The Global Insurance Accelerator (GIA), an insurtech accelerator focused on supporting and promoting innovation for the insurance industry, announced on Wednesday changes to the funding structure beginning with the 2020 cohort, and applications are now open
GIA reported that since its launch 36 startups accepted into the accelerator’s annual, 100-day program based in Des Moines, Iowa, have received $40,000 each in seed funding in exchange for six percent common equity.
“In addition, in the last three years, housing at the Staybridge Suites, just blocks away from the GIA offices, has been covered for at least one representative from each company. The GIA’s accelerator program creates value by providing extensive interaction with insurance company executives and professionals who serve as mentors through the support of 13 insurance company investors.”
Speaking about the accelerator program, Nicole Gunderson, Managing Director for the GIA, stated:
“The GIA was established at the very forefront of the InsurTech movement. The funding and perks provided for startups at that time was more than equivalent to other accelerators in the industry, but like any startup, we’ve learned a lot in our first five years and need to continue to evolve and scale. Today, there is increased competition in the accelerator landscape, and our goal with this change is to provide a founder- and investor-friendly, standard market structure.”
GIA went on to add that beginning with the 2020 cohort, it will increase the seed investment to $75,000 in the form of a post-money Simple Agreement for Future Equity (SAFE) which converts to five percent of the company.