Assurely, an insurtech providing embedded insurance as a service, has announced the closing of a seed round led by ATX Ventures, with participation from additional strategic investors with deep insurance and technology value. This round brings Assurely’s total funding to just over $3.7 million.
Assurely develops insurance products for changing customers, new industries and innovative marketplaces, faster and more profitably than existing insurance providers.
“Everything the founding team has done personally and professionally is prologue to this massive opportunity, including (co-founder) Ty Sagalow’s groundbreaking work as a founding member of Lemonade and his pre-Lemonade work creating cyber insurance, Y2K, the modern-day D&O form and other products fundamental to insurance today,” said Chris Shonk, co-founder and partner at ATX Ventures. “Assurely is absolutely the exact right team positioned at the exact right time to capture this market. ATX is thrilled to back such an exceptional and ambitious team to lead their debut institution round of funding.”
The investment round will enable Assurely to aggressively expand its technology infrastructure and to bring more products to market in record time.
Key to this expansion will be additional top-tier talent for the Assurely team. “We are excited to have made Austin, Texas, our home base, with a talented team working remotely as well. We are lucky to be surrounded by such a rich pool of talent and innovation here, as well as a supportive and knowledgeable investor base,” said David Carpentier, co-founder and CEO of Assurely. “It is all hands on deck to capture the revolutionary opportunities in this space.”
According to Bain, 80% of millennials are open to the idea of purchasing insurance through entrants outside the insurance industry. Assurely is pinpointing this market, developing precisely targeted products for non insurance-native partners to embed in their buying process, offering an extraordinary level of convenience and affordability for customers needing to mitigate risks.
Assurely has launched its first product, TigerMark℠, a Directors & Officers–like insurance program targeting the massive changes in how companies use technology and the internet to find investors and raise capital, primarily via the JOBS Act – Reg A, Reg CF and Reg D-506(c). No other insurance company is currently providing appropriate insurance for this market except Assurely’s TigerMark℠ insurance program.
Assurely will be going live with its second product with a large and growing partner in Q4 2020.