Sure, an insurance infrastructure startup, announced that it has closed on $100 million in Series C funding at a $550 million valuation. New York-based Declaration Partners and European growth investor Kinnevik co-led the financing, which also included participation from WndrCo and existing backers W. R. Berkley and Menlo Ventures. The round brings the Santa Monica-based startup’s total raised to $123.1 million since its 2015 inception. Sure, launched its first (enterprise SaaS) product in early 2016, and today counts traditional financial services and fintech companies alike among its customers. Customers include Farmers Insurance, Chubb, Intuit, Betterment, Revolut, Carvana, several automotive manufacturers and a leading global credit card network. All offer insurance programs built on Sure’s infrastructure.
International expansion will come in the form of new customers — and offices — in Europe, Latin America, and Asia, as well as existing customers with successful domestic programs that plan to expand their insurance solutions to international customers. Sure, also plans to continue hiring. Sure’s current employee count is 80, which is up over 50% since last year. The company plans to triple its engineering headcount in 2022. Sure is unique in how it enables new revenue streams on both ends of the equation (insurance companies as well as brands), and that they do that as a software play and without being a risk carrier.