US-based personal insurance app developer Sure has raised $8m in a series A round that included insurance firms Nationwide, Assurant and AmTrust.
IA Capital led the round, which also featured fellow venture capital firms Menlo Ventures and FF Venture Capital, while Nationwide invested through its corporate venturing vehicle, Nationwide Ventures.
Sure partners with insurance providers such as Nationwide, Chubb, Marsh and Guy Carpenter to offer on-demand insurance through an app. Since launching in January 2016 it has sold more than 20,000 policies covering flight, baggage, renters, pet and wedding insurance.
The funding was announced alongside the launch of Smartphone Protection as Sure’s sixth insurance category. AmTrust Financial Services subsidiary Warrantech is the company’s partner for the scheme.
The product can be purchased anytime during a phone’s lifetime, as long as the device is in good condition. Before approving a policy Sure tests the health of a phone by running virtual diagnostics.
FF Venture Capital had previously joined Fosun Kinzon Capital, a corporate venturing subsidiary of conglomerate Fosun, and VC firm Montage Ventures to supply $2.6m of seed capital for Sure in May 2016.