Rainbow, a San Francisco, CA-based digitally-enabled managing general underwriter building tailored small business insurance products, raised $12M in funding.
Backers included Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners, and Arch Capital Group Ltd.
The company intends to use the funds to expand operations and its business reach.
Founded in 2022 and led by CEO Bobby Touran, Rainbow MGA Insurance Agency, Inc., is a specialist managing general underwriter building tailored small business insurance programs, starting with restaurants. Through developing insurance products that reward small business owners for putting safety first, it is pioneering an insurance policy that provides peace of mind while also working to help prevent claims. The company’s flagship program, an admitted business owner’s policy (BOP) product specifically tailored to the restaurant industry, is currently live in 8 states and expected to be available in over 25 states in 2024. Rainbow’s restaurant program is exclusively distributed through independent insurance agents and digital partners.
Rainbow is available today in the states of Texas, Michigan, Arizona, Indiana, Utah, Pennsylvania, Ohio, and Tennessee with plans to be live in 18 additional states in early 2024.