Sure’s valuation now stands at $550M. Here are the top-line bullets you need to know.
Sure, an insurance infrastructure startup, has raised $100M in a Series C. The round drew participation from Kinnevik, WndrCo, Menlo Ventures, and FTAC Ventures, among others.
How’s the company performing?
- California-based Sure’s embedded insurance infrastructure allows non-insurers to sell insurance to their customers via the purchase of another product. For example, using the infrastructure, car retailers could offer car insurance with the online purchase of a car.
- The company’s customers include Chubb, Betterment, Intuit, Farmers Insurance, Carvana, and Revolut, among others.
- Sure has reportedly doubled its revenue over the past year.
- The company has more than doubled its employee count to 80 since last year.
Why does the market matter?
- The global insurtech market is projected to grow at a CAGR of 48.8% and reach a value of $60.98B by 2028, according to Grand View Research.
- In the first half of 2021, insurtechs raised $7.4B — surpassing the $7.1B raised over all of 2020 by more than $300M.
- Rising demand for the digitization of insurance services and simplification of claims processes is driving market growth.