Suncorp-backed on-demand insurance start-up Trov has closed a US$45 million (A$59 million) Series D funding round as part of a move to accelerate global expansion.
The US-based company, which launched its new on-demand service first in Australia early last year with the backing of Queensland’s Suncorp Group, announced this latest funding round brings its total funding to just over US$85 million (A112.28 million).
German reinsurer Munich RE led the latest funding round for the San Francisco-based Trov.
Japanese insurer Sompo Japan Nipponkoa also tipped in funds ahead of the planned launch of Trov in Japan.
The Suncorp Group has a US$5 million equity stake in Trov which closely followed its Australian launch last year with a launch in the UK. Trov plans to launch in the United States by the end of 2017.
According to Scott Walchek, chief executive and founder of Trov, the early success in Australia and UK is demonstrating that “modern consumers want a new way to protect their things”.
“By expanding our partnership with Munich Re and adding Sompo, we’re building a stable of exceptional partners who will enable us to launch around the world with greater speed, efficiency, and local know-how.
“The combined capabilities of key global insurance leaders will streamline our regulatory path and increase our go-to-market effectiveness in each new territory we pursue.”
The Trov app lets users create a digital inventory of their items on their mobile phones and to switch insurance for individual items "on and off" — using micro-duration policies and algorithmic pricing — from their phone as required.
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