Boost Insurance, a U.S.-based B2B digital insurance platform, announced on Friday it raised $20 million through its Series B financing round, which was led by RRE Ventures with participation from Fin VC, Gaingels, Hack VC, Greycroft, Coatue, and Conversion Capital. The company raised $37 million since its inception in 2017.
Boost claims its integrated insurance-as-a-service platform opens the $700 billion property and casualty insurance market, allowing innovative companies from any industry to build, embed, and manage insurance programs for their customers.
“Its simple API integration packages the necessary operational, compliance, and capital components to allow companies to deliver highly configurable insurance products directly to consumers through a fully embedded experience within their own front-end environments.”
Speaking about the company’s development, Alex Maffeo, CEO and Founder of Boost, stated:
“We spent the last five years building the most comprehensive infrastructure platform in the insurance industry and that hard work is paying off. We’ve invested as much in the compliance and capital side of our platform as we have in our technology, which differentiates Boost and attracts the world’s best insurtechs and enterprises to us when they look for a partner.”
Boost plans to use the Series B funds to fuel growth in its platform, as well as new product development and partner marketing. The company added:
“Boost plans to double its team over the next 12-18 months to support growth across its insurtech and embedded partner channels while continuing to expand its API platform features.”