InsurTech Voom rakes in $15m funding to expand UBI model

Voom, an InsurTech that provides usage-based insurance (UBI) for e-scooters, e-bikes and related devices, has secured $15m in funding.

The round was co-led by JAL Ventures and UP.Partners and saw participation from F2 Capital, Arbor Ventures, Verizon Ventures and ICON Continuity Fund. To date, Voom has inked over $22m since its founding.

Founded in 2016, Voom is a full-stack digital insurance firm that works we reinsurance companies to bridge the gap between their current legacy IT systems and current mobility trends and customer needs.

The company markets Voom Core, an end-to-end platform that provides telematics-based risk analytics, a cloud-based policy admin system and a suite of distribution tools for direct distribution, brokers and APIs for embedded insurance.

Alongside e-scooters and e-bikes, the firm also insures drones. Voom recently launched what it claims is the first per-mile insurance product for motorcycles. Following the investment, the company is looking to expand UBI to light aircraft, gig drivers and leisure vehicles.

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.