US-based on-demand insurance platform Trov has closed a $25.5m series C round featuring insurance firm Suncorp Group and insurance technology developer Guidewire.
The round was led by venture capital fund Oak HC/FT and also included VC firm Anthemis Group.
Founded in 2012, Trov runs a mobile app that can be used to insure goods on demand, and for short intervals. Initially, the offering is limited to select consumer electronics but Trov will increase the number of insurable items over the next few months.
The service is being rolled out in Australia next month thanks to a partnership with Suncorp, followed by the UK later this year through a partnership with insurance firm Axa. The platform is expected to be available in the US and other countries from 2017.
Trov disclosed a total of $6.8m in series A and B funding in 2013 from angel investors led by Gordon Bell. Anthemis led a $6.5m second series B tranche in February 2015.
Scott Walchek, founder and chief executive of Trov, said: “On-demand is the expectation of the connected generations. From purchasing and policies to pricing and claims, we have rebuilt insurance from the ground up by creating a truly on-demand experience.
“Now, with the close of our series C financing and alignment with innovative partners, we are equipped to rapidly evolve the technology and expand globally.”