Trov, a San Francisco, CA-based insurtech company, closed $45m Series D funding.
The round – which brought total funding to just over $85m – was led by Munich Re/HSB Ventures with participation from Oak HC/FT, Suncorp Group (ASX:SUN), Guidewire (NYSE: GWRE), Anthemis, and Sompo Holdings (SOMPO), who will bring Trov to Japan.
The company intends to use the new capital to bring its platform globally, expand the categories of items it covers, and accelerate the development of new applications.
Led by Scott Walchek, CEO and Founder, Trov provides an on-demand insurance platform for single items giving people the power to insure just what they want, exactly when they want, entirely from their mobile device.
The company partners with insurance providers in their markets, which provide the underwriting capital and primary insurance licensing. Trov launched in Australia in May 2016, where it is underwritten by Suncorp, and the UK in December 2016, where AXA is its underwriting partner. Trov, which will be an MGA in the USA, will be released stateside in 2017, with Munich Re providing its underwriting capital and licensing.
With the investment, made via its wholly owned subsidiary Sompo Japan Nipponkoa, SOMPO is partnering with Trov to offer its on-demand insurance exclusively throughout Japan.
The Trov app is available for free download on iOS and Android in the UK and Australia.