Insurtech startup Spot raises $33m funding to ramp up partnerships, offer affordable coverage for customers

Insurtech startup Spot raises $33m funding to ramp up partnerships, offer affordable coverage for customers

Published: 30-06-2022 14:50:00 | By: Pie Kamau | hits: 221 | Tags:

Spot, the tech startup offering on-demand injury insurance, announced it has raised $33 million in funding, including $25 million in equity and $8 million in debt. The round was led by Ensemble VC, with participation from Sozo Ventures and all existing investors. Collin West, Managing Partner at Ensemble VC, will be joining Spot's Board of Directors, along with Zach Abrams, former Chief Product Officer of Brex, who will be joining as Spot's first outside board member. Kevin Tsui will join the company as Chief Revenue Officer. Spot will use the new capital to ramp up their strategic partnership approach.

The company is embracing this new momentum to continue building an amazing digital experience for partners and their customers. Instead of navigating complex and comprehensive health coverage, customers can buy coverage through Spot's partners when they sign up for activities or memberships. Tens of millions of people will now have access to simpler, more affordable coverage.

Some of the biggest names in the active lifestyle space partner with Spot, including Ikon Pass, USA Cycling, Powder Mountain, USA BMX, National Ski Patrol, athleteReg, and more. Spot also covers top pro athletes like snowboarder Travis Rice, cyclist Ayesha McGowan, mountaineer Adrian Ballinger, skateboarder Monica Torres, and skier Julian Carr.

Matt Randall, Co-founder and co-CEO, Spot: "Less than half of Americans have enough savings to cover $1,000 in sudden medical expenses. We're building the alternative to a broken US health insurance system by making it easier for people to access affordable coverage. By distributing through partners, customers will not only be able to buy insurance in the moments they need it most; they'll also know exactly what they're covered for—so they can live life to the fullest without the fear of going into debt from medical bills."

When bad things happen, dealing with insurance can make it worse. Spot believes their community deserves something better. With Spot, customers can receive treatment at any licensed physician, hospital, or urgent care clinic. The policy works with or without traditional health insurance, and has no insurance network restrictions. A dedicated claim advocate is available to guide customers every step of the way - simplifying the experience so the claim can be resolved as quickly as possible.

Collin West, Managing Partner, Ensemble VC: "Spot is the solution to an outdated US health coverage system that's just not working for most people anymore. Spot makes it easier for more people to get affordable coverage, so they can chase what they love knowing they're protected if things go wrong. You just can't get that level of peace of mind anywhere else, and I couldn't be more excited to support their vision."