Munich Re/HSB Ventures, the corporate venturing arm of reinsurer Munich Re, has led a $45m series D round for US-based on-demand insurance provider Trov that took its total funding to “just over” $85m.
Insurance firms Sompo Holdings and Suncorp, insurance software provider Guidewire, venture capital fund Oak HC/FT and VC firm Anthemis also participated in the round, all but Sompo having invested in Trov’s $25.5m series C in April 2016.
Trov has built an app that can provide on-demand insurance for individual items, and which can also be used to catalogue a user’s possessions, storing the information in the cloud. A user just has to upload a photograph or a receipt to add an item.
Sompo, which invested through its Sompo Japan Nipponkoa subsidiary, will offer Trov’s app in Japan where it is headquartered. Suncorp already underwrites the app in its own home country of Australia.
Koichi Narasaki, Sompo’s chief digital officer, said: “Sompo Group is transforming itself into the whole service industry of security, safety and well being for a global society.
We are thrilled to be partnering with Trov as their exclusive go-to-market partner in Japan. Together, Sompo and Trov are seeking a user-first approach in one of the world’s leading mobile-consumer markets.”
Jacqueline LeSage Krause, managing director of Munich Re/HSB Ventures, added: “We are constantly working to find innovation-driven companies to help shape the future of our industry, and we are excited to be working closely with the team at Trov as they expand their presence in the global insurtech market.”