US-based on-demand insurance provider Slice Labs has secured $11.6m in a series A round led by XL Innovate, the venture capital firm funded by insurance and reinsurance firm XL Catlin.
The round included insurance firm Sompo Japan and Munich Re/HSB Ventures, the corporate venturing arm of reinsurer Munich Re, as well as tech-focused political strategy firm Tusk Ventures, VC firm Horizons Ventures and accelerator Plug and Play.
Founded in 2015, Slice has developed a cloud-based insurance platform that provides pay-per-use insurance for the on-demand economy, making use of artificial intelligence technology to offer specialist policies at an affordable cost.
Airbnb hosts and Uber drivers, as well as those who provide similar services through other freelance service platforms, can use Slice’s app to purchase insurance that will cover the services they provide.
The service is available in 25 US states and the city of Washington DC, and Slice plans to use the financing to expand into more markets and develop new products.
XL Innovate and Horizons Ventures co-led Slice’s $3.9m seed round in March 2016 before Munich Re/HSB Ventures invested an undisclosed amount in October the same year.
Tim Attia, chief executive of Slice, said: “We could not be more eager to accelerate our go-to-market strategy with the support of such a strong group of investors bringing their strategic and financial expertise to the table.
“This is critical as we move to the next phase in the development of the company, which will be to scale and show traction both in the direct market and through strategic partnerships.”
– Image courtesy of Slice Labs Inc.