Spot squeezes out savings and efficiencies in the accident-injury insurance industry to make coverage more affordable and easy to purchase for millennials. Founded in 2017 by Maria Goy and Matt Randall, the company initially focused on life insurance and relaunched in September 2019 to add medical injury insurance after interviewing 5,000 millennials. Spot sells directly to consumers and through strategic partnerships. The cofounders emphasize digitalization of backend operations as a core part of the product and service delivery. The company recently raised $17.5 million (including $15 million in equity and $2.5 million in debt). Spot plans to use the capital to grow the team, forge new partnerships, and ramp up marketing efforts. Life by Spot offers short-term life insurance policies sold through an online platform with instant approval. Policies range from one day to 30-day terms and start at $7, and are issued by Fidelity Life Association and reinsured by Hannover Life Reassurance Company of America. The company positions its product to reach adventurous customers and demographics underserved by traditional life insurers. Founders Matt Randall (CEO) and Maria Miller (COO, former New York Life executive) launched the business to provide on-the-spot coverage for short-duration activities. Life by Spot plans to use its new financing to develop product features and expand marketing efforts. The startup is Austin-based and emphasizes creating a new distribution channel for life coverage.

Total raised

$23M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Aug 2021