Insurance technology startup Trov has closed $45 million in series D funding, bringing its total funding to more than $85 million.
The recent funding round was led by Munich Re/HSB Ventures and included commitments from Sompo Holdings Inc., Oak HC/FT, Suncorp Group Ltd., Guidewire Software Inc. and Anthemis.
Trov said it will use the financing to expand the offering of its on-demand insurance capability that enables users of its app to turn insurance on or off for individual items. The company is expanding its strategic alliance with Munich Re to include underwriting throughout Europe, Asia and South Africa. Trov is also partnering with Sompo Holdings which will provide the offering exclusively throughout Japan.
The company also plans to use the funding to expand the categories of items covered and accelerate the development of new applications.