InShare announces $7.5 million funding round

Scottsdale-based InShare closed a $7.5 million funding round from ManchesterStory, The Hive and Avanta Ventures.

Founded in 2019 and a team of ~11, the company wants to offer risk management solutions to the Sharing Economy.

“We are the first InsurTech company to solve both sides of the insurance challenge, enabling companies to control costs and scale new products profitably while also providing affordable protections for independent workers on whom these industries depend.” – Mark Warnquist, cofounder and CEO at InShare.

InShare also recently added two members to its leadership team. Brandy Mayfield, a pioneer underwriter in the field, who helped establish and run Allstate’s Shared Economy practice, joined InShare as chief underwriting officer. Pooya Sarabandi, an InsurTech veteran, who built and scaled up several startups, also joined InShare as chief technology officer.

Other recent developments for InShare:

  • Partnered with Mobilitas Insurance to distribute insurance coverage for commercial fleet owners focused on last-mile delivery services
  • Building an insurance program for “one of the world’s largest logistics companies”
  • Building a tech foundation to enable the company to quickly launch programs that keep pace with the fast-moving sharing economy
  • Creating affordable insurance protections and other products custom-built to meet the everyday needs of independent workers