SE Watch 06 - Verifly, Now Thimble, Raises $22M to Fuel On-Demand Insurance Growth

Thimble, formerly known as Verifly, raised $22 million in new financing designed to fuel further expansion and diversification well beyond its original focus on on-demand drone insurance.

Existing investors Slow Ventures, AXA Venture Partners and Open Ocean participated in a round led by IAC, or InterActiveCorp, a media and internet company that includes consumer brands such as Vimeo and Dotdash, along with companies such as Angie’s List and Match Group’s online dating portfolio. Verifly unveiled its Thimble rebranding as part of the Series A venture financing.

New York-based Verifly launched in 2016 with a $2.7 million venture financing and a focus on providing on-demand drone insurance that started at $10 per hour and could be purchased through an easy-to-use app for both commercial and recreational drone users. Its policies, underwritten by Markel Insurance Company, have since expanded to cover areas and workers including events and entertainment, handymen and contractors, landscapers, beauticians, pet and fitness professionals. The coverage is branded as affordable and flexible, and half of Thimble’s policies involve coverage for a single day or less. Customers can buy the policies in seconds via the company’s app, the web or partner APIs.

Bregman said the rebranding from Verifly to Thimble is meant to address the company’s broader focus, which will continue to expand over time. “Now we cover almost 120 types of small business,” Bregman said. “It became clear that we were becoming much bigger, the opportunity was much bigger and we needed a name that basically reflected how big this could be—how iconic—not just for one type of business but every type of small business.”

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