SAN FRANCISCO, Calif., July 15, 2020 (GLOBE NEWSWIRE) -- Vouch Insurance, the business insurance platform for startups, today announced an expansion of its core insurance offering, growing the scale of businesses it can serve startups from seed-stage to Series B and beyond. Vouch has also expanded steadily into new states over the past six months, including Massachusetts most recently, making Vouch’s services available to 78% of the venture-backed startup market nationwide. Alongside this momentum, Vouch has reached landmark customer growth across 44 verticals, marking a new phase for the company as the go-to insurance provider for businesses as they start and scale.
Since its launch in 2019, Vouch has underwritten comprehensive business insurance to early-stage startups, eliminating the pain points and bureaucracy of traditional insurers in favor of a dynamic, fast insurance process specifically designed for the needs of the startup industry. Today, Vouch will expand service to companies with larger employee counts (up to 150 employees), capital raised (up to $75 million), and sales volume (up to $35 million). This evolution allows Vouch to serve existing customers through new phases of growth, as well as cover mature startups looking for an insurance partner who understands the need for tailored, tech-friendly policies.
“It has always been critical for businesses and technology companies to manage risk responsibly — and arguably now more than ever before,” said Sam Hodges, CEO and co-founder of Vouch. “As a company grows from early stage toward increased maturity, the responsibility to build a risk-averse business increases with more stakeholders involved on all sides. The breadth of Vouch’s offering, geographic footprint, and policies will allow us to serve a wider range of companies as they take steps to mitigate future business and operational risks amidst the COVID-19 pandemic.”
Alongside an expanded offering, Vouch has scaled its insurance offering throughout 22 states in less than 12 months, including California, Texas, New Jersey, Washington, D.C., and, most recently, Massachusetts. Today, Vouch covers hundreds of notable startups from seed-stage to Series B, including Routable, Neighbor, Middesk, and Pipe.
“When we started Pipe, the prospect of insuring our business felt difficult and not optimized for the speed and efficiency at which we were operating,” said Harry Hurst, co-founder and co-CEO of Pipe. “Now, as we continue to expand and reach new milestones of operational risk, Vouch is able to serve our specific insurance needs today and as we scale. Having a partner to help us mitigate future risks and grow responsibly is invaluable in this era of business.”
Vouch’s platform underwrites proprietary coverage for startups and growing companies, including Business Property, General Liability, Directors & Officers, Employment Practice Liability, and Cyber Coverage. Vouch has created a dynamic, digitized underwriting platform built in-house, which creates a tailored package of insurance policies within 10 minutes and implementation within 24 hours (a sharp contrast from the average 60-90 day timeline of traditional insurers).
Vouch’s proprietary policies are backed by Digital Partners, a Munich Re company, one of the largest A-rated reinsurers in the world. Vouch is also a preferred insurance provider for Silicon Valley Bank, and backed by Y Combinator Continuity.
About Vouch
Vouch is a new kind of insurance platform for startups, offering fully-digital, tailored coverage that takes minutes to activate. Vouch works directly with its clients to provide insurance and help manage and avoid risks, rather than brokering their insurance out to legacy carriers, so founders can focus on building their business. Vouch was founded by Sam Hodges and Travis Hedge, who experienced firsthand the value of insurance coverage tailored to a startup’s needs. Vouch is backed by Y Combinator, Ribbit Capital, and Index Ventures, and is backed and trusted by Silicon Valley Bank to serve its client base. Vouch has offices in San Francisco and Chicago. Learn more at vouch.us or on Twitter @vouch_group.
Media Contact
LaunchSquad for Vouch Insurance
vouch@launchsquad.com
415-625-8555