SAN FRANCISCO, March 11, 2024 — Vouch, the leading provider of business insurance for high-growth companies, today announced the closure of a $25 million Series C-1 funding round, led by Ribbit Capital. The insider-led round was oversubscribed and follows a year of strong business performance, including 66% year-over-year revenue growth and favorable loss ratio outcomes. This growth trajectory is supported by an annual premium retention rate of over 120%, alongside improving margins across the business.
Sam Hodges, Co-founder and CEO of Vouch, remarked, “2023 was a landmark year for Vouch, driven by our team’s dedication and our investors’ belief in our mission. I’m proud that we’re one of the few companies in our market that has achieved our goals despite industry headwinds, balancing pursuit of our big vision with strong business performance. And most importantly, we’ve been there when our clients need us most, successfully resolving hundreds of claims – many of which are complex and potentially company-limiting – totaling many millions of dollars. This additional equity funding enables us to expand our insurance product set and distribution channels and also to continue investing in our technology platform.”
In 2023, Vouch also increased its reinsurance panel from four to seven partners and accelerated its pace of insurance innovation, including the launch of AI Insurance, a first-of-its-kind coverage that mitigates nascent AI risks including LLM hallucinations, regulatory mistakes and intellectual property issues. Vouch Horizon, the company’s solution for scale-stage startups, continues to win marquee accounts.
Vouch has invested significantly in its team, adding over 70 employees since 2022. Additionally, the company strengthened its leadership with strategic appointments, including Jared Klee as Head of Sales (previously of IBM Watson), Clark Kays as Head of Demand Generation (formerly of Marsh McLennan), Suzanne Robinson as Head of Claims (formerly of Travelers), Meg Glenn as Head of Actuarial (formerly of Clear Blue) and Mike Gorlin as Head of Underwriting (formerly of Zurich).
As Vouch embarks on this next phase of growth, the company remains dedicated to delivering cutting-edge insurance solutions that meet the unique needs of the technology sector.
About Vouch:
Vouch is a US-based provider of business insurance to thousands of high-growth companies, having raised over $185 million from top-tier Silicon Valley institutions and investors, including Ribbit Capital, Redpoint Ventures, Y Combinator, Allegis, Anthemis and MS&AD Ventures. Since its inception in 2018, Vouch has empowered clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.
More information on Vouch can be found at https://www.vouch.us.
Vouch Insurance Services, LLC (NPN # 19039391) and Vouch Specialty Insurance Services, LLC (NPN # 19926463) are licensed in the states in which they conduct business. Detailed license information is available at https://www.vouch.us/licenses.
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SOURCE Vouch
