Breeze, a US-based insurtech startup, has raised $10m in a Series A funding round, which was led by Link Ventures.
The round also saw participation from Northwestern Mutual Future Ventures, Silicon Valley Bank, M25, Fiat Ventures, and Invest Nebraska.
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By GlobalDataThe insurtech plans to use the funds to further the growth of its core products, develop new products, add new carriers, and agents.
It also plans to hire more people to build out its software development, customer service, distribution, and marketing teams.
Founded in 2020, Breeze specialises in disability and critical illness insurance. Its platform allows customers to digitally quote, apply, and bind policies.
Breeze stated that by offering disability insurance online it can grow the stagnant market, which is very small with only around $430m written in premium in 2020.
Link Ventures managing director Lisa Dolan said: “Breeze caught our attention given its tremendous web traffic growth. We are thrilled to be part of fueling Breeze to become the category leader in disability insurance. The market remains largely untapped, but Breeze can change that quickly with its technology and online platform.”
Fiat Ventures general partner Alex Harris said: “Breeze has been hard at work developing solutions that help protect individual’s financial lives, their families and their peace of mind.
“This is a product that’s been grossly underutilized by Americans, but is a critical one with Breeze leading the way to make this more accessible like never before.”
Breeze co-founder and CEO Colin Nabity said: “We founded Breeze to close a glaring coverage gap — specifically, the 51 million working Americans without adequate income protection.
“Historically, products like disability income insurance and critical illness insurance have been overpriced and too difficult to obtain. We’re changing that.”
