Slingshot Insurance emerges with $27 million seed round
Rally Ventures and Skyward Group co-lead financing for embedded insurance infrastructure.
Financing insurance sold at checkout
Slingshot Insurance has announced $27 million in seed funding co-led by Rally Ventures and Skyward Group. Insurance industry veteran Jim Hays also invested and will join its board.
The Minneapolis company builds software that connects businesses offering embedded insurance with the insurers backing those policies. It aims to reduce the administration that makes inexpensive coverage costly to provide.
Chief executive Ethan Genteman said the company currently earns revenue as a technology provider working with outside insurers. It is pursuing a carrier acquisition that would allow it to back policies itself. Vertical Insure is its first customer and design partner.
Use of funds
Develop embedded insurance infrastructure and pursue carrier acquisition.