NEW HAVEN, Conn.—Suretys, a digital insurance provider that offers a solution to replace the need for a cosigner for auto sales and leases, is reporting it will utilize $2 million in seed funding from Victorum Capital and other investors for market expansion, new product development, and team strengthening.
The seed round was completed in January 2021 and has resulted in Suretys expanding operations as part of its national rollout plan, the company said.
Suretys is collaborating with Markel Insurtech Underwriters, a division of Markel, to underwrite the Suretys PlusOne insurance product in Texas.
“Suretys identified a problem in the auto loan and leasing process that they believed could be solved with an insurance product. They came to us with a sophisticated, yet practical, technology solution that is quite scalable,” said Scott Whitehead, managing director, Markel Insurtech Underwriters. “We’re excited to work with the company’s very capable team.”
Suretys was founded in 2018 saying it has a mission to help first-time auto buyers purchase or lease a car without the need of a cosigner.