SF-based Vouch will triple Chicago-based employee headcount in 2020, in plan to insure innovative startups nationwide
CHICAGO, Feb. 24, 2020 (GLOBE NEWSWIRE) — Vouch Insurance, the California-based platform offering fast, tailored insurance for early-stage startups, today announced the opening of its Chicago office. The new hub in Chicago’s Central Loop will serve as Vouch’s second headquarters, as the company pushes ahead with a nationwide rollout of its digital insurance coverage, customized for high-growth companies.
Vouch is the only insurance platform built exclusively for startups. In an age where early-stage technology companies are under increasing regulatory and cultural scrutiny, planning for early risk is critical to a startup’s long-term success. Vouch gives world-changing companies and entrepreneurs the freedom to innovate and scale sustainably, mitigating potential risks with fully-digital, customizable coverage that takes only minutes to apply and can be active within 24 hours. From General Liability to Cyber Coverage, Vouch’s proprietary insurance packages optimize the underwriting process for the speed, sophistication, and customization that startups require to scale and grow.
Represented by CBRE’s Brad Serot and Tony Coglianese, Vouch’s 6,000 square foot Central Loop office is opening with 11 employees, including Vouch’s Chief Insurance Officer, John Wallace, and Head of Claims, Tasha Matheson. Vouch plans to add new hires in Insurance Operations, Sales, Finance, and Software Engineering, with the goal of tripling the company’s Chicago workforce throughout the year. By the end of 2020, almost half of Vouch’s employees will be based in Chicago. This move reflects Chicago’s growing stature as a flourishing hub for high-growth tech companies.
The office expansion continues the company’s rapid momentum since closing a $45 million series B in November 2019, led by Y Combinator’s Continuity fund. With insurance coverage for businesses now available in 15 states, Vouch is on track to offer its customized solution to startups nationwide by the end of 2020.
“As one of the nation’s top-performing startup markets and a global insurtech hub, Chicago was a natural second home for us,” said Sam Hodges, CEO of Vouch. “From its top-quality tech and insurance talent to its central location, Chicago is the ideal city for Vouch to lay the foundation for nationwide growth. We look forward to expanding our roster of local clients, helping Chicago’s startup scene flourish with customized, scalable, tailored insurance.”
Vouch’s proprietary policies are backed by Munich Re, one of the largest A-rated reinsurers in the world. Vouch is also a preferred insurance provider for Silicon Valley Bank’s client base, which includes approximately 50 percent of venture-backed technology and life science startups in the country.
About Vouch
Vouch is a new kind of insurance platform for startups, offering fully-digital, tailored coverage that takes only minutes to apply, and can be active within 24 hours. Vouch works directly with its clients to insure, manage, and avoid risks, rather than brokering their insurance out to legacy carriers, so founders can focus on building their business. Vouch was founded by Sam Hodges, co-founder of Funding Circle U.S., the peer-to-peer lending marketplace that went public in 2018, and Travis Hedge, formerly of Nationwide Insurance and Silicon Valley Bank. Vouch is backed by Y Combinator, Ribbit Capital, and Index Ventures, and is backed and trusted by Silicon Valley Bank to serve its client base. Vouch has offices in San Francisco and Chicago. Learn more at vouch.us or on Twitter @vouch_group.
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