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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U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

Virginia Gov. Ralph Northam announced plans Tuesday to make wearing face coverings mandatory statewide for most people over the age of 10 when inside public places like retailers, on public transportation and government buildings. He announced the measure, effective Friday, as coronavirus case numbers increased to 39,342.

By the numbers: More than 98,900 people have died from COVID-19 and over 1.6 million have tested positive in the U.S. Over 384,900 Americans have recovered and more than 14.9 million tests have been conducted.

World coronavirus updates

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Japan is preparing a second coronavirus stimulus package worth $1.1 trillion, or about 40% of the country's gross domestic product, Reuters first reported Tuesday night.

Zoom in: The new measure will be funded by government bonds and will include "a raft of loan guarantees and private sector contributions," per Bloomberg.

Coronavirus dashboard

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  1. Global: Total confirmed cases as of 1:00 a.m. ET: 5,591,067 — Total deaths: 350,458 — Total recoveries — 2,287,152Map.
  2. U.S.: Total confirmed cases as of 1:00 a.m. ET: 1,681,212 — Total deaths: 98,916 — Total recoveries: 384,902 — Total tested: 14,907,041Map.
  3. Federal response: DOJ investigates meatpacking industry over soaring beef pricesMike Pence's press secretary returns to work.
  4. Congress: House Republicans to sue Nancy Pelosi in effort to block proxy voting.
  5. Business: How the new workplace could leave parents behind.
  6. Tech: Twitter fact-checks Trump's tweets about mail-in voting for first timeGoogle to open offices July 6 for 10% of workers.
  7. Public health: Coronavirus antibodies could give "short-term immunity," CDC says, but more data is neededCDC releases guidance on when you can be around others after contracting the virus.
  8. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
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Updated 43 mins ago - Politics & Policy