Total amount raised
$550 Millions
Latest funding date
10/1/2021
Location
Sure has successfully raised significant funding through multiple rounds, with its latest being a Series C. The company specializes in API-based digital insurance programs, catering to global brands and insurance carriers.
Keep reading to explore the intricacies of Sure's fundraising journey and the investors backing this innovative platform.
What Is Sure?
Sure, founded on October 1, 2015, is an embedded insurance technology company based in New York, New York. The company was established by Jarod Kolman and Wayne Slavin.
Sure specializes in providing API-based digital insurance programs for global brands and insurance carriers. Their enterprise SaaS platform accelerates digital transformation and embedded insurance distribution without the need for additional IT resources.
With a workforce of 501-1000 employees, Sure streamlines all aspects of digital insurance sales and service, offering features designed for each phase of the insurance lifecycle.
How Much Funding Has Sure Raised?
- Seed Round
- Amount Raised: $2.6M
- Date: May 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and launch the company.
- Series A
- Amount Raised: $8M
- Date: June 2017
- Lead Investors: IA Capital Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series B
- Amount Raised: $12.5M
- Date: June 2019
- Lead Investors: W. R. Berkley
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series C
- Amount Raised: $100M
- Date: October 2021
- Lead Investors: Declaration Partners, Kinnevik
- Valuation at Round: $550M
- Motivation Behind the Round: To accelerate global expansion and expedite new product launches.
Total Amount Raised: $123.1M. Current Valuation: $550M.
Key Investors
- Declaration Partners
- Details: Declaration Partners is a growth equity and real estate investment firm. They focus on partnering with visionary entrepreneurs and businesses to drive long-term value.
- Investment Focus Areas: Growth equity, real estate.
- Notable Investments: Various sectors including technology, healthcare, and consumer services.
- Kinnevik
- Details: Kinnevik is a Swedish investment company that builds digital consumer businesses. They have a strong track record of investing in technology-driven companies.
- Investment Focus Areas: Digital consumer businesses.
- Notable Investments: Zalando, Tele2, Babylon Health.
- WndrCo
- Details: WndrCo is a holding company that invests in technology and media companies. They aim to support innovative companies that are transforming their industries.
- Investment Focus Areas: Technology, media.
- Notable Investments: Quibi, Aura.
- W. R. Berkley
- Details: W. R. Berkley is an insurance holding company that operates in the property and casualty insurance business. They invest primarily in their own subsidiaries and insurance-related ventures.
- Investment Focus Areas: Property and casualty insurance.
- Notable Investments: Subsidiaries and insurance-related ventures.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in consumer, enterprise, and life sciences companies. They have a history of backing transformative companies at various stages of growth.
- Investment Focus Areas: Consumer, enterprise, life sciences.
- Notable Investments: Uber, Roku, Warby Parker.
What's Next for Sure?
Sure is poised to capitalize on a massive global market opportunity by accelerating its expansion and launching new products. The company plans to streamline embedded insurance offerings, enabling digital insurance programs for recognized brands and carriers. With a recent $100 million Series C funding round, Sure is well-positioned to triple its engineering headcount and enhance its technology infrastructure.
Future fundraising opportunities seem likely as Sure continues to grow and expand its market presence. However, the company will need to navigate regulatory challenges in different international markets and maintain profitability while scaling operations. The competitive insurtech landscape will also require continuous innovation to stay ahead.
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