Slice Labs Inc., a company offering an on-demand insurance platform for rideshare and homeshare risks in the United States, has announced a Series A investment of $11.6 million led by XL Innovate, with participation from Horizons Ventures, Munich Re / HSB Ventures, SOMPO, Plug and Play, and Tusk Ventures.
The financing will be used to scale Slice’s on-demand offering for new products and jurisdictions, and to offer its on-demand digital insurance platform to insurance carriers.
Slice, which launched in 2016, has built a cloud-based insurance service that uses algorithms and data to lower the cost of issuing policies, increase automation around claims, and reduce claims fraud and loss. The company has used its technology to directly insure homes for homesharing and has been testing a product for ridesharing.
Now, Slice is looking to sell its platform directly to large carriers globally. The Slice platform is a fully-operating insurance entity that includes pricing, ratings, licensing, underwriting, servicing and capacity.
Interested insurers would be able to integrate the turnkey Slice platform into their own operations to sell insurance products for the sharing economy.
“We believe the on-demand platform and technology offered by Slice has immense potential to completely disrupt how insurance is bought and sold, not just within the sharing economy, but globally and across the board,” commented Tom Hutton, managing partner of XL Innovate.
“We couldn’t be more eager to accelerate our go-to-market strategy with the support of such a strong group of investors bringing their strategic and financial expertise to the table,” said Tim Attia, CEO of Slice. “This is critical as we move to the next phase in the development of the company, which will be to scale and show traction both in the direct market and through strategic partnerships.”
Since officially launching its first product offering to homeshare hosts (on platforms such as Airbnb and Homeaway) in October 2016, Slice says it has experienced double-digit monthly revenue growth and is now providing homeshare coverage in 26 states across the U.S., reaching 82 percent of the homeshare market.
The company said it plans to have its homeshare product in all 50 states by the end of 2017.
Slice’s rideshare product is in testing mode.
Slice raised $3.9M in seed funding in the first part of 2016.
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