Online business insurance platform Huckleberry has reportedly scored $18m in a funding round led by Tribe Capital.
Other participants to the round included Amaranthine, Crosslink Capital and Uncork Capital, according a number of reports in the media.
Capital from this round is primarily for the expansion of the company’s insurance products across sectors including personal care, auto repair and more. Funds will also be used to deepen its engineering, data science and marketing efforts, the articles report.
Businesses can access insurance policies through Huckleberry by simply filling out a couple of questions and within minutes of completion a quote will be given. Policies available are for workers’ compensation and business owner’s protection.
There are several optional add-ons including hired and non-owned assets, employment practices liability insurance, employee dishonesty coverage, professional liability, restaurant endorsement, liquor liability and equipment breakdown.
The US-based InsurTech platform supports businesses across the landscaping, retail, food and beverage, legal, accounting, beauty, fitness, and more.
Investments into the global InsurTech space has been steadily growing for the past three years. In 2018, a total of $3.4bn was invested across 237 deals; however, this figure has been surpassed by just the first three quarters of 2019, with $3.7bn having been deployed in 215 transactions.