There are many stresses for a business in its infancy, and a tech startup is no different. Physical location, permits, licensing, hiring staff- the list goes on. Once you’ve checked all the items on your list, you want to protect all the work you’ve done and intend to do by getting insurance. Oftentimes startups get insurance, but they’re not even really sure what’s covered. They don’t know if they have too much or too little, or even the right kind for the type of business they’ve got. Vouch Insurance takes that laborious, confusing, 6 week task and transforms it into a quick, easy process that gives startups the coverage they need, when they need it.
“Built by founders for founders” Vouch co-founders Sam Hodges and Travis Hedge know insurance well. Growing up in a family of insurance brokers, Travis laughs about his third grade career day, where he wore a sweater vest and told the class he wanted to be an insurance broker like his dad. He's worked in the insurance realm throughout his career, working as an investor with Nationwide Insurance and SVB Capital. Sam has held multiple positions in insurance technology, as well as co-founding other businesses in the industry. Insurance can be tricky, and Travis and Sam know firsthand that without the proper coverage, things get messy quickly.
So what makes Vouch different from a typical insurance company? Vouch is in tune with what it takes to start a business, and specifically in the tech sector. “If you look at the insurance products that are available from traditional carriers, they’re not well designed for entrepreneurial companies, particularly companies that are technology driven. One of the first things we did at Vouch Insurance was put together a very specific risk taxonomy that allows us to better understand the risks that exist in high growth technology companies, and that allows us to serve companies in a way that incumbents can’t.”
Vouch’s upward climb has been rewarded with recent funding. In a recent press release, “[Vouch] announced that it has raised $24.5 million in Series A funding. The round was led by Ribbit Capital and SVB Financial Group, the parent company of Silicon Valley Bank, with participation from Y Combinator, Index Ventures, and 500 Startups. Vouch will use the funding to launch in more states in the coming months, expand its product offerings, and build out its team.”
With so many tech startups in Utah, Vouch is feeling quite at home and ready to help and support the Silicon Slopes Community. Visit Vouch.us to learn more or get a quick quote for your business. You can also listen to a recent podcast featuring Silicon Slopes’ Garret Clark interviewing Sam Hodges and Travis Hedge here.