Vouch becomes a reinsurer. Credit: PublicDomainPictures from Pixabay.

Vouch, a US-based insurance platform for startups, has closed a $90m funding round and launched an authorised insurance carrier.

The firm has raised a total of $160m in two funding rounds from Redpoint Ventures, Silicon Valley Bank Capital, Ribbit Capital, Allegis Group, Sound Ventures, and SiriusPoint.

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The insurance platform intends to use the proceeds from the latest round to enhance its technical capabilities and develop embedded insurance with partners.

Concurrently, Vouch has forged partnerships with Brex, Carta, and WeWork for business insurance along with the launch of a new line of reinsurance solutions.

Its new offerings include Work From Anywhere coverage, which can insure up to $500,000 in limit per occurrence.

Cyber coverages for tech companies, coverages for early to mid-stage startups, and embedded insurance were also among the new additions to Vouch’s portfolio.

Additionally, Vouch will add Cynthia Powell, former chief risk officer of State Auto Insurance, Robert Byler, former CEO of Schinnerer Group, and Mark Herman, former president and COO of CNA Specialty to its board.

Vouch co-founder and CEO Sam Hodges said: “How can we help founders worry less about their biggest risks and focus on driving the changes they want to see? It’s our responsibility to meet startup founders where they are, and give startups flexibility as they navigate changing laws, regulations, and the virtual and physical locations of their businesses.”

Founded in 2018, the firm raised $45m in a Series B funding round led by Y Combinator Continuity in November 2019.