Vouch Insurance, a San Francisco, CA- and and Chicago, IL-based insurance company serving early stage startups, raised $24.5m in Series A funding.
The round was led by Ribbit Capital and SVB Financial Group, the parent company of Silicon Valley Bank, with participation from Y Combinator, Index Ventures, and 500 Startups.
The company intends to use the funds to launch in more states in the coming months, expand its product offerings, and build out its team.
Led by Sam Hodges, CEO, and Travis Hedge, vice president of business development, Vouch Insurance has just launched its proprietary insurance products and risk assessment tools designed specifically for high growth companies.
The company is authorized by regulators to sell to startups in Utah and Illinois, expects to be able to serve startups in California this fall, in 10 states by the end of the year, and nationwide by the end of 2020.
Its proprietary policies, sold exclusively online at vouch.us, are backed by Munich Re.
The company is also a preferred provider of insurance for Silicon Valley Bank’s client base.