VOOM is a rising insurtech startup that has created a new section in the auto insurance category. The company helps business owners and individuals alike obtain the specific coverage they need for non-typical vehicles. The startup recently raised a new round of funding to help expand current business operations and expand its product to a wider audience.
What makes VOOM unique and growing
Insurtech startup VOOM helps business owners by offering a new usage-based insurance policy that allows clients the opportunity to save money while maintaining coverage in case of emergencies or accidents. Customers can provide data to the company that analyzes how often and how safely the user drives a vehicle. This could potentially lower the cost of insurance, and for small business owners in particular, make a big difference in the amount of money saved. The insurtech startup launched the first-per-mile insurance plan, which for more unique vehicles would result in very little to pay.
Along with the usage-based approach, the insurtech startup focuses its coverage on more specialized or unique vehicles that are often not insured at the same rates as more traditional commuter cars. VOOM now offers specific policies for vehicles such as motorcycles, light aircraft drones, electric scooters, and much more. Business owners operating large fleets of electric scooters and drones have increasingly been working with VOOM due to these custom policies.
The insurtech startup has recently seen significant growth in just the last year. Furthermore, VOOM has become the leader in the drone insurance category around the world. The company is now licensed to sell insurance in all 50 states and Canada, radically expanding its potential customer base. Additionally, the insurtech startup has also expanded its business presence to multiple continents with VOOM working from offices in Palo Alto, California, and Tel Aviv, Israel.
Mileage-based insurance rates and policies built for niche vehicle types have generated significant excitement for the insurtech company, resulting in several investors seeing significant business potential.
VOOM Funding Round and Plans for Future Growth
In its latest round of funding, VOOM raised $ 15 million. The newly raised capital brings the total funding raised by the company to $ 22 million. The funding round was led by JAL Ventures and UP Partners with participation from F2 Capital, Verizon Ventures, Arbor Ventures and ICON Continuity Fund.
The new funds raised by the company will be used to expand current available insurance offerings and further support its mileage tracking policies. VOOM will also begin to increase its internal staff to meet the growing demand.
Commenting on the latest round of funding and what makes the company unique, VOOM Co-Founder and CEO Tomer Kashi said: “The first wave of insurtech startups improved the way insurance companies engaged. with its customers. VOOM, as a pioneer of ‘insurtech 2.0’, is fundamentally changing the risk model itself. Our expertise is in areas of mobility where risk is high but use is irregular or seasonal. We apply advanced analytics to provide products usage-based insurance at dynamic pricing that our customers love. “
