Santa Monica-based insurtech company Sure announced Tuesday that it raised $100 million in fresh financing. The Series C, co-led by Declaration Partners and Kinnevik, will help the company continue to scale as it accelerates its global expansion.
The new capital couldn’t have come at a better time, as over the last twelve months Sure has more than doubled its revenue. The latest raise is the company’s first round of outside funding since it closed on its Series B in June of 2019.
Sure’s SaaS infrastructure provides businesses with the necessary tools to build their own embedded insurance products. These products aim to provide insurance companies with a way to better distribute, service and scale their digital insurance offerings.
“Insurance, much like financial services, desperately needs modernized technology to meet the ‘right here, right now’ mentality of the modern customer,” Wayne Slavin, co-founder and CEO of Sure, said in a statement.
The Sure platform covers policy needs, claims management, agent distribution and more for several leading insurance carriers. Farmers Insurance, Chubb, Intuit and Betterment count themselves among the company’s long list of customers. Each offers insurance programs built on Sure’s infrastructure.
In addition to doubling the size of its revenue over the last twelve months, Sure also doubled the size of its team. Following the latest raise, the company plans to keep the hiring momentum going. Sure is now hiring for over a dozen tech roles spanning its engineering, HR and sales teams, to name a few.
With Sure’s extensive integrations library, companies can easily link up with over 300 vendors, including DocuSign, Equifax, Snowflake, Stripe and more.
Founded in 2015, Sure has raised $123.1 million in venture capital financing to date, according to Crunchbase.
Additional investors WndrCo, FTAC Ventures and Expanding Capital participated in the round, among others.
