Spot, an Austin, TX-based tech startup providing digital, on-demand injury insurance, raised $17.5m in funding.
The round included $15m in equity and $2.5m in debt.
The round was led by GreatPoint Ventures, with participation from Montage Ventures, Mutual of Omaha, MS&AD, and Silverton Partners. Mike McCormick, Principal at GreatPoint Ventures, will join Spot’s Board of Directors.
The company will use the new capital to grow the team, forge new partnerships, and ramp up marketing efforts.
Led by Matt Randall, co-founder, and CEO, Spot provides customized injury insurance policies through strategic partnerships with companies and organizations, allowing partners’ customers and communities to purchase coverage when they sign up for activities or memberships. The company invented “on-the-mountain” coverage for skiers and snowboarders, which can be purchased along with a lift ticket, and “on-the-bike” coverage for members of cycling organizations. Spot’s dozens of partners include USA Cycling, Powder Mountain, USA BMX, National Ski Patrol, athleteReg, and more.
Tens of thousands of Americans are already covered by Spot, including some of the world’s top pro athletes, such as snowboarder Travis Rice, cyclist Ayesha McGowan, mountaineer Adrian Ballinger, skateboarder Monica Torres, and skier Julian Carr.