Spot raises $33 million
On-demand injury insurance provider Spot Insurance has raised $33 million in funding, including $25 million in equity and $8 million in debt. The round was led by Ensemble VC, with participation from Sozo Ventures and all existing investors.
Spot partners with active lifestyle brands such as Ikon Pass, USA Cycling, Powder Mountain, USA BMX, National Ski Patrol, and athleteReg. These brands can offer their customers coverage through Spot when they sign up for activities or memberships.
“Less than half of Americans have enough savings to cover $1,000 in sudden medical expenses. We’re building the alternative to a broken US health insurance system by making it easier for people to access affordable coverage. By distributing through partners, customers will not only be able to buy insurance in the moments they need it most; they’ll also know exactly what they’re covered for—so they can live life to the fullest without the fear of going into debt from medical bills.” – Matt Randall, co-founder and co-CEO of Spot.
“Spot is the solution to an outdated US health coverage system that’s just not working for most people anymore. Spot makes it easier for more people to get affordable coverage, so they can chase what they love knowing they’re protected if things go wrong. You just can’t get that level of peace of mind anywhere else, and I couldn’t be more excited to support their vision.” – Collin West, managing partner at Ensemble VC.