Captive owner Bamboo raises $16m
Insurtech Bamboo Ide8 Insurance Services, which owns a Bermuda-based captive, has raised $16 million in Series A funding, which will be used to expand its growth in California.
Since its 2018 launch, Bamboo has raised $75 million in financing to support organic growth in California, the build out of a retail agency and its launch of a Bermuda domiciled captive insurance entity.
The round was led by Eos Venture Partners, a firm focused on InsurTech investing, with participation from existing investors.
John Chu, founder and CEO of Bamboo, said: "The completion of our Series A round marks an exciting inflection point for Bamboo. After successfully refining our underwriting model and distribution capabilities over the past 3 years in the California market, Bamboo will now embark on a product and geographic expansion plan while remaining true to our profitable underwriting philosophy."
Zach Powell, Eos General Partner, said, "We are thrilled to partner with the experienced team at Bamboo and support their product and geographic expansion plans. Bamboo has demonstrated strong growth coupled with profitable underwriting that will ultimately differentiate Insurtech winners."