We are delighted to announce that MTech Capital has made its first investment, backing INSHUR's Series A financing.
INSHUR is a New York-based provider of commercial auto insurance for the ride-share and taxi market. Drivers use INSHUR's mobile app to purchase commercial auto insurance (a requirement in New York state and throughout the EU) and receive a digital insurance certificate in minutes. Uber drivers can apply using their Uber credentials, which auto populates the application.
I will be joining the board of directors and I'm looking forward to supporting Dan and David in executing their growth strategy. The funds will be used to support INSHUR's expansion into Europe and MTech Capital's international presence and global insurance ecosystem make us a natural partner to support their expanding footprint.
We were pleased to join the financing with Munich Re Ventures. Munich Re also provides INSHUR with balance sheet capacity through Munich Re Digital Partners.
In a market where the traditional broker model has remained unchanged, INSHUR delivers a mobile-first platform, allowing drivers to manage their entire insurance lifecycle from their mobile phone.