US-based online insurance provider Sure has raised $100m in series C funding from investors including insurance firm WR Berkley Corporation.
The round was co-led by Declaration Partners and Kinnevik and backed by media holding company WndrCo, FTAC Ventures, Expanding Capital and Menlo Ventures. It gave the company a valuation of $550m according to TechCrunch and brings its total funding to approximately $123m.
Founded in 2015, Sure provides a wide variety of insurance policies covering areas including property, health, travel and business, through a fully digital platform without requirements for paperwork or human interaction.
Farmers Insurance, Chubb, Intuit, Betterment, Carvana and numerous automotive manufacturers offer insurance products built on Sure’s infrastructure, the company said. It plans to use the financing to boost global expansion, further accelerate new product launches and improve insurance customer experience.
Sure received $12.5m in a series B round led by WR Berkley Corporation in mid-2019. It had previously secured $8m in a 2017 series A round led by venture capital firm IA Capital.
The 2017 round also featured insurance firms Assurant, AmTrust and Nationwide, the latter investing through corporate venturing arm Nationwide Ventures, as well as FF Venture Capital and Menlo Ventures.
Fosun Kinzon Capital, a corporate venturing subsidiary of diversified conglomerate Fosun, had backed the company in a $2.6m round in 2016 alongside FF Venture Capital and Montage Ventures.