Minneapolis, MN | February 02, 2023 08:03 AM Eastern Standard Time
Vertical Insure, the embedded insurance platform for platforms, today announced it raised $2M in additional financing, bringing its total seed funding raised since inception to $6M. Greenlight Re Innovations led the additional financing, with participation from Groove Capital, Daren Cotter and other strategic angel investors.
Vertical Insure provides vertical SaaS platforms with embedded, white label insurance products that can be deployed to their current customer base. Companies can leverage Vertical Insure to bundle the range of products their customers need — resulting in added value and new revenue without any extra overhead or IT bandwidth.
Vertical Insure operates in an emerging wave of business known as SaaS+. In addition to their core software product, SaaS+ platforms employ embedded products as a secondary revenue model. Vertical Insure is the “plus” that SaaS platforms can integrate and monetize to become SaaS+ platforms.
“We are really excited about Vertical Insure’s momentum and glad to have new strategic investors join the team,” said Brock Noland, Co-Founder and CEO of Vertical Insure. “Greenlight Re has a strong track record of successfully supporting technology innovators in the (re)insurance space. We’re looking forward to together bringing game-changing insurance products to market.”
Simon Burton, CEO at Greenlight Re, said, “We believe that Vertical Insure will generate unique underwriting opportunities for Greenlight Re by tailoring embedded insurance products for industry-specific SaaS platforms and their clients.”
Vertical Insure will use this additional funding to accelerate product development, hiring and GTM. Since its initial round of seed funding in December 2022, Vertical Insure finalized its partnership with battleface, an award-winning provider of travel, registration and event insurance.
“A great booking experience includes having the option to cancel and recoup your investment should unforeseen circumstances arise,” said Beau Jeppesen, Head of Revenue at battleface. “We’re excited to be working alongside Vertical Insure to bring event participants and spectators alike highly personalized embedded products and services. By introducing coverage at the moment it’s needed and at the point where the customer is most likely to buy will ultimately lead to higher conversion rates.”
About Vertical Insure
Vertical Insure is the embedded insurance platform built for vertical SaaS platforms. The company offers customized insurance options that are 100% built around each business and its customers, resulting in added value and new revenue without any extra overhead. Make insurance part of any purchase in any vertical with Vertical Insure. For more information, visit www.verticalinsure.com.
About Greenlight Re
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. In 2018, the Company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment capital, risk capacity and access to a broad insurance network.
About Rally Ventures
Rally Ventures invests exclusively in early-stage business technology companies, focusing on entrepreneurs creating major new markets or bringing transformative approaches to existing ones. Rally has more than $700M under management across four funds. Since 1997, Rally Ventures’ partners and venture capital industry veterans have invested in or run early stage enterprise business-to-business technology companies with a proven ability to deliver superior returns regardless of the overall market environment. For more information visit www.rallyventures.com.