Buzzing into action...
Rainbow, a digitally-enabled managing general underwriter based in San Francisco, USA has successfully raised $12 million in funding. The funding round saw support from notable backers, including Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners, and Arch Capital Group Ltd.
This San Francisco-based insurtech, led by CEO Bobby Touran, specializes in crafting customized small business insurance programs, with an initial focus on the restaurant sector. Rainbow is committed to developing insurance products that incentivize small business owners to prioritize safety, creating policies that offer peace of mind while proactively working to prevent claims.
Founded in 2022, Rainbow MGA Insurance Agency, Inc.’s flagship program is an admitted Business Owner’s Policy (BOP) tailored specifically for the restaurant industry. Currently operational in 8 states, the program is set to expand its coverage to over 25 states by 2024. Rainbow’s unique insurance offerings are exclusively distributed through independent insurance agents and digital partners.
The company plans to utilize the newly acquired funds to fuel the expansion of its operations and broaden its business reach. Presently available in states such as Texas, Michigan, Arizona, Indiana, Utah, Pennsylvania, Ohio, and Tennessee, Rainbow aims to be live in an additional 18 states by early 2024.
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By Proptechbuzz
By Ravi Kumar
