Vouch Insurance, a US-based insurance provider catered to startups, has officially launched with $24.5m in a series A round co-led by financial services firm SVB Financial Group.
Ribbit Capital co-led the round, with contributions from fellow venture capital firms 500 Startups and Index Ventures in addition to accelerator operator Y Combinator.
Founded in 2018, Vouch provides startups in Utah and Illinois with insurance cover underwritten by reinsurer Munich Re in addition to tools designed to help them assess, mitigate and avert risk. It is a recommended insurance provider for SVB’s startup clients.
Proceeds from the series A round will enable the startup to enter the state of California in autumn 2019 and another seven states by the end of this year. It aims to cover all 50 US states before the end of 2020, and the funding will also support recruitment and new products.
Vouch has not announced details of earlier funding but its existing backers include Waterman Ventures, a VC fund open to alumni of Brown University.