insurtech 29/May/2019

Insurtech News > Israeli insurtech start-up gets $5m funding to insure electric scooters, boats and more in the US

Israeli start-up Voom has received $5m (£3.95m) in funding to help bring to market its insurance platform for specialised mobility riders using an electric scooter or boat.

The investment round was led by Arbor Ventures and brings the total funding for the company to $7m (£5.52m).

Planning to release in the US market, Voom claims its platform allows users to take out an insurance policy to cover each trip made on a specialised mobility vehicle, including electric bikes and scooters, as well as boats and small planes.

Voom CEO Tomer Kashi told Compelo: “Voom is the world’s first on-demand insurtech platform for specialised mobility – that’s anything you can ride, fly or sail.

“We will take the telemetry data from the vehicles we insure, either directly from the vehicle, or from a mobile phone.

“From the vehicle, we can get GPS and acceleration data, but external data is also very important – for instance weather conditions, whether it’s night or day, and road conditions, just to name a few.