" class="no-js "lang="en-US"> Vertical Insure Raises New Capital to Help Vertical Software Platforms Drive Revenue Through Embedded Insurance
Thursday, May 30, 2024

Vertical Insure Raises New Capital to Help Vertical Software Platforms Drive Revenue Through Embedded Insurance

Vertical Insure, the embedded insurance platform for platforms, today announced it raised $2M in additional financing, bringing its total seed funding raised since inception to $6M. Greenlight Re Innovations led the additional financing, with participation from Groove Capital, Daren Cotter and other strategic angel investors.

Vertical Insure provides vertical SaaS platforms with embedded, white label insurance products that can be deployed to their current customer base. Companies can leverage Vertical Insure to bundle the range of products their customers need — resulting in added value and new revenue without any extra overhead or IT bandwidth.

Vertical Insure operates in an emerging wave of business known as SaaS+. In addition to their core software product, SaaS+ platforms employ embedded products as a secondary revenue model. Vertical Insure is the “plus” that SaaS platforms can integrate and monetize to become SaaS+ platforms.

“We are really excited about Vertical Insure’s momentum and glad to have new strategic investors join the team,” said Brock Noland, Co-Founder and CEO of Vertical Insure. “Greenlight Re has a strong track record of successfully supporting technology innovators in the (re)insurance space. We’re looking forward to together bringing game-changing insurance products to market.”

Simon Burton, CEO at Greenlight Re, said, “We believe that Vertical Insure will generate unique underwriting opportunities for Greenlight Re by tailoring embedded insurance products for industry-specific SaaS platforms and their clients.”

Vertical Insure will use this additional funding to accelerate product development, hiring and GTM. Since its initial round of seed funding in December 2022, Vertical Insure finalized its partnership with battleface, an award-winning provider of travel, registration and event insurance.

“A great booking experience includes having the option to cancel and recoup your investment should unforeseen circumstances arise,” said Beau Jeppesen, Head of Revenue at battleface. “We’re excited to be working alongside Vertical Insure to bring event participants and spectators alike highly personalized embedded products and services. By introducing coverage at the moment it’s needed and at the point where the customer is most likely to buy will ultimately lead to higher conversion rates.”

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