US-based insurance platform Slice Labs has received $20m for the second tranche of its series A round, that was led by insurance cooperative The Co-operators.
XL Innovate, Munich Re/HSB Ventures, Veronorte and JetBlue Technology Ventures, respective subsidiaries of insurance provider XL Catlin, reinsurance firm Munich Re, financial services holding company Grupo Sura and airline operator JetBlue, also took part.
The close was filled out by insurance firm Sompo and venture capital firm Horizons Ventures, and increased the size of the series A round to $31.6m.
Slice has created a software platform that helps established insurance providers digitise their offering and sell cover on demand to customers online.
Rob Wesseling, president and chief executive of The Co-operators, said: “As the digital economy expands, Slice’s unique platform and approach will enable innovative, agile and needs-based insurance solutions for a rapidly changing world.
“Through our partnership with Slice, we are not only investing in a technology that enables us to stay on the leading edge of those solutions, we’re investing in our long-term ability to continue meeting the changing needs of our members and clients.”
XL Innovate led the $11.6m first tranche in October 2017, investing alongside Sompo, Munich Re/HSB Ventures, Horizons Ventures, Tusk Ventures and Plug and Play.
Slice raised $3.9m in a March 2016 seed round co-led by XL Innovate and Horizons Ventures, and an undisclosed amount from Munich Re/HSB Ventures seven months later.
