Sure 100M Series 550M Azevedotechcrunch
Having raised a whopping $100 million in a Series C round, Sure has plans to triple its engineering staff in the next three years. It has already hired a dozen engineers, and plans to hire even more in the coming months.
Sure raises $100 million in Series C
It is a Santa Monica, California-based technology startup that has created an infrastructure to help companies and brands sell insurance to consumers. Its software enables customers to embed insurance in their digital products and experiences. The company counts several automotive manufacturers and traditional and fintech companies among its customers. A key advantage of Sure’s technology is that it creates a more personalized customer experience.
It has a global customer base, including some of the world’s largest credit card networks and insurance providers. Its infrastructure is built to streamline the embedded insurance experience and allow customers to focus on other digital offerings. That includes an extensive integrations library.
It infrastructure enables insurers and brands to build new revenue streams by offering insurance directly to consumers. In addition, the company’s technology provides a platform that supports policy needs, claims management and agent distribution. Many of the leading insurance carriers are already using Sure’s SaaS infrastructure.
It plans to continue expanding its business in both the United States and abroad. For example, the company recently launched first-of-its-kind insurance programs for a leading global credit card network and several automotive manufacturers. Additionally, Sure plans to expand into Latin America, Europe, and Asia. This round of funding will help the company accelerate its product development efforts and continue to grow its global team.
It has an enterprise valuation of $550 million. Currently, the company employs 80 people. The company has more than doubled its revenue in the last year. And in the future, the startup will look to hire engineers and other employees to scale its business internationally.
Sure is aiming to become a leader in the field of embedded insurance. Its technology is set to enable many more companies to provide convenient and personalized experiences to consumers. The company’s infrastructure also enables insurers to launch new insurance products quickly and cost-effectively. With the help of the company’s APIs, insurers can rapidly create and distribute new insurance products without having to worry about paper and human interaction.
In its recent funding round, the company raised $100 million from investors such as Kinnevik, FTAC Ventures, and Declartion Partners. These funds will be used to accelerate the adoption of its software by global brands and financial institutions. As part of the round, Sure also received a number of investments from existing investors such as FlexGen Power Systems, Inc. and Apollo Global Management, Inc.
Sure’s CEO, Wayne Slavin, is a visionary leader. He told Insider Intelligence that the company has plans to triple its headcount in 2022. The company is focusing on convenience and consumer experience, and is planning to grow its business in the United States and abroad.
Sure is currently working with Palo Alto-based Tesla Inc. to embed its technology into its online car-buying experience. However, the company has declined to confirm whether or not it has signed a partnership with the automaker.
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