SureBright this month secured a USD$2.5 million pre-seed round.
The insurance technology startup raised the capital from Motivate Ventures, with participation from Panache Ventures, InsurTech Fund NYC, and other investors, according to BetaKit.
SureBright offers an Insurance-as-a-Service platform that enables any company to embed insurance and warranty products on their website.
The startup was born out of Toronto late last year and has already embedded its app with several Shopify merchants, reports BK. SureBright has plans to tap other platforms as well.
The 16-strong team is primarily comprised of engineers—the idea of selling is only just coming into play, cofounder Kai Jia told BK. Some of the seed funding is earmarked for hiring.
“As we grow our sales and marketing teams, we will have a more organized approach,” Jia informed BK.
The startup’s next product in development is an automatic purchase warranty for customers.
“There’s no way [traditional] insurance companies will be able to keep up with the fast-growing FinTech and e-commerce startup ecosystem,” Jia said.