The round was co-led by Comcast Ventures and Route 66 Ventures Insurance carriers Hiscox and American Family Ventures also participated in the round
Bunker who plans to launch its first product this summer is initially focused on improving the experience for small business insurance The founding team of Chad Nitschke Dan Feidt and Steve Giddens have a diverse breadth of expertise across the insurance tech and user experience fields
We’ve been working on this for over a year spending the first eight months listening to customers and testing prototypes before even talking to insurance carriers said Chad Nitschke co-founder and CEO of Bunker The feedback was clear simply taking the existing offline process and just moving it online is not the future We’re proud and excited to be tackling this problem in a truly unique way for small businesses and contingent workers ‘
One area of initial focus will be the 1099 or gig economy As more businesses leverage contingent staffing models the need to manage the associated risk is growing A recent study conducted by Fieldglass in partnership with Ardent Partners showed that nearly % of today’s total workforce is comprised of non-employee workers It further found that % of businesses now view this new workforce as a key element to running a successful business
Bunker has redesigned the insurance experience for independent contractors and small businesses said Callum King Principal at Comcast Ventures With deep domain expertise in insurance the Bunker team is well positioned to digitize an archaic process and drive continued innovation ‘
Route 66 is excited to back another stellar team looking to modernize the insurance sector added Ben Britt General Partner at Route 66 Ventures the industry is at a tipping point and Bunker is on the leading edge ‘
Bunker Protect Inc is headquartered in San Francisco with a second office in Madison Wisconsin
About Bunker
Bunker based in San Francisco CA was founded in 2015 to redefine the insurance value chain Through the creation of the first ever contract-related insurance marketplace they are changing the way insurance products are provided managed and designed
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