Insurtech startup VOOM has raised $15m in funding to expand its usage-based insurance offering to new mobility verticals.
The round, which brings VOOM’s total funding to $22m, was led by JAL Ventures and UP.Partners.
Go deeper with GlobalData
Other backers who joined the round include F2 Venture Capital, Kaden Capital, Arbor Ventures, Verizon Ventures, and ICON Continuity Fund.
VOOM offers coverage to drones, e-scooters, and motorcycles. Recently, it launched usage-based insurance for motorcycles.
It uses new sources of data and actual customer usage to bind policies.
VOOM co-founder and CEO Tomer Kashi said: “Our expertise is in areas of mobility where the risk is high but the usage is irregular or seasonal. We apply advanced analytics to provide dynamically-priced usage-based insurance products that our customers love.”
The insurtech plans to use the funding to expand its usage-based insurance offerings to cover light aircraft, leisure vehicles and gig drivers.
VOOM is licensed to operate in all 50 states of the US and Canada.
In May 2019, the insurer raised $5m capital in a Series A funding round led by Singapore-based venture capital firm Arbor Ventures.
UP.Partners co-founder and managing partner Ben Marcus said: “In order to serve the most innovative mobility segments, VOOM has established its own end-to-end insurance software stack which has now been proven with great success.”
JAL Ventures general partner Yair Elbaz said: “Insurance is a $6 trillion global industry with insurtech making up less than 1% of that. VOOM is churning out innovative insurance products and that will markedly expand the insurtech share of the insurance industry.”
