Rainbow, a San Francisco, CA-based digitally-enabled managing general underwriter (MGU), raised $8M in Series A funding.
The round was led by Zigg Capital.
The company intends to use the funds to accelerate its plans to expand its specialized underwriting approach to additional business verticals, with its second program recently launching in select states, followed by a nationwide roll out.
Led by CEO Bobby Touran, Rainbow offers a technology platform that provides agents and brokers with a quote-to-bind experience, while rewarding policyholders for prudent operational practices. Its data-driven “continuous underwriting” framework enables real-time portfolio assessment, improving underwriting accuracy and decreasing loss ratios.
The company’s initial product is an admitted business owner’s policy (BOP) designed specifically for the restaurant industry. This insurance program is currently live in 24 states, and will see expansion into additional states including New York over the coming months. Rainbow’s specialized risk selection approach, supported by its in-house risk monitoring software.
This financing brings Rainbow’s total capital raised to $20M since the company formed in 2022.
FinSMEs
15/01/2025