Boost Insurance recently announced it secured $14 million through its Series A funding round, which was led co-led by Coatue and Graycoft with participation from Tusk Venture Partners, Conversion Capital, and MetLife Chairman, Glenn Hubbard. Existing investors Norwest Venture Partners and IA Capital Group also participated. The funds will be used to expand its infrastructure-as-a-service (IaaS) platform. The investment brings Boost’s total funding to $17 million.
Founded in 2017, Boost claims its platform makes it simple to build into and monetize the insurance vertical by packaging all the back-end components needed to develop, launch, and manage a program.
“Boost’s fully compliant IaaS platform comes equipped with the end-to-end insurance infrastructure that is challenging and cost-prohibitive for companies to build in-house. This includes data-driven insurance product development, appointment by an ‘A’-rated insurance carrier, and dedicated risk capacity backed by global reinsurers. Available through a simple API integration, Boost also enables automated claims administration, compliance, and sophisticated data analytics for its distribution partners.”
While sharing details about the investment round, Alex Maffeo, CEO and Founder of Boost, stated:
“The P&C insurance industry is a $600 billion a year growing market. Boost is uniquely positioned to provide the infrastructure for modern insurance products to be offered by digital innovators across any industry. We are grateful to partner with this incredible group of investors. Their backing validates the progress we have made towards powering an insurance ecosystem for the modern world.”
Bennett Siegel, Partner at Coatue, added:
“Coatue invested in Boost because of the momentum they’ve created across the insurance ecosystem via its simple, API-driven insurance solution. Boost drastically reduces the complexity and overhead faced in building a meaningful insurance business – whether its partners are insurtech startups or enterprise-level technology brands. This fundamentally changes the way consumers interact with insurance by enabling them to purchase it from the brands they know and trust. We’re excited to collaborate with Boost as it continues to provide the infrastructure for the next generation of insurance.”