Series C-1 capital totaling $25 million was raised by Vouch, a business insurance provider for high-growth firms situated in San Francisco, California.
Leading the round was Ribbit Capital.
The money will be used by the business to increase operations and development initiatives.
Vouch, under the direction of CEO Sam Hodges, offers business insurance to rapidly expanding firms. Since its founding in 2018, the company has provided clients with the tools they need to manage risk effectively. These tools include coverages that expand with their business, specialized knowledge, a patented pricing and underwriting strategy, and digitally first procurement.
Along with speeding up insurance innovation, Vouch expanded its reinsurance panel from four to seven partners in 2023. One such innovation was the introduction of AI Insurance, a policy that guards against emerging AI risks like LLM hallucinations, erroneous regulatory actions, and intellectual property disputes. Furthermore, it offers Vouch Horizon, a scale-stage startup-focused solution.
Vouch has expanded their workforce by hiring more than 70 people since 2022. The company also strengthened its leadership with strategic hires, such as Meg Glenn, who was previously Head of Actuarial at Clear Blue, Mike Gorlin, who was formerly of Zurich, Suzanne Robinson, who was Head of Claims at Travelers, Jared Klee, who was previously Head of Sales at IBM Watson, and Clark Kays, who was previously Head of Demand Generation at Marsh McLennan.
“Vouche had a historic year in 2023 thanks to the commitment of our team and the faith of our investors in our vision. Being one of the few businesses in our sector to have accomplished our objectives in the face of industry challenges and balanced the pursuit of our large vision with solid financial performance makes me proud. Most significantly, we’ve been there for our clients when they needed us most, effectively settling hundreds of claims worth millions of dollars, many of which were complicated and may have a negative impact on the firm. We can increase the range of insurance products we offer, our distribution networks, and our investment in our technological platform thanks to this extra equity money.”
Sam Hodges
Redpoint Ventures, Y Combinator, Allegis, Anthemis, and MS&AD Ventures were among the other investors in the business.
