Vouch Insurance, a business Insurtech platform for startups, has expanded its coverage into New York, according to a release. Vouch notes that in New York there are over 9,000 startups valued at $147 billion. The New York expansion marks a major milestone in Vouch’s growth, making its services available to 91% of the venture-backed startup market nationwide.
Vouch was founded by Sam Hodges, co-founder of Funding Circle, and Travis Hedge and is backed by Y Combinator, Ribbit Capital, and Index Ventures. Vouch focuses on the startup community as it is an underserved sector of the market that has unique needs.
Vouch says that in addition to nationwide economic challenges including a 40% drop in startup exits across the U.S., New York’s tech companies must navigate the uncertainties of reopening and some of the country’s strictest employment laws.
“New York is not just for digital media and Fintech anymore. My experiences working with startups in New York taught me what it takes to thrive in one of the world’s most critical tech hubs, and showed me how New York’s startup diversity is its strength. Our goal is to help New York’s disruptive startups bend the risk curve by leading scaled-up, ethically-managed companies that are building for the future amid the challenges and opportunities ahead.”
Vouch reports that its expansion into the Empire sate follows a year of momentum for the company. After raising a $24.5 million series A in September 2019 and following with a $45 million Series B in November 2019, Vouch scaled its insurance coverage throughout 22 states in less than 12 months and expanded its offering to serve mature series B-level startups.
Vouch currently underwrites proprietary coverage for startups of up to 150 employees and $75 million in capital raised using a digital interface.
Vouch’s coverages include Business Property, General Liability, Directors & Officers, Employment Practice Liability, and Cyber Coverage.
Vouch’s policies are backed by Digital Partners, a Munich Re company.