Spot Rakes in $33M for On-Demand Insurance Platform
Making a trip to the hospital for an emergency injury is far from a walk in the park. Outside of being injured and concerned about receiving the proper care, consumers with and without insurance can face steep medical bills for emergency trips that aren’t covered by their healthcare providers. This reality is a common occurrence for people with active lives who are prone to injuries in their line of work.
Spot, a local, on-demand insurance platform, hopes to ease the burden consumers face receiving insurance and emergency treatment. On Thursday, the startup raked in $33 million in its Series A funding round led by Ensemble VC. The round breaks down to $25 million in equity and $8 million in debt. To date, Spot has raised $50 million in total funding.
Funding is set to go toward ramping up the company’s approach to strategic partnerships. Some of Spot’s current partners include USA Cycling, Powder Mountain, USA BMX, National Ski Patrol, athleteReg and more. Through the Spot platform, partners and everyday consumers can access emergency treatment at any licensed physician, hospital or urgent care clinic.
Users can receive treatment through Spot with or without having health insurance. Additional features include access to Spot agents who can help consumers get through the billing process as fast as possible.
“Less than half of Americans have enough savings to cover $1,000 in sudden medical expenses,” Matt Randall, co-founder and co-CEO of Spot said in a statement. “We’re building the alternative to a broken U.S. health insurance system by making it easier for people to access affordable coverage. By distributing through partners, customers will not only be able to buy insurance in the moments they need it most; they’ll also know exactly what they’re covered for — so they can live life to the fullest without the fear of going into debt from medical bills.”
Randall told Built In via email that additional funding will go toward hiring for Spot’s sales and engineering teams over the next two years.