Vouch – a leading business insurance provider – announced the closing of a $25 million Series C-1 funding round led by Ribbit Capital. This insider-led round was oversubscribed and followed a year of strong business performance, including 66% year-over-year (YoY) revenue growth and favorable loss ratio outcomes. This momentum is supported by an annual premium retention rate of over 120% and improving margins across the business.
Last year, Vouch increased its reinsurance panel from four to seven partners. The company also increased the pace of insurance innovation, including launching AI Insurance (coverage that mitigates nascent AI risks, including LLM hallucinations, regulatory mistakes, and IP issues). Vouch Horizon (a solution for scale-stage startups) also continues to win major accounts.
Vouch also invested significantly in the team, adding over 70 employees since 2022. And the company strengthened its leadership with strategic appointments, including Jared Klee as Head of Sales (previously of IBM Watson), Clark Kays as Head of Demand Generation (formerly of Marsh McLennan), Suzanne Robinson as Head of Claims (formerly of Travelers), Meg Glenn as Head of Actuarial (formerly of Clear Blue) and Mike Gorlin as Head of Underwriting (formerly of Zurich).
KEY QUOTE:
“2023 was a landmark year for Vouch, driven by our team’s dedication and our investors’ belief in our mission. I’m proud that we’re one of the few companies in our market that has achieved our goals despite industry headwinds, balancing pursuit of our big vision with strong business performance. And most importantly, we’ve been there when our clients need us most, successfully resolving hundreds of claims – many of which are complex and potentially company-limiting – totaling many millions of dollars. This additional equity funding enables us to expand our insurance product set and distribution channels and also to continue investing in our technology platform.”
– Sam Hodges, Co-founder and CEO of Vouch
