US-based workplace insurance provider Thimble has collected $22m in a series A round featuring online media holding company IAC and Axa Venture Partners, a corporate venturing vehicle for insurance group Axa.
The round included venture capital firms Slow Ventures and Open Ocean and was announced as the company rebranded from its previous moniker of Verifly.
Founded in Ireland in 2017, Thimble provides flexible, workplace-focused micro-insurance policies in 48 US states, offering cover on an hourly or monthly basis in addition to more conventional year-on-year protection.
The company’s policies are underwritten by insurance firm Markel and have been designed to appeal to small enterprises and lone contractors operating in the gig economy. Its new name reflects a diversification of its core business, which had originally insured aerial drones against collisions.
Airline carrier Irelandia Aviation joined angel investors Robin Klein, Amol Sarva and Serkan Piantino to provide $2.1m in seed funding for Verifly in 2015. Slow Ventures added an undisclosed amount the following year, before the company raised $4.2m from unnamed investors in 2017 according to AlleyWatch.
Michelle Arbov, ICA’s head of mergers and acquisitions, said: “Thimble is just the kind of company IAC likes to back – a smart team with a disruptive technology that aims to shake up a traditional category.
“[Co-founder and CEO Jay Bregman] and team are poised to redefine insurance coverage for the modern workforce – we are excited to see what they can do.”