5 million
- Date: June 13, 2019
- Lead Investors: W. R. Berkley Corporation
- Motivation Behind the Round: To scale the deployment of Sure's platform ecosystem and develop new insurance products.
- Series A Funding Round
- Amount Raised: $8 million
- Date: June 14, 2017
- Lead Investors: IA Capital
- Motivation Behind the Round: To enhance product development, acquire new users, and invest in marketing.
- Seed Funding Round
- Amount Raised: $2.6 million
- Date: May 12, 2016
- Lead Investors: ff Venture Capital, Montage Ventures, Fosun Kinzon Capital
- Motivation Behind the Round: To develop and launch the AI-powered on-demand insurance app.
Total Amount Raised: $123.1 million
Current Valuation: $550 million
Key Investors
- Declaration Partners
- Details: Declaration Partners is a New York-based investment firm. They focus on long-term investments and strategic partnerships.
- Investment Focus Areas: Technology, healthcare, real estate.
- Notable Investments: Not publicly disclosed.
- Kinnevik
- Details: Kinnevik is a European growth investor. They support innovative companies with a focus on long-term growth.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Zalando, Tele2, Babylon Health.
- WndrCo
- Details: WndrCo is a holding company that invests in technology and media. It was founded by former DreamWorks Animation executives.
- Investment Focus Areas: Technology, media, entertainment.
- Notable Investments: Quibi, MasterClass, Aura.
- W. R. Berkley Corporation
- Details: W. R. Berkley Corporation is a major insurance holding company. They operate worldwide in the property casualty insurance business.
- Investment Focus Areas: Specialty commercial insurance, property casualty insurance, digital insurance solutions.
- Notable Investments: Not publicly disclosed.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in technology companies. They have a history of supporting successful startups.
- Investment Focus Areas: Technology, consumer services, healthcare.
- Notable Investments: Uber, Roku, Warby Parker.
What's Next for Sure?
Sure's future is brimming with opportunities. With a $100 million Series C funding, the company is poised to accelerate its global expansion, particularly into Europe, Latin America, and Asia. The growing demand for digital and automated insurance solutions presents a significant market potential, especially as Sure aims to triple its engineering headcount to support new product launches and enhance embedded insurance experiences.
As Sure continues to grow, future fundraising opportunities seem promising. The company's innovative approach and successful track record make it an attractive prospect for investors. However, Sure will need to navigate challenges such as competition from other insurtech firms and traditional insurance providers, maintaining profitability while scaling, and adapting to diverse regulatory environments across new markets.
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