Spot, a US-based injury insurtech designed to protect against unexpected medical expenses, has secured US$ 17.5 million in a Seed round led by GreatPoint Ventures on 28 July 2021.
Investors: The latest investment round included US$ 15 million and US$ 2.5 million in debt financing. The round witnessed GreatPoint Ventures as the lead investor. Other investors include Montage Ventures, Mutual of Omaha, MS&AD Ventures, and Silverton Partners. The startup has raised, in total, US$ 23.3M to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards expanding its team, establishing new partnerships, and scaling marketing activities.
About Spot
Established in 2017 by Maria Goy and Matt Randall, Spot allows customers to sign up in only a minute for immediate coverage 24/7, enabling them to avail healthcare services at any licensed doctor, medical clinic, or emergency care hospital. The firm is a pioneer in offering personalized injury insurance schemes with the support of tactical collaborations with corporations and institutes, aiding partners’ users and clients to subscribe coverage at the time of purchasing memberships effortlessly. The startup has formulated an “on-the-mountain” policy for those who ski and snowboard, which can be bought together with a lift pass and an “on-the-bike” scheme for those who are part of cycling corporations. USA Cycling, Powder Mountain, USA BMX, National Ski Patrol are some of the organizations which have partnered with Spot.
What the Founder has to say: “Health insurance in the American geography is fragmented, and costly medical services have forced many Americans to get stuck in the debt-cycle and apply for insolvency. Premiums paid on a monthly basis are quite high as compared to what a middle-class American can bear. Hence, Spot is on the mission to reframe the insurance industry framework and provide a substitute for today’s users while exploring methods to aid Americans to spend their lives in the absence of bankruptcy. Our professionals are providing a satisfactory and convenient service for a mere US$ 25 monthly charge, and spreading knowledge about the essential injury insurance scheme plans.”- Matt Randall, Co-Founder and CEO of Spot.
What the investor has to say: “Spot is the primary solution to a deteriorating US health insurance market, which presently ruins the physical and financial life of a majority of individuals. The way I see it, Spot has the potential to reduce the health coverage challenges for a number of Americans who desire satisfactory healthcare services, and its an honour to invest in Spot and assist them in achieving their mission.”- Mike McCormick, Principal at GreatPoint Ventures.
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