Rainbow, a US-based technology-powered MGU, has garnered $12m in a seed funding spherical.
This spherical noticed contributions from numerous buyers together with Altai Ventures, Arch Capital Group, Buckley Ventures, Caffeinated Capital, 8VC, Habitat Companions and Zigg Capital.
Caffeinated Capital managing companion Ray Tonsing stated: “We’re deeply invested in Rainbow and its world-class founding workforce, which has completed a lot in such a short while since inception and regardless of market headwinds.
“We’re extraordinarily inspired by the early traction of their flagship programme, and their distinctive platform capabilities have them poised to scale quickly”.
Arrange in 2022, Rainbow is a specialist MGU engaged in growing tailor-made insurance coverage programmes for small companies.
The corporate’s engineering workforce has constructed a platform that’s stated to allow environment friendly underwriting and transaction processing for all dangers submitted.
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Rainbow stated it’s redefining small enterprise insurance coverage with a concentrate on particular verticals the place its data-driven and technological method can present an underwriting edge.
The corporate’s flagship providing is an admitted enterprise proprietor’s coverage product designed for the restaurant business.
It’s presently out there in eight states and anticipated to increase to greater than 25 states in 2024.
The restaurant insurance coverage programme is distributed via impartial insurance coverage brokers in addition to digital companions.
Wanting forward, Rainbow goals to launch specialised programmes in further enterprise sectors.
At the moment, Rainbow’s insurance coverage options can be found in Arizona, Indiana, Michigan, Ohio, Pennsylvania, Tennessee, Texas and Utah, with plans to increase to 18 extra states in early 2024.
Rainbow CEO and co-founder Bobby Touran stated: “Eating places are an enormous class the place each operator requires insurance coverage, and it has confirmed to be a difficult class for a lot of capability suppliers.
“We felt that constructing deep area experience within the verticals we concentrate on would enable us to make use of know-how to tailor our underwriting and prioritise loss ratio, all whereas sustaining the critically vital customer-centric method to small enterprise.”
