InsurTech Waffle seeks expansion following $5m seed round

New York-based InsurTech Waffle has closed a $5m seed funding round led by Verve Ventures.

The round also saw participation from BetterLabs Ventures and Techstars.

Founded in 2018, Waffle is a consumer insurance company that aims to connect users with top-rated nationwide insurance providers across all 50 states in the US. Its insurance involves policies look to cover, car, life, home, pet, travel, identity, digital life, friends and family.

The company is kicking off its launch with the introduction of pet, travel, life, renter’s and cyber insurance. By the end of June this year, the company plans to make auto and home insurance available to users.

Waffle currently partners with Blink by Chubb to provide cyber insurance. The cyber insurance plan covers ID theft, extortion and financial fraud among others, digital account protection for households and $10,000 up to $100,000 in limits offered for covered cyber events. Insurance premiums for cyber start at $5 per month.

According to Waffle, it intends to use the raised capital to continue to expand operations and its business reach. Currently, the firm only has one location in New York.

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