Press release
Sure Closes $100M Series C Round Led by Declaration Partners and Kinnevik to Expand and Accelerate Embedded Insurance Programs
October 5, 2021
The future of insurance on Sure’s technology rails and network
Learn more
LOS ANGELES, CA — October 5, 2021 — Sure, a global insurance technology company, announced today the closing of $100M in Series C funding led by Declaration Partners and Kinnevik with additional participation from WndrCo, FTAC Ventures, Expanding Capital, and existing investors W. R. Berkley Corporation and Menlo Ventures. This growth round will accelerate Sure's global expansion, expedite new product launches, and streamline embedded insurance customer experiences.
In the last 12 months, Sure has more than doubled its revenue and the size of its team. During this time of rapid growth, the company has configured end-to-end embedded insurance infrastructure for world-renowned brands and insurance carriers. Its cohesive ecosystem of APIs enable faster speed to market and minimize the enormous cost and complexity associated with new insurance product launches. As a result, customers with infrastructure built on Sure such as Farmers Insurance, Chubb, Intuit, Betterment, and Carvana are able to focus on delivering core products and seamless digital experiences that provide real value to consumers. Sure has also made a mark on the industry by launching first-of-its-kind insurance programs for several automotive manufacturers and a leading global credit card network.
"We are pleased to partner with Sure CEO Wayne Slavin, a visionary leader, and his team," says Brian Stern, a Partner at Declaration Partners. "Sure enables companies to embed insurance into their customer journey and powers the digital offerings of insurers, in both cases creating seamless, convenient, and personalized insurance experiences. This transformational technology reveals a massive global market opportunity, and this new funding will help Sure capitalize on it."
"Through our extensive experience of investing in consumer brands we have seen first-hand what tremendous value embedded finance can bring to both brands and their customers," says Ola Nordbye from Kinnevik. "Sure is emerging as the leading enabler for insurance companies and global brands to build the next generation of products together, and among their customers you already find our portfolio companies. We love how Sure removes the complexities of digital insurance software, allowing their clients to focus on what they do best."
Wayne Slavin, Sure's co-founder and CEO, says, "This round will fuel our expansion, enabling us to help the insurance industry reach its full potential in an online era. Insurance, much like financial services, desperately needs modernized technology to meet the 'right here, right now' mentality of the modern customer. As carriers continue to prioritize digital transformation and brands expand financial services to include insurance, Sure is the proven platform to power insurance programs for the world's largest companies."
Slavin continues, "We're thrilled to work with the teams at Declaration Partners and Kinnevik as we expand internationally and grow our team and services."
To learn more about Sure, please visit sureapp.com.
###
Sure is an insurance technology company that unlocks the potential of insurance on the internet. Global brands and world-renowned carriers build sophisticated embedded insurance products on the company's SaaS infrastructure to distribute, service, and scale digital insurance. Its platform enables accelerated market growth and increased revenue streams while delivering unparalleled customer experiences.
Founded in 2015, the company is headquartered in Santa Monica, California with offices around the globe.
Declaration Partners is a private investment firm that seeks to be a value-added capital partner and strategic resource to management teams and asset owners where patient, flexible capital provides an advantage. Declaration has over $1.7 billion in assets under management across its investment strategies, which include growth equity, real estate, platform company investments, fund seeding, and other opportunistic strategies. Anchored by the family office of private equity veteran and philanthropist David M. Rubenstein, Declaration invests on behalf of family offices and like-minded institutional investors. The firm was founded in 2017 and is headquartered in New York with an office in the Washington, DC area.
Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.
Financial Technology Partners ("FT Partners") served as exclusive advisor to Sure in this transaction.
