Quilt, a venture offering self-service online insurance products geared toward millennials, announced it raised $3.25 million in seed funding. NextView Ventures, the VC where Quilt was also incubated, led the round and other investors include Eniac Ventures, Founder Collective, Titan Partners, Basset Investment Group and several angel investors.
“There’s a huge coverage gap right now,” Blair Baldwin, co-founder and CEO, said in a statement. “About 80 percent of millennials don’t have enough insurance for the things they care about – their stuff, loved ones, pets, and experiences. Young people need coverage as much as anyone, but the industry is stuck in a previous century. We’re on a mission to reinvent how people buy and use insurance.”
There’s a huge coverage gap right now
Quilt’s first insurance offering will be renter’s insurance, which will be available first in Florida at the end of the month. But the company has other types of insurance coverage in the works. For instance, it plans to make digital life insurance policies available in the fall. More options will come in 2017.
The startup’s co-founders and executive team is a blend of professionals with previous positions at Boston tech companies working in the insurance space, like Goji, EverQuote and Enservio.
“The Quilt team is made up of founders and executives who have built and scaled leading insurance, fintech and consumer web companies,” Baldwin explained. “Our experience gives us a unique insight into both the problems with today’s insurance industry and the know-how to make it better.”
With Quilt, they hope to engage millennials by developing an entirely digital, mobile-friendly insurance experience, so they won’t have to spend hours on the phone with brokers. And the price points for policies available through Quilt are intended to be lower than others and paid on a monthly basis - just like millennial’s favorite box subscriptions.
