Sure Raises $100M to Revolutionize Insurance APIs

Sure Secures $100 Million in Series C Funding

An insurance technology startup, Sure, has recently announced the successful completion of a $100 million Series C funding round. This investment values the company at $550 million.

The financing was jointly led by Declaration Partners, a New York-based investment firm, and Kinnevik, a European growth investor. Additional participation came from WndrCo, alongside existing investors W. R. Berkley and Menlo Ventures.

Company Growth and Customer Base

Founded in 2015, Sure has now raised a total of $123.1 million. The company’s initial enterprise SaaS product was launched in early 2016.

Sure serves a diverse clientele, including both established financial services companies and innovative fintech firms. Notable customers include Farmers Insurance, Chubb, Intuit, Betterment, Revolut, and Carvana. Furthermore, several automotive manufacturers and a major global credit card network utilize Sure’s infrastructure.

These clients leverage Sure’s technology to offer embedded insurance programs.

Financial Performance and Core Technology

While specific revenue details remain undisclosed, Sure reports profitability since 2019. CEO and co-founder Wayne Slavin indicates that the company’s annual recurring revenue (ARR) has experienced growth exceeding 3X year-over-year for several consecutive years.

Sure’s core offering is a technology infrastructure designed to modernize the insurance process. This infrastructure facilitates the seamless integration of insurance into consumer experiences.

The company asserts that its platform enables businesses to offer insurance directly to customers “in milliseconds” through a fully digital process, eliminating the need for paperwork and manual intervention.

The Rise of Embedded Insurance

Slavin positions Sure at the “forefront” of the embedded insurance movement.

Embedded insurance, as he defines it, involves integrating insurance directly into a brand’s existing digital products across various industries.

Examples include offering car insurance during the online purchase of a vehicle, or providing business insurance when a new company establishes a bank account.

Competitive Advantages

Sure’s APIs provide companies with a faster, simpler, and more cost-effective route to market for new insurance products, according to Slavin.

“Sure differentiates itself through its proven technology infrastructure, rapid speed to market, and the capacity to deliver fully embedded customer experiences,” Slavin explained to TechCrunch. “Many companies are attempting to capitalize on the ‘embedded’ trend by rebranding existing solutions. However, true embedded insurance, pioneered by Sure, is built from the ground up to support end-to-end transactions within the embedded channel.”

Future Plans and Expansion

The newly acquired capital will be used to accelerate global expansion, expedite new product development, and further refine embedded insurance customer experiences.

International growth will involve establishing new customer relationships and offices in Europe, Latin America, and Asia. Existing customers with successful domestic programs are also planning to extend their insurance solutions internationally.

Sure intends to significantly increase its headcount, particularly within its engineering department. Currently employing 80 individuals, the company plans to triple its engineering team in 2022.

Investor Perspectives

Brian Stern, a partner at Declaration Partners, highlighted Wayne Slavin as a “visionary leader” and emphasized the “massive global market” for Sure’s technology.

“Sure prioritizes the consumer experience, convenience, and the power of integrating insurance into a customer’s relationship with a brand,” Stern stated.

Ola Nordbye of Kinnevik noted that several of his firm’s portfolio companies are already utilizing Sure’s platform.

“We appreciate how it enhances customer experiences while simultaneously unlocking a substantial untapped profit potential for brands that have already established a customer base,” Nordbye explained. “Insurance is a particularly challenging fintech sector. We were impressed by Sure’s advanced technology platform, its founder’s clear vision, and its strong financial performance.”

Nordbye further emphasized Sure’s unique ability to create new revenue streams for both insurance companies and brands, operating as a software provider without assuming insurance risk.

“Their capacity to deliver comprehensive solutions with exceptional implementation speed is also noteworthy,” he added.