VOOM, creators of innovative insurance products for underserved mobility segments, announced on Tuesday $15 million in funding to expand its usage-based insurance model to additional mobility verticals. The funding round was co-led by JAL Ventures and UP Partners, with the participation of F2 Capital, Arbor Ventures, Verizon Ventures and ICON Continuity Fund and brings VOOM's total funding to $22 million.
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VOOM launched the world's first Per-Mile insurance product for motorcycles in August and is expanding to offer usage-based insurance solutions for light aircraft, leisure vehicles and gig drivers.
The company identifies areas of mobility that are underserved by most insurers and rolls out insurance solutions that rely on new sources of data and actual customer usage.
"The first wave of insurtech startups improved the way insurance companies engaged with their customers. VOOM, as an 'insurtech 2.0' pioneer, is fundamentally changing the risk model itself," said Tomer Kashi, co-founder and CEO of VOOM.
"Our expertise is in areas of mobility where the risk is high but the usage is irregular or seasonal. We apply advanced analytics to provide dynamically-priced usage-based insurance products that our customers love," Kashi added.
"We have met numerous insurtech companies in the last 12 months, but the VOOM team stood out. They have a winning combination of flawless execution and a clear vision for how to disrupt the mobility insurance market," said Yair Elbaz, general partner at JAL Ventures.
