InsuranceInsurtech Startup Spot Announces $17.5 Million in Funding

BusinessWire BusinessWireJuly 29, 20215 min

Company’s Unique Distribution Model, Via Partnerships and Direct to Consumers, Makes Injury Insurance Coverage More Affordable and Convenient for Tens of Thousands of Customers, Including Pro Athletes

Spot, the tech startup modernizing insurance by providing digital, on-demand injury insurance to tens of thousands of customers, today announced it has raised $17.5 million in funding, including $15 million in equity and $2.5 million in debt. The round was led by GreatPoint Ventures, with participation from Montage Ventures, Mutual of Omaha, MS&AD, and Silverton Partners. Mike McCormick, Principal at GreatPoint Ventures, will join Spot’s Board of Directors. The company will use the new capital to grow the team, forge new partnerships, and ramp up marketing efforts.

Spot is the first company to provide customized injury insurance policies through strategic partnerships with companies and organizations, allowing partners’ customers and communities to easily purchase coverage when they sign up for activities or memberships. The company invented “on-the-mountain” coverage for skiers and snowboarders, which can be purchased along with a lift ticket, and “on-the-bike” coverage for members of cycling organizations. Spot’s dozens of partners include USA Cycling, Powder Mountain, USA BMX, National Ski Patrol, athleteReg, and more. Tens of thousands of Americans are already covered by Spot, including some of the world’s top pro athletes, such as snowboarder Travis Rice, cyclist Ayesha McGowan, mountaineer Adrian Ballinger, skateboarder Monica Torres, and skier Julian Carr.

“Health insurance across America is broken and high medical costs are causing Americans to go into debt and even file for bankruptcy,” said Matt Randall, co-founder, and CEO of Spot. “Monthly premiums on health insurance are much higher than what the average American can afford, so Spot is rethinking insurance and offering a new alternative for today’s consumers, while finding ways to help Americans live their lives without going broke. Our team is providing peace of mind for as little as $25 per month, and driving awareness of much-needed injury insurance coverage options.”

As part of its direct-to-consumer offering, Spot provides affordable, month-to-month accidental injury coverage starting at $25/month, which can be used with or without traditional health insurance. Plans cover the actual costs of medical bills, up to $20K per injury. Fully digital, Spot conveniently allows customers to sign up in just one minute for immediate coverage at any time, so they can get the treatment they need at any licensed physician, hospital, or urgent care clinic.

“Spot is a fundamental fix to the broken US health insurance system, which currently leaves so many people physically and financially ruined,” said Mike McCormick, Principal at GreatPoint Ventures. “I believe Spot can fill health coverage gaps for millions of Americans who need better healthcare, and I’m honored to support the company’s mission.”

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