VOOM, an Israeli startup that offers specialized mobility insurance, has raised $15 million in a Series B funding round co-led by JAL Ventures and UP Partners. The new funding brings the total investment in Voom to $22 million to date.
Voom offers a service where people pay for insurance based on the mileage that they drive.
Founded in 2016, VOOM is a full-stack digital insurance company for New-Mobility. VOOM works with insurance companies to bridge the gap between their current legacy IT systems and today’s mobility trends and customer needs.
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VOOM says that it identifies areas of mobility that are underserved by most insurers and rolls out insurance solutions that rely on new sources of data and actual customer usage. The company says that this allows it to offer “far fairer rates than traditional insurance companies whose risk models are built on data like homeownership, credit score and zip code.”
The company’s VOOM CORE is an end-to-end platform that provides telematics-based risk analytics, a modern, born-in-the-cloud policy admin system, and a suite of distribution tools for direct distribution, brokers, and APIs for embedded insurance.
The VOOM CORE, boasts the company, “allows for creating new, data-driven, insurance products in a rapid manner – a crucial factor in emerging mobility segments.”
VOOM has partnered with numerous insurance carriers across the US, Canada, and Europe and has served tens of thousands of policyholders. Some of its products are SkyWatch, a digital drone insurance product in North America, VOOM & RIDE – the world’s first pay-per-mile motorcycle insurance product, and VOOM FLEETS.
We just raised $15 million Series B!
This round will help us grow to new and underserved markets. Our mission? To WOW our customers with Usage-Based Insurance for the future of mobility.
— VOOM (@VoomInsurance) October 5, 2021
“The first wave of insurtech startups improved the way insurance companies engaged with their customers. VOOM, as an ‘insurtech 2.0’ pioneer, is fundamentally changing the risk model itself,” said Tomer Kashi, co-founder and CEO of VOOM. “Our expertise is in areas of mobility where the risk is high but the usage is irregular or seasonal. We apply advanced analytics to provide dynamically-priced usage-based insurance products that our customers love.”
“The mobility industry is evolving extremely quickly, but traditional insurance providers do not,” said Ben Marcus, co-founder and managing partner at UP.Partners. “In order to serve the most innovative mobility segments, VOOM has established its own end-to-end insurance software stack which has now been proven with great success. We are excited to join VOOM on their journey as they expand their business to additional mobility verticals.”