By Ashish Tiwari

July 9 - (The Insurer) - Commercial auto insurtech Inshur has secured $35 million in funding from alternative asset manager Trinity Capital, the company said on Wednesday.

Inshur said the funding will support R&D focused on AI-powered underwriting and real-time pricing, which it highlighted as key tools for providing flexible insurance coverage in the autonomous vehicle and mobility sectors. Inshur said it will also help the company fast-track its U.S. expansion.

"Apart from investing funds in AI, we would keep the rest in reserve for further M&A," said Tal Brener, Inshur’s group CFO.

Founded in 2016, Inshur offers commercial auto insurance for rideshare and delivery drivers through a digital platform. Capitalising on the rise of gig work and mobility platforms like Uber, it has crossed 1 million policies sold in the UK, one of its core markets.

Inshur also plans to deepen partnerships with mobility platforms, including its Period Z insurance for rental fleets and its role in Uber’s Bring Your Own Insurance program.

“This raise reflects our disciplined approach to insurance solutions for the on-demand economy,” said Inshur’s CEO and co-founder Dan Bratshpis.

Brener said Inshur aims to be EBITDA-positive by year-end, with the company on track to surpass a $100 million revenue run rate within a year after a consistent compound annual growth rate of more than 50% since 2023.

The investment comes as competition intensifies among insurtechs targeting commercial auto and gig economy workers.

“Inshur’s data-driven strategy and tech-first model give them an edge in commercial auto insurance,” said Jack McNamara, director of tech lending at Trinity Capital.

In April 2024, Inshur raised $19 million in a funding round led by Viola Growth.

((ashish.tiwari2@thomsonreuters.com))