Feb 13, 2017

Mobile insurance app Sure nets new funding

Sure, a startup that lets consumers shop for insurance right from their smartphones, is quietly catching the eye of investors and insurance carriers. Less than a month after announcing a partnership with Nationwide, the New York-based company has raised $6.3 million in new funding, according to an SEC filing.

Sure's pitch: Founded in 2014, the startup touts itself as a modern way for consumers to find, purchase, and manage their insurance policies. Currently it offers coverage for travelers, smartphones, and home renters, plus life and accident insurance. It currently is partnered with Chubb, Nationwide, Marsh, and Guy Carpenter.

Bigger picture: Insurance is one of the fintech sectors being upended by smartphones, and new companies are devising new business models that better fit consumer behaviors. In 2016, there were 173 investments in insurance startups, according to CB Insights, although total dollars invested fell 37% to $1.69 billion.

Deal details: According to the filing, Sure is aiming to raise up to $8 million. IA Capital Group likely led this round as principal Alex Maffeo is newly listed as a director. Sure previously raised $2.6 million from ff Venture Capital, Fosun Kinzon Capital, and Montage Ventures. Axios has contacted both Maffeo and Sure CEO Wayne Slavin but has not heard back.

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